Jefferies Group Comments on Eastman Chemical Co.’s FY2019 Earnings (EMN)
Eastman Chemical Co. (NYSE:EMN) – Analysts at Jefferies Group cut their FY2019 earnings per share estimates for Eastman Chemical in a note issued to investors on Thursday. Jefferies Group analyst L. Alexander now anticipates that the brokerage will post earnings of $8.85 per share for the year, down from their previous estimate of $9.25. Jefferies Group currently has a “Buy” rating and a $88.00 price target on the stock. Jefferies Group also issued estimates for Eastman Chemical’s FY2020 earnings at $9.60 EPS.
Several other brokerages have also recently commented on EMN. Morgan Stanley restated a “hold” rating on shares of Eastman Chemical in a report on Thursday, June 16th. Nomura restated a “buy” rating on shares of Eastman Chemical in a report on Monday, July 11th. Royal Bank Of Canada decreased their target price on Eastman Chemical from $85.00 to $83.00 and set an “outperform” rating on the stock in a report on Monday, June 27th. Citigroup Inc. cut Eastman Chemical from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $74.00 to $73.00 in a report on Wednesday, September 7th. Finally, Susquehanna began coverage on Eastman Chemical in a report on Friday, July 1st. They set a “positive” rating and a $90.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $76.29.
Shares of Eastman Chemical (NYSE:EMN) traded down 1.06% during midday trading on Monday, reaching $66.48. 525,868 shares of the company’s stock traded hands. Eastman Chemical has a 52-week low of $56.03 and a 52-week high of $78.79. The firm has a market capitalization of $9.82 billion, a P/E ratio of 11.20 and a beta of 1.53. The stock’s 50 day moving average price is $66.16 and its 200 day moving average price is $70.45.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 28th. The company reported $1.68 EPS for the quarter, missing the consensus estimate of $1.73 by $0.05. Eastman Chemical had a return on equity of 24.40% and a net margin of 9.63%. The business earned $2.30 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter last year, the firm posted $2.01 earnings per share. Eastman Chemical’s revenue was down 9.3% compared to the same quarter last year.
Large investors have recently made changes to their positions in the company. Acrospire Investment Management LLC acquired a new stake in shares of Eastman Chemical during the first quarter valued at about $108,000. Financial Architects Inc increased its stake in shares of Eastman Chemical by 8,181.8% in the second quarter. Financial Architects Inc now owns 1,822 shares of the company’s stock valued at $123,000 after buying an additional 1,800 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in shares of Eastman Chemical by 22.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,965 shares of the company’s stock valued at $133,000 after buying an additional 361 shares during the period. Mizuho Asset Management Co. Ltd. increased its stake in shares of Eastman Chemical by 127.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,022 shares of the company’s stock valued at $137,000 after buying an additional 1,133 shares during the period. Finally, Evercore Wealth Management LLC increased its stake in shares of Eastman Chemical by 0.3% in the second quarter. Evercore Wealth Management LLC now owns 2,321 shares of the company’s stock valued at $158,000 after buying an additional 7 shares during the period. Institutional investors own 84.06% of the company’s stock.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were issued a $0.46 dividend. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $1.84 annualized dividend and a dividend yield of 2.74%. Eastman Chemical’s dividend payout ratio (DPR) is currently 30.98%.
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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