Eastman Chemical Company (NYSE:EMN) – Equities research analysts at SunTrust Banks lowered their FY2017 EPS estimates for Eastman Chemical in a report released on Monday. SunTrust Banks analyst J. Sheehan now anticipates that the basic materials company will earn $7.17 per share for the year, down from their previous forecast of $7.59. SunTrust Banks also issued estimates for Eastman Chemical’s Q4 2017 earnings at $1.26 EPS.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the prior year, the firm earned $1.68 earnings per share. Eastman Chemical’s revenue was up 5.3% on a year-over-year basis.

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Other equities research analysts have also issued research reports about the stock. KeyCorp reiterated a “buy” rating and set a $100.00 price objective on shares of Eastman Chemical in a report on Thursday, August 24th. Jefferies Group LLC reiterated a “buy” rating on shares of Eastman Chemical in a report on Tuesday, July 11th. Zacks Investment Research upgraded shares of 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. UBS AG reiterated a “buy” rating and set a $95.00 price objective (up previously from $90.00) on shares of Eastman Chemical in a report on Sunday, June 25th. Finally, Deutsche Bank AG reiterated a “buy” rating and set a $92.00 price objective on shares of Eastman Chemical in a report on Wednesday, June 21st. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Eastman Chemical currently has an average rating of “Hold” and an average target price of $93.25.

Eastman Chemical (EMN) opened at 88.15 on Thursday. The company has a market capitalization of $12.77 billion, a P/E ratio of 14.15 and a beta of 1.27. Eastman Chemical has a 1-year low of $62.70 and a 1-year high of $91.39. The company has a 50-day moving average of $86.97 and a 200-day moving average of $83.17.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were issued a $0.51 dividend. The ex-dividend date was Thursday, September 14th. This represents a $2.04 annualized dividend and a dividend yield of 2.31%. Eastman Chemical’s dividend payout ratio is currently 32.28%.

In related news, Director Renee J. Hornbaker sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total transaction of $337,720.00. Following the completion of the transaction, the director now owns 21,858 shares in the company, valued at approximately $1,845,470.94. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total transaction of $117,936.00. The disclosure for this sale can be found here. Insiders own 1.14% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. RNC Capital Management LLC raised its stake in shares of Eastman Chemical by 0.5% during the 2nd quarter. RNC Capital Management LLC now owns 3,278 shares of the basic materials company’s stock worth $275,000 after acquiring an additional 15 shares in the last quarter. Veritable L.P. raised its stake in shares of Eastman Chemical by 1.0% during the 2nd quarter. Veritable L.P. now owns 2,776 shares of the basic materials company’s stock worth $233,000 after acquiring an additional 27 shares in the last quarter. Cleararc Capital Inc. raised its stake in shares of Eastman Chemical by 1.3% during the 1st quarter. Cleararc Capital Inc. now owns 3,595 shares of the basic materials company’s stock worth $290,000 after acquiring an additional 46 shares in the last quarter. HL Financial Services LLC raised its stake in shares of Eastman Chemical by 0.4% during the 2nd quarter. HL Financial Services LLC now owns 11,253 shares of the basic materials company’s stock worth $945,000 after acquiring an additional 49 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its stake in shares of Eastman Chemical by 1.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 4,150 shares of the basic materials company’s stock worth $349,000 after acquiring an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 82.13% of the company’s stock.

About Eastman Chemical

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.

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

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