Eastman Chemical (NYSE:EMN) Posts Earnings Results, Beats Expectations By $0.14 EPS

Eastman Chemical (NYSE:EMN) announced its earnings results on Thursday. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14, Briefing.com reports. The firm had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical had a return on equity of 14.06% and a net margin of 9.65%. The business’s revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.99 EPS. Eastman Chemical updated its FY24 guidance to $7.40-7.85 EPS and its FY 2024 guidance to 7.400-7.850 EPS.

Eastman Chemical Price Performance

NYSE:EMN traded up $3.59 during trading hours on Friday, reaching $100.73. 1,475,991 shares of the company traded hands, compared to its average volume of 733,948. The firm’s 50-day moving average is $98.85 and its 200-day moving average is $94.36. The stock has a market cap of $11.85 billion, a P/E ratio of 12.98, a P/E/G ratio of 1.11 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. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $105.98.

Eastman Chemical Announces Dividend

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

Analyst Ratings Changes

EMN has been the subject of several analyst reports. StockNews.com downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Thursday, June 20th. Piper Sandler increased their target price on Eastman Chemical from $90.00 to $105.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 30th. Citigroup cut their target price on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a research note on Thursday, June 27th. Barclays increased their target price on Eastman Chemical from $85.00 to $103.00 and gave the stock an “equal weight” rating in a research note on Monday, May 6th. Finally, Bank of America cut their target price on Eastman Chemical from $113.00 to $112.00 and set a “buy” rating for the company in a research note on Monday, April 29th. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $107.63.

Insider Buying and Selling at Eastman Chemical

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