Eastman Chemical (NYSE:EMN) Releases 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 for the quarter, beating analysts’ consensus estimates of $2.13 by $0.13, Briefing.com reports. The business had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. Eastman Chemical’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.47 earnings per share. Eastman Chemical updated its FY 2024 guidance to 7.500-7.700 EPS.

Eastman Chemical Stock Performance

Eastman Chemical stock traded down $4.01 during mid-day trading on Friday, hitting $101.08. 1,789,180 shares of the company’s stock traded hands, compared to its average volume of 942,628. Eastman Chemical has a fifty-two week low of $74.31 and a fifty-two week high of $114.50. The stock has a market cap 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. The firm has a 50 day simple moving average of $105.79 and a two-hundred day simple moving average of $100.95. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71.

Analyst Upgrades and Downgrades

Several research firms have recently commented on EMN. Mizuho boosted their price target on shares of Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a report on Friday. Royal Bank of Canada increased their price objective on Eastman Chemical from $100.00 to $107.00 and gave the company a “sector perform” rating in a report on Friday, October 11th. Piper Sandler reiterated a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a report on Tuesday, July 30th. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft lifted 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. Eight equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price 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.