Eastman Chemical Company (NYSE:EMN) – Stock analysts at KeyCorp reduced their Q3 2017 earnings per share estimates for Eastman Chemical in a research report issued on Sunday. KeyCorp analyst M. Sison now anticipates that the basic materials company will post earnings per share of $1.95 for the quarter, down from their previous estimate of $2.00. KeyCorp also issued estimates for Eastman Chemical’s Q4 2017 earnings at $1.74 EPS.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.87%. The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same period last year, the firm posted $1.68 EPS. Eastman Chemical’s revenue for the quarter was up 5.3% on a year-over-year basis. COPYRIGHT VIOLATION WARNING: “Q3 2017 Earnings Estimate for Eastman Chemical Company Issued By KeyCorp (EMN)” was first posted by BNB Daily and is the property of of BNB Daily. If you are accessing this piece of content on another domain, it was stolen and reposted in violation of United States and international trademark & copyright law. The legal version of this piece of content can be read at https://www.baseball-news-blog.com/2017/08/19/q3-2017-earnings-estimate-for-eastman-chemical-company-issued-by-keycorp-emn-updated-updated.html.
A number of other equities analysts have also issued reports on the stock. Citigroup Inc. reiterated a “buy” rating and issued a $81.00 target price (up previously from $79.00) on shares of Eastman Chemical in a research report on Friday, April 14th. Zacks Investment Research upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $91.00 target price for the company in a research report on Monday, April 3rd. Deutsche Bank AG reiterated a “buy” rating and issued a $92.00 target price on shares of Eastman Chemical in a research report on Thursday, May 25th. TheStreet upgraded shares of Eastman Chemical from a “c+” rating to a “b” rating in a research report on Monday, April 17th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $90.00 target price on shares of Eastman Chemical in a research report on Friday, June 16th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $86.00.
Eastman Chemical (NYSE:EMN) opened at 83.16 on Tuesday. Eastman Chemical has a 12 month low of $62.70 and a 12 month high of $86.60. The firm’s 50-day moving average is $84.34 and its 200 day moving average is $80.52. The stock has a market capitalization of $12.05 billion, a P/E ratio of 13.35 and a beta of 1.28.
A number of institutional investors have recently added to or reduced their stakes in the company. Park National Corp OH increased its position in Eastman Chemical by 1.1% in the first quarter. Park National Corp OH now owns 3,113 shares of the basic materials company’s stock worth $251,000 after buying an additional 35 shares in the last quarter. Jaffetilchin Investment Partners LLC increased its position in Eastman Chemical by 0.7% in the first quarter. Jaffetilchin Investment Partners LLC now owns 5,431 shares of the basic materials company’s stock worth $439,000 after buying an additional 40 shares in the last quarter. Cleararc Capital Inc. increased its position in Eastman Chemical by 1.3% in the first quarter. Cleararc Capital Inc. now owns 3,595 shares of the basic materials company’s stock worth $290,000 after buying an additional 46 shares in the last quarter. Daiwa Securities Group Inc. increased its position in Eastman Chemical by 1.2% in the second quarter. Daiwa Securities Group Inc. now owns 4,150 shares of the basic materials company’s stock worth $349,000 after buying an additional 50 shares in the last quarter. Finally, Contravisory Investment Management Inc. increased its position in Eastman Chemical by 1.6% in the second quarter. Contravisory Investment Management Inc. now owns 3,293 shares of the basic materials company’s stock worth $277,000 after buying an additional 52 shares in the last quarter. Hedge funds and other institutional investors own 88.14% of the company’s stock.
In other news, Director Lewis M. Kling sold 4,000 shares of the stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $79.88, for a total value of $319,520.00. Following the completion of the sale, the director now directly owns 15,693 shares of the company’s stock, valued at $1,253,556.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.14% of the stock is owned by corporate insiders.
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 5th. Stockholders of record on Thursday, June 15th were given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend was Tuesday, June 13th. Eastman Chemical’s dividend payout ratio (DPR) is 32.28%.
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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