Eastman Chemical (NYSE:EMN) Posts Earnings Results, Beats Estimates By $0.13 EPS

Eastman Chemical (NYSE:EMN) announced its quarterly earnings results on Thursday. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.13 by $0.13, Briefing.com reports. The company had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The firm’s revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.47 EPS. Eastman Chemical updated its FY 2024 guidance to 7.500-7.700 EPS.

Eastman Chemical Stock Down 3.8 %

NYSE EMN traded down $4.01 during trading hours on Friday, hitting $101.08. 1,789,180 shares of the company traded hands, compared to its average volume of 942,628. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. The business’s 50-day moving average is $105.79 and its 200-day moving average is $100.95. The stock has a market capitalization of $11.81 billion, a price-to-earnings ratio of 13.62, a P/E/G ratio of 0.80 and a beta of 1.44. Eastman Chemical has a twelve month low of $74.31 and a twelve month high of $114.50.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Wells Fargo & Company boosted their target price on Eastman Chemical from $105.00 to $118.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 15th. Mizuho increased their target price on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Royal Bank of Canada increased their price objective on shares of Eastman Chemical from $100.00 to $107.00 and gave the stock a “sector perform” rating in a research report on Friday, October 11th. Finally, StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $112.07.

Eastman Chemical Company Profile

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.