Eastman Chemical Co. (EMN) Downgraded by Zacks Investment Research
Eastman Chemical Co. (NYSE:EMN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.
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.”
EMN has been the subject of a number of other reports. Jefferies Group reiterated a “buy” rating and set a $88.00 target price on shares of Eastman Chemical in a report on Monday, October 3rd. Cowen and Company dropped their target price on shares of Eastman Chemical from $96.00 to $80.00 and set an “outperform” rating for the company in a report on Tuesday, August 23rd. Morgan Stanley reiterated a “hold” rating on shares of Eastman Chemical in a report on Thursday, June 16th. Royal Bank Of Canada lowered shares of Eastman Chemical from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $83.00 to $70.00 in a report on Tuesday, August 2nd. Finally, TheStreet lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday, July 29th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company. Eastman Chemical has an average rating of “Hold” and a consensus price target of $76.29.
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Shares of Eastman Chemical (NYSE:EMN) traded down 1.48% during mid-day trading on Thursday, reaching $63.42. The company’s stock had a trading volume of 1,567,270 shares. The company has a market cap of $9.37 billion, a P/E ratio of 10.68 and a beta of 1.53. Eastman Chemical has a 12 month low of $56.03 and a 12 month high of $78.79. The company has a 50-day moving average of $66.23 and a 200-day moving average of $70.15.
Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, July 28th. The company reported $1.68 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.73 by $0.05. The firm 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 revenue for the quarter was down 9.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.01 earnings per share. Equities research analysts forecast that Eastman Chemical will post $6.54 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 2.86%. The ex-dividend date was Tuesday, September 13th. Eastman Chemical’s dividend payout ratio (DPR) is currently 30.98%.
Several large investors have recently made changes to their positions in the stock. Boston Advisors LLC increased its stake in shares of Eastman Chemical by 1,926.9% in the second quarter. Boston Advisors LLC now owns 209,785 shares of the company’s stock valued at $14,244,000 after buying an additional 199,435 shares during the period. Retirement Systems of Alabama increased its stake in shares of Eastman Chemical by 434.5% in the second quarter. Retirement Systems of Alabama now owns 405,273 shares of the company’s stock valued at $27,518,000 after buying an additional 329,452 shares during the period. Nisa Investment Advisors LLC increased its stake in shares of Eastman Chemical by 18.7% in the second quarter. Nisa Investment Advisors LLC now owns 88,943 shares of the company’s stock valued at $6,039,000 after buying an additional 13,985 shares during the period. Creative Planning increased its stake in shares of Eastman Chemical by 3.7% in the second quarter. Creative Planning now owns 6,690 shares of the company’s stock valued at $454,000 after buying an additional 237 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Eastman Chemical by 2.6% in the first quarter. Geode Capital Management LLC now owns 1,269,863 shares of the company’s stock valued at $91,545,000 after buying an additional 32,172 shares during the period. 84.06% of the stock is owned by institutional investors.
Eastman Chemical Company Profile
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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