Eastman Chemical (NYSE:EMN) Announces Earnings Results

Eastman Chemical (NYSE:EMN) announced its quarterly earnings data on Thursday. The basic materials company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.13 by $0.13, Briefing.com reports. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The business had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the previous year, the business earned $1.47 earnings per share. The business’s 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 Stock Down 3.8 %

NYSE EMN traded down $4.01 during midday trading 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 market cap of $11.81 billion, a PE ratio of 13.62, 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 52 week low of $74.31 and a 52 week high of $114.50. The company’s 50-day simple moving average is $105.79 and its 200-day simple moving average is $100.95.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Bank of America cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Piper Sandler reissued a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a research report on Tuesday, July 30th. Barclays raised their price target on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Eastman Chemical 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.