Eastman Chemical (NYSE:EMN) Releases FY 2024 Earnings Guidance

Eastman Chemical (NYSE:EMN) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 7.400-7.850 for the period, compared to the consensus estimate of 7.670. The company issued revenue guidance of -. Eastman Chemical also updated its FY24 guidance to $7.40-7.85 EPS.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Royal Bank of Canada lifted their target price on shares of Eastman Chemical from $100.00 to $104.00 and gave the company a sector perform rating in a report on Tuesday, April 30th. Piper Sandler boosted their price objective on shares of Eastman Chemical from $90.00 to $105.00 and gave the stock a neutral rating in a report on Tuesday, April 30th. Bank of America cut their price objective on shares of Eastman Chemical from $113.00 to $112.00 and set a buy rating on the stock in a report on Monday, April 29th. Barclays upped their target price on shares of Eastman Chemical from $85.00 to $103.00 and gave the company an equal weight rating in a research note on Monday, May 6th. Finally, KeyCorp upped their target price on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an overweight rating in a research note on Tuesday, April 9th. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $107.63.

Eastman Chemical Stock Up 3.7 %

Eastman Chemical stock traded up $3.59 during trading hours on Friday, hitting $100.73. The company had a trading volume of 1,431,588 shares, compared to its average volume of 981,780. The firm has a market capitalization of $11.85 billion, a P/E ratio of 12.98, a price-to-earnings-growth ratio of 1.06 and a beta of 1.46. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.39 and a quick ratio of 0.71. The firm’s fifty day moving average is $98.84 and its 200-day moving average is $94.28. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $105.98.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, topping the consensus estimate of $1.99 by $0.16. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The company had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the prior year, the business posted $1.99 EPS. Eastman Chemical’s quarterly revenue was up 1.7% on a year-over-year basis. On average, research analysts forecast that Eastman Chemical will post 7.69 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th were paid a dividend of $0.81 per share. The ex-dividend date of this dividend was Monday, June 17th. This represents a $3.24 annualized dividend and a dividend yield of 3.22%. Eastman Chemical’s dividend payout ratio (DPR) is 41.75%.

Insider Transactions at Eastman Chemical

In related news, CEO Mark J. Costa sold 102,390 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of the sale, the chief executive officer now directly owns 395,699 shares of the company’s stock, valued at approximately $39,878,545.22. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Mark J. Costa sold 102,390 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of the sale, the chief executive officer now directly owns 395,699 shares of the company’s stock, valued at approximately $39,878,545.22. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Adrian James Holt sold 3,662 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $101.26, for a total transaction of $370,814.12. The disclosure for this sale can be found here. Insiders have sold a total of 108,027 shares of company stock worth $10,885,638 in the last 90 days. 1.93% of the stock is owned by insiders.

About Eastman Chemical

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.