Brokers Offer Predictions for Eastman Chemical’s Q4 2018 Earnings (EMN)

Eastman Chemical (NYSE:EMN) – Equities researchers at Jefferies Financial Group lowered their Q4 2018 earnings per share estimates for Eastman Chemical in a research report issued on Monday, October 29th. Jefferies Financial Group analyst L. Alexander now anticipates that the basic materials company will earn $1.71 per share for the quarter, down from their previous forecast of $2.05.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, October 25th. The basic materials company reported $2.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.29 by $0.05. Eastman Chemical had a return on equity of 21.18% and a net margin of 16.05%. The company had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.53 billion.

A number of other analysts have also weighed in on the company. JPMorgan Chase & Co. lowered Eastman Chemical from an “overweight” rating to a “neutral” rating in a research note on Friday, October 5th. Zacks Investment Research lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday, October 8th. Nomura lowered their target price on Eastman Chemical from $111.00 to $99.00 and set a “neutral” rating for the company in a research note on Monday, October 15th. Citigroup lowered their target price on Eastman Chemical from $108.00 to $94.00 and set a “neutral” rating for the company in a research note on Thursday, October 11th. Finally, ValuEngine lowered Eastman Chemical from a “hold” rating to a “sell” rating in a research note on Saturday, October 6th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $99.00.

Shares of NYSE:EMN opened at $78.35 on Thursday. Eastman Chemical has a twelve month low of $73.95 and a twelve month high of $112.45. The firm has a market capitalization of $11.07 billion, a PE ratio of 10.30, a price-to-earnings-growth ratio of 1.08 and a beta of 1.07. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.69 and a quick ratio of 0.95.

A number of hedge funds have recently made changes to their positions in the stock. Nippon Life Global Investors Americas Inc. increased its position in Eastman Chemical by 61.5% in the third quarter. Nippon Life Global Investors Americas Inc. now owns 28,940 shares of the basic materials company’s stock worth $2,771,000 after purchasing an additional 11,020 shares during the period. Robeco Institutional Asset Management B.V. grew its position in shares of Eastman Chemical by 16.5% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 148,071 shares of the basic materials company’s stock worth $14,175,000 after buying an additional 20,924 shares during the period. Palladium Partners LLC grew its position in shares of Eastman Chemical by 2.3% during the 3rd quarter. Palladium Partners LLC now owns 172,983 shares of the basic materials company’s stock worth $16,558,000 after buying an additional 3,891 shares during the period. Intact Investment Management Inc. acquired a new position in shares of Eastman Chemical during the 3rd quarter worth about $5,208,000. Finally, Assenagon Asset Management S.A. grew its position in shares of Eastman Chemical by 161.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 7,859 shares of the basic materials company’s stock worth $752,000 after buying an additional 4,856 shares during the period. Hedge funds and other institutional investors own 82.71% of the company’s stock.

In related news, CEO Mark J. Costa sold 20,000 shares of Eastman Chemical stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $100.00, for a total value of $2,000,000.00. Following the completion of the sale, the chief executive officer now directly owns 190,584 shares in the company, valued at $19,058,400. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Scott V. King sold 16,192 shares of Eastman Chemical stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $101.35, for a total value of $1,641,059.20. Following the completion of the sale, the chief accounting officer now owns 5,898 shares of the company’s stock, valued at $597,762.30. The disclosure for this sale can be found here. 1.14% of the stock is owned by company insiders.

Eastman Chemical Company Profile

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

Further Reading: Correction

Earnings History and Estimates for Eastman Chemical (NYSE:EMN)

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