According to Zacks, “Estimates for Eastman Chemical have been stable lately. Eastman Chemical is faced with significant pricing and competitive pressures, which is expected to hurt its earnings in 2016. Moreover, challenging global economic conditions are affecting demand for some of the company’s products. The company is also exposed to currency translation risk. However, Eastman Chemical remains focused on costcutting and productivity actions amid a challenging operating environment. The company is looking to reduce at least $100 million of costs by the end of 2016. Further, the company should gain from its strategic acquisitions.”
A number of other brokerages also recently issued reports on EMN. Cowen and Company cut their target price on Eastman Chemical from $96.00 to $80.00 and set an outperform rating for the company in a research note on Tuesday, August 23rd. TheStreet downgraded Eastman Chemical from a buy rating to a hold rating in a research note on Friday, July 29th. JPMorgan Chase & Co. reissued a buy rating on shares of Eastman Chemical in a research note on Tuesday, August 16th. Royal Bank Of Canada cut their target price on Eastman Chemical from $85.00 to $83.00 and set an outperform rating for the company in a research note on Monday, June 27th. Finally, Jefferies Group reissued a buy rating and set a $88.00 target price on shares of Eastman Chemical in a research note on Monday, October 3rd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company’s stock. Eastman Chemical has an average rating of Hold and an average target price of $76.29.
Shares of Eastman Chemical (NYSE:EMN) traded up 0.68% during trading on Thursday, reaching $63.60. The company had a trading volume of 1,187,101 shares. Eastman Chemical has a 12 month low of $56.03 and a 12 month high of $78.79. The firm has a market capitalization of $9.39 billion, a P/E ratio of 10.71 and a beta of 1.53. The firm’s 50 day moving average price is $66.12 and its 200 day moving average price is $70.10.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 28th. The company reported $1.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.73 by $0.05. The business had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical had a return on equity of 24.40% and a net margin of 9.63%. The business’s quarterly revenue was down 9.3% on a year-over-year basis. During the same period last year, the company posted $2.01 earnings per share. Equities analysts predict that Eastman Chemical will post $6.54 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th were issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend was Tuesday, September 13th. Eastman Chemical’s dividend payout ratio (DPR) is 30.98%.
Large investors have recently bought and sold shares of the company. Acrospire Investment Management LLC purchased a new position in shares of Eastman Chemical during the first quarter valued at $108,000. Financial Architects Inc raised its position in shares of Eastman Chemical by 8,181.8% in the second quarter. Financial Architects Inc now owns 1,822 shares of the company’s stock valued at $123,000 after buying an additional 1,800 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in shares of Eastman Chemical by 22.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,965 shares of the company’s stock valued at $133,000 after buying an additional 361 shares during the period. Mizuho Asset Management Co. Ltd. raised its position in shares of Eastman Chemical by 127.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,022 shares of the company’s stock valued at $137,000 after buying an additional 1,133 shares during the period. Finally, Evercore Wealth Management LLC raised its position in shares of Eastman Chemical by 0.3% in the second quarter. Evercore Wealth Management LLC now owns 2,321 shares of the company’s stock valued at $158,000 after buying an additional 7 shares during the period. Institutional investors and hedge funds own 84.06% of the company’s stock.
About Eastman Chemical
Eastman Chemical Company (Eastman) is a specialty chemicals company that produces a range of advanced materials, chemicals and fibers. The Company operates through five segments: Additives & Functional Products (AFP), Adhesives & Plasticizers (A&P), Advanced Materials (AM), Fibers, and Specialty Fluids & Intermediates (SFI).
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