Eastman Chemical (NYSE:EMN) Posts Earnings Results, Beats Expectations By $0.12 EPS

Eastman Chemical (NYSE:EMN) announced its earnings results on Thursday. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.12, Briefing.com reports. Eastman Chemical had a return on equity of 15.45% and a net margin of 9.47%. The company had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the previous year, the firm earned $1.47 earnings per share. Eastman Chemical’s quarterly revenue was up 8.7% on a year-over-year basis. Eastman Chemical updated its FY 2024 guidance to 7.500-7.700 EPS.

Eastman Chemical Trading Down 3.8 %

NYSE EMN opened at $101.08 on Monday. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. The company has a fifty day simple moving average of $105.80 and a two-hundred day simple moving average of $101.01. The stock has a market cap of $11.81 billion, a P/E ratio of 13.53, a P/E/G ratio of 0.80 and a beta of 1.44. Eastman Chemical has a 12-month low of $74.31 and a 12-month high of $114.50.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on EMN shares. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Bank of America lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and increased their price target for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. Wells Fargo & Company increased their price target 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. Finally, Mizuho lifted their price target on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company 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.