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

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

Eastman Chemical Price Performance

Shares of NYSE EMN traded down $4.01 during mid-day trading on Friday, reaching $101.08. 1,789,392 shares of the company traded hands, compared to its average volume of 942,628. The firm has a market cap of $11.81 billion, a PE ratio of 13.60, a price-to-earnings-growth ratio of 0.80 and a beta of 1.44. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. Eastman Chemical has a fifty-two week low of $74.31 and a fifty-two week high of $114.50. The stock has a fifty day simple moving average of $105.79 and a 200-day simple moving average of $100.95.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on EMN. Deutsche Bank Aktiengesellschaft upped their target price 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. Piper Sandler reissued a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a research report on Tuesday, July 30th. Wells Fargo & Company boosted their target price on shares of Eastman Chemical from $105.00 to $118.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 15th. Royal Bank of Canada boosted their price objective on shares of Eastman Chemical from $100.00 to $107.00 and gave the company a “sector perform” rating in a research report on Friday, October 11th. Finally, Mizuho upped their target price on Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a report on Friday. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus 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.