Eastman Chemical Company (NYSE:EMN) – Investment analysts at SunTrust Banks issued their FY2017 earnings per share estimates for shares of Eastman Chemical in a research note issued on Monday. SunTrust Banks analyst J. Sheehan expects that the basic materials company will earn $7.02 per share for the year. SunTrust Banks currently has a “Hold” rating and a $90.00 target price on the stock. SunTrust Banks also issued estimates for Eastman Chemical’s Q4 2017 earnings at $1.03 EPS.
A number of other equities research analysts have also weighed in on the stock. J P Morgan Chase & Co boosted their price objective on shares of Eastman Chemical from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Monday. Royal Bank Of Canada reissued a “sector perform” rating and set a $93.00 price objective (up from $91.00) on shares of Eastman Chemical in a report on Monday. Wells Fargo & Company reissued an “outperform” rating and set a $102.00 price objective (up from $94.00) on shares of Eastman Chemical in a report on Monday. They noted that the move was a valuation call. KeyCorp reissued a “buy” rating and set a $108.00 price objective (up from $100.00) on shares of Eastman Chemical in a report on Monday. Finally, UBS AG boosted their price objective on shares of Eastman Chemical from $97.00 to $103.00 and gave the company a “buy” rating in a report on Friday, October 27th. Nine equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Eastman Chemical has a consensus rating of “Hold” and a consensus price target of $96.00.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 26th. The basic materials company reported $2.19 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.16. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a return on equity of 23.20% and a net margin of 10.89%. The company’s revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.86 EPS.
A number of large investors have recently bought and sold shares of EMN. Spot Trading L.L.C. raised its position in shares of Eastman Chemical by 122.8% in the first quarter. Spot Trading L.L.C. now owns 9,367 shares of the basic materials company’s stock worth $757,000 after acquiring an additional 50,467 shares during the period. Wellington Management Group LLP raised its position in shares of Eastman Chemical by 125.5% in the first quarter. Wellington Management Group LLP now owns 52,747 shares of the basic materials company’s stock worth $4,262,000 after acquiring an additional 29,356 shares during the period. Teachers Advisors LLC raised its position in shares of Eastman Chemical by 26.6% in the first quarter. Teachers Advisors LLC now owns 338,949 shares of the basic materials company’s stock worth $27,387,000 after acquiring an additional 71,131 shares during the period. Oppenheimer & Co. Inc. acquired a new position in shares of Eastman Chemical in the first quarter worth about $359,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Eastman Chemical in the first quarter worth about $591,000. 82.76% of the stock is currently owned by institutional investors.
In other Eastman Chemical news, SVP Perry Stuckey sold 5,200 shares of the company’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $92.12, for a total value of $479,024.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Renee J. Hornbaker sold 4,000 shares of the company’s 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 completion of the sale, the director now directly owns 21,858 shares in the company, valued at $1,845,470.94. The disclosure for this sale can be found here. 1.14% of the stock is currently owned by corporate insiders.
About Eastman Chemical
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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