Eastman Chemical Company (EMN) Announces Quarterly Earnings Results
Eastman Chemical Company (NYSE:EMN) released its quarterly earnings data on Thursday. The basic materials company reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.91 by $0.07, Bloomberg Earnings reports. Eastman Chemical had a return on equity of 22.23% and a net margin of 9.84%. The business had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter last year, the business posted $1.68 EPS. The business’s revenue was up 5.3% on a year-over-year basis.
Shares of Eastman Chemical (NYSE EMN) traded down 0.04% during midday trading on Thursday, reaching $85.02. The company’s stock had a trading volume of 1,347,282 shares. The stock has a market capitalization of $12.40 billion, a price-to-earnings ratio of 14.30 and a beta of 1.29. The company has a 50 day moving average of $84.15 and a 200-day moving average of $80.37. Eastman Chemical has a 52 week low of $62.70 and a 52 week high of $86.60.
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 5th. Shareholders of record on Thursday, June 15th were given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 2.40%. The ex-dividend date was Tuesday, June 13th. Eastman Chemical’s dividend payout ratio is currently 33.83%.
A number of research firms have recently commented on EMN. UBS AG restated a “buy” rating and issued a $95.00 target price (up previously from $90.00) on shares of Eastman Chemical in a research note on Sunday, June 25th. Jefferies Group LLC restated a “buy” rating on shares of Eastman Chemical in a research note on Tuesday, July 11th. Cowen and Company restated a “buy” rating and issued a $88.00 target price on shares of Eastman Chemical in a research note on Friday, July 14th. Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $94.00 price objective for the company in a report on Tuesday, July 4th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $85.00 price objective on shares of Eastman Chemical in a report on Monday, June 5th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Eastman Chemical has a consensus rating of “Buy” and an average target price of $86.00.
COPYRIGHT VIOLATION NOTICE: “Eastman Chemical Company (EMN) Announces Quarterly Earnings Results” was published by American Banking News and is the sole property of of American Banking News. If you are viewing this piece of content on another site, it was illegally stolen and reposted in violation of U.S. and international copyright and trademark law. The legal version of this piece of content can be viewed at https://www.americanbankingnews.com/2017/07/27/eastman-chemical-company-emn-announces-quarterly-earnings-results.html.
In other Eastman Chemical 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 transaction of $319,520.00. Following the transaction, the director now 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 SEC, which is accessible through the SEC website. Company insiders own 1.14% of the company’s stock.
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.
Receive News & Ratings for Eastman Chemical Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastman Chemical Company and related companies with MarketBeat.com's FREE daily email newsletter.