Eastman Chemical (NYSE:EMN) – Equities researchers at Jefferies Group issued their Q1 2018 earnings per share estimates for Eastman Chemical in a note issued to investors on Tuesday. Jefferies Group analyst L. Alexander anticipates that the basic materials company will earn $2.12 per share for the quarter. Jefferies Group also issued estimates for Eastman Chemical’s Q2 2018 earnings at $2.15 EPS, Q3 2018 earnings at $2.20 EPS and Q4 2018 earnings at $2.03 EPS.
EMN has been the topic of a number of other reports. Nomura cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 price target on the stock. in a research note on Tuesday, October 10th. Wells Fargo & Co restated an “outperform” rating and set a $102.00 price target (up from $94.00) on shares of Eastman Chemical in a research note on Monday, October 30th. They noted that the move was a valuation call. Cowen reiterated an “outperform” rating and issued a $106.00 target price (up from $92.00) on shares of Eastman Chemical in a research note on Friday, December 8th. Zacks Investment Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $93.00 target price (up from $91.00) on shares of Eastman Chemical in a research note on Monday, October 30th. Nine research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $101.73.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, February 1st. The basic materials company reported $1.62 EPS for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.56. The company had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Eastman Chemical had a net margin of 15.44% and a return on equity of 22.67%. Eastman Chemical’s revenue was up 8.0% compared to the same quarter last year. During the same period in the prior year, the company posted $1.51 EPS.
Several hedge funds have recently added to or reduced their stakes in EMN. Victory Capital Management Inc. grew its holdings in shares of Eastman Chemical by 6,003.3% during the 4th quarter. Victory Capital Management Inc. now owns 1,700,749 shares of the basic materials company’s stock valued at $157,557,000 after purchasing an additional 1,672,883 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in Eastman Chemical in the 3rd quarter worth $42,235,000. Atalanta Sosnoff Capital LLC bought a new stake in Eastman Chemical in the 4th quarter worth $29,613,000. American Century Companies Inc. grew its holdings in Eastman Chemical by 91.6% in the 4th quarter. American Century Companies Inc. now owns 605,542 shares of the basic materials company’s stock worth $56,097,000 after acquiring an additional 289,505 shares during the last quarter. Finally, PGGM Investments grew its holdings in Eastman Chemical by 259.5% in the 3rd quarter. PGGM Investments now owns 333,625 shares of the basic materials company’s stock worth $30,190,000 after acquiring an additional 240,832 shares during the last quarter. 82.30% of the stock is currently owned by institutional investors.
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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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