Eastman Chemical Co. (EMN) Downgraded by Zacks Investment Research to “Hold”
According to Zacks, “Estimates for Eastman Chemical have been stable lately. Eastman Chemical is faced with significant pricing and competitive pressures, which is expected to hurt its earnings in 2016. Moreover, challenging global economic conditions are affecting demand for some of the company’s products. The company is also exposed to currency translation risk. However, Eastman Chemical remains focused on costcutting and productivity actions amid a challenging operating environment. The company is looking to reduce at least $100 million of costs by the end of 2016. Further, the company should gain from its strategic acquisitions.”
A number of other equities analysts also recently issued reports on the company. Jefferies Group reissued a buy rating and set a $88.00 price target on shares of Eastman Chemical in a research report on Monday, October 3rd. Citigroup Inc. downgraded Eastman Chemical from a buy rating to a neutral rating and dropped their price objective for the company from $74.00 to $73.00 in a research report on Wednesday, September 7th. Cowen and Company dropped their price objective on Eastman Chemical from $96.00 to $80.00 and set an outperform rating on the stock in a research report on Tuesday, August 23rd. JPMorgan Chase & Co. reaffirmed a buy rating on shares of Eastman Chemical in a research report on Tuesday, August 16th. Finally, SunTrust Banks Inc. reaffirmed a neutral rating and set a $66.00 price objective on shares of Eastman Chemical in a research report on Tuesday, August 2nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $76.29.
Shares of Eastman Chemical (NYSE:EMN) traded up 0.68% during trading on Thursday, reaching $63.60. The company’s stock had a trading volume of 1,187,101 shares. The firm’s 50-day moving average is $66.12 and its 200-day moving average is $70.10. The stock has a market capitalization of $9.39 billion, a PE ratio of 10.71 and a beta of 1.53. Eastman Chemical has a 12-month low of $56.03 and a 12-month high of $78.79.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, July 28th. The company reported $1.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.73 by $0.05. Eastman Chemical had a return on equity of 24.40% and a net margin of 9.63%. The firm had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the previous year, the company posted $2.01 EPS. Eastman Chemical’s quarterly revenue was down 9.3% compared to the same quarter last year. Equities analysts expect that Eastman Chemical will post $6.54 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were given a dividend of $0.46 per share. The ex-dividend date was Tuesday, September 13th. This represents a $1.84 dividend on an annualized basis and a yield of 2.91%. Eastman Chemical’s payout ratio is 30.98%.
A number of institutional investors have recently made changes to their positions in EMN. Acrospire Investment Management LLC bought a new position in shares of Eastman Chemical during the first quarter worth approximately $108,000. Financial Architects Inc increased its position 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 worth $123,000 after buying an additional 1,800 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position 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 worth $133,000 after buying an additional 361 shares during the last quarter. Mizuho Asset Management Co. Ltd. increased its position 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 worth $137,000 after buying an additional 1,133 shares during the last quarter. Finally, Evercore Wealth Management LLC increased its position 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 worth $158,000 after buying an additional 7 shares during the last quarter. Hedge funds and other institutional investors own 84.06% of the company’s stock.
About Eastman Chemical
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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