Eastman Chemical (NYSE:EMN) – Analysts at Jefferies Financial Group lowered their Q4 2018 earnings per share estimates for Eastman Chemical in a research report issued to clients and investors on Monday, October 29th. Jefferies Financial Group analyst L. Alexander now expects that the basic materials company will earn $1.71 per share for the quarter, down from their prior estimate of $2.05.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, October 25th. The basic materials company reported $2.34 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.05. The business had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.53 billion. Eastman Chemical had a return on equity of 21.18% and a net margin of 16.05%.
EMN has been the subject of a number of other research reports. JPMorgan Chase & Co. cut Eastman Chemical from an “overweight” rating to a “neutral” rating in a research report on Friday, October 5th. Citigroup reduced their price target on Eastman Chemical from $108.00 to $94.00 and set a “neutral” rating for the company in a research report on Thursday, October 11th. Zacks Investment Research cut Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday, October 8th. KeyCorp dropped their price objective on Eastman Chemical from $122.00 to $110.00 and set an “overweight” rating for the company in a research note on Monday, October 29th. Finally, ValuEngine lowered Eastman Chemical from a “hold” rating to a “sell” rating in a research note on Saturday, October 6th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. Eastman Chemical has a consensus rating of “Hold” and a consensus target price of $99.00.
Shares of EMN opened at $82.50 on Thursday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.69 and a quick ratio of 0.95. The stock has a market capitalization of $11.07 billion, a price-to-earnings ratio of 10.84, a P/E/G ratio of 1.08 and a beta of 1.07. Eastman Chemical has a 52 week low of $73.95 and a 52 week high of $112.45.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in EMN. First Mercantile Trust Co. bought a new position in shares of Eastman Chemical in the second quarter worth about $113,000. Fort L.P. bought a new position in shares of Eastman Chemical in the second quarter worth about $116,000. Point72 Asset Management L.P. bought a new position in shares of Eastman Chemical in the second quarter worth about $120,000. Cornerstone Wealth Management LLC bought a new position in shares of Eastman Chemical in the second quarter worth about $177,000. Finally, Acadian Asset Management LLC bought a new position in shares of Eastman Chemical in the second quarter worth about $218,000. 82.71% of the stock is owned by hedge funds and other institutional investors.
Eastman Chemical Company Profile
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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