Eastman Chemical Company (NYSE:EMN) – SunTrust Banks reduced their FY2017 earnings per share (EPS) estimates for shares of Eastman Chemical in a research note issued on Monday. SunTrust Banks analyst J. Sheehan now anticipates that the basic materials company will post earnings of $7.17 per share for the year, down from their previous estimate of $7.59. SunTrust Banks has a “Hold” rating and a $90.00 price objective on the stock. SunTrust Banks also issued estimates for Eastman Chemical’s Q4 2017 earnings at $1.26 EPS.
Other equities analysts have also issued research reports about the stock. KeyCorp reaffirmed a “buy” rating and set a $100.00 target price on shares of Eastman Chemical in a research report on Thursday, August 24th. Jefferies Group LLC reiterated a “buy” rating on shares of Eastman Chemical in a research note on Tuesday, July 11th. Zacks Investment Research upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $94.00 price target on the stock in a research note on Tuesday, July 4th. UBS AG reiterated a “buy” rating and set a $95.00 price target (up previously from $90.00) on shares of Eastman Chemical in a research note on Sunday, June 25th. Finally, Deutsche Bank AG reiterated a “buy” rating and set a $92.00 price target on shares of Eastman Chemical in a research note on Wednesday, June 21st. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $93.00.
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Eastman Chemical (NYSE EMN) opened at 88.36 on Thursday. The firm has a market cap of $12.80 billion, a PE ratio of 14.18 and a beta of 1.27. Eastman Chemical has a 1-year low of $63.28 and a 1-year high of $91.39. The firm’s 50-day moving average is $87.08 and its 200 day moving average is $83.21.
Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.89 by $0.09. The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. Eastman Chemical’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the company earned $1.68 EPS.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 15th were paid a dividend of $0.51 per share. The ex-dividend date was Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a yield of 2.31%. Eastman Chemical’s dividend payout ratio is currently 32.28%.
In other Eastman Chemical news, Director Renee J. Hornbaker sold 4,000 shares of Eastman Chemical stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total transaction of $337,720.00. Following the sale, the director now owns 21,858 shares in the company, valued at $1,845,470.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark K. Cox sold 1,400 shares of Eastman Chemical stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total transaction of $117,936.00. The disclosure for this sale can be found here. 1.14% of the stock is owned by insiders.
Large investors have recently modified their holdings of the company. Harbour Capital Advisors LLC acquired a new stake in shares of Eastman Chemical in the 1st quarter valued at $100,000. Advisors Asset Management Inc. boosted its stake in shares of Eastman Chemical by 149.9% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock valued at $116,000 after purchasing an additional 826 shares in the last quarter. Acrospire Investment Management LLC boosted its stake in shares of Eastman Chemical by 1,500.0% in the 2nd quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock valued at $134,000 after purchasing an additional 1,500 shares in the last quarter. M&R Capital Management Inc. boosted its stake in shares of Eastman Chemical by 62.9% in the 2nd quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock valued at $150,000 after purchasing an additional 700 shares in the last quarter. Finally, Fiduciary Trust Co. acquired a new stake in shares of Eastman Chemical in the 2nd quarter valued at $160,000. Institutional investors own 82.13% of the company’s stock.
Eastman Chemical Company Profile
Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.
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