Zacks Investment Research Lowers Eastman Chemical Company (EMN) to Hold
Eastman Chemical Company (NYSE:EMN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.
According to Zacks, “Eastman Chemical saw higher profit in first-quarter 2017, helped by its cost actions. Both adjusted earnings and sales topped the Zacks Consensus Estimate. The company backed its earnings growth expectations for 2017. Eastman Chemical remains focused on cost-cutting and productivity actions amid a challenging operating environment. Further, the company should gain from its strategic acquisitions and capacity expansion actions. Eastman Chemical also remains committed to reduce debt and boost shareholder returns leveraging healthy free cash flows. However, Eastman Chemical has underperformed the Zacks categorized Chemicals-Diversified industry over the past one year. Eastman Chemical continues to see pricing pressure which is weighing on its top line. The company is also exposed to currency translation risk.”
Other equities analysts have also issued research reports about the stock. TheStreet upgraded shares of Eastman Chemical Company from a “c+” rating to a “b” rating in a report on Monday, April 17th. Citigroup Inc reiterated a “buy” rating and issued a $81.00 price objective (up previously from $79.00) on shares of Eastman Chemical Company in a report on Friday, April 14th. Instinet boosted their price objective on shares of Eastman Chemical Company from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Wednesday, February 1st. Barclays PLC boosted their price objective on shares of Eastman Chemical Company from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, January 30th. Finally, Standpoint Research lowered shares of Eastman Chemical Company from a “buy” rating to a “hold” rating in a report on Tuesday, January 24th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Eastman Chemical Company presently has an average rating of “Buy” and an average price target of $82.09.
Eastman Chemical Company (NYSE:EMN) traded up 1.84% during trading on Friday, reaching $78.67. The company had a trading volume of 400,262 shares. The company has a market capitalization of $11.47 billion, a PE ratio of 13.23 and a beta of 1.36. The stock has a 50 day moving average price of $79.45 and a 200-day moving average price of $77.67. Eastman Chemical Company has a 52-week low of $62.70 and a 52-week high of $82.39.
Eastman Chemical Company (NYSE:EMN) last posted its earnings results on Thursday, April 27th. The basic materials company reported $1.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.74 by $0.09. The business had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.24 billion. Eastman Chemical Company had a net margin of 9.61% and a return on equity of 22.70%. On average, equities research analysts anticipate that Eastman Chemical Company will post $7.45 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 5th. Stockholders of record on Thursday, June 15th will be given a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.64%. The ex-dividend date is Tuesday, June 13th. Eastman Chemical Company’s payout ratio is currently 34.99%.
In other news, Director David W. Raisbeck sold 4,000 shares of the business’s stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $79.18, for a total value of $316,720.00. Following the completion of the sale, the director now owns 24,002 shares of the company’s stock, valued at approximately $1,900,478.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lucian Boldea sold 821 shares of the business’s stock in a transaction dated Tuesday, February 28th. The stock was sold at an average price of $80.08, for a total transaction of $65,745.68. The disclosure for this sale can be found here. Insiders sold a total of 27,589 shares of company stock valued at $2,216,979 in the last three months. Insiders own 1.10% of the company’s stock.
Several large investors have recently added to or reduced their stakes in EMN. World Asset Management Inc increased its stake in Eastman Chemical Company by 1.5% in the third quarter. World Asset Management Inc now owns 15,014 shares of the basic materials company’s stock valued at $1,016,000 after buying an additional 221 shares during the last quarter. APG Asset Management N.V. increased its stake in Eastman Chemical Company by 16.9% in the third quarter. APG Asset Management N.V. now owns 341,848 shares of the basic materials company’s stock valued at $23,136,000 after buying an additional 49,300 shares during the last quarter. Nordea Investment Management AB increased its stake in Eastman Chemical Company by 3.1% in the third quarter. Nordea Investment Management AB now owns 1,600,105 shares of the basic materials company’s stock valued at $108,295,000 after buying an additional 48,853 shares during the last quarter. Garrison Financial Corp increased its stake in Eastman Chemical Company by 4.1% in the third quarter. Garrison Financial Corp now owns 40,531 shares of the basic materials company’s stock valued at $2,743,000 after buying an additional 1,590 shares during the last quarter. Finally, Advance Capital I Inc. bought a new stake in Eastman Chemical Company during the third quarter valued at $264,000. 81.27% of the stock is owned by institutional investors.
Eastman Chemical Company 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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