Analysts Set Expectations for Eastman Chemical Company’s FY2017 Earnings (EMN)

Eastman Chemical Company (NYSE:EMN) – Stock analysts at SunTrust Banks issued their FY2017 earnings per share estimates for Eastman Chemical in a research note issued to investors on Monday. SunTrust Banks analyst J. Sheehan forecasts that the basic materials company will post earnings of $7.02 per share for the year. SunTrust Banks currently has a “Hold” rating and a $90.00 price target on the stock. SunTrust Banks also issued estimates for Eastman Chemical’s Q4 2017 earnings at $1.03 EPS.

Several other equities research analysts have also weighed in on the company. J P Morgan Chase & Co lifted their price objective on Eastman Chemical from $95.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday. Royal Bank Of Canada reissued a “sector perform” rating and issued a $93.00 price objective (up previously from $91.00) on shares of Eastman Chemical in a report on Monday. Wells Fargo & Company reissued an “outperform” rating and issued a $102.00 price objective (up previously from $94.00) on shares of Eastman Chemical in a report on Monday. They noted that the move was a valuation call. KeyCorp reissued a “buy” rating and issued a $108.00 price objective (up previously from $100.00) on shares of Eastman Chemical in a report on Monday. Finally, UBS AG lifted their price objective on Eastman Chemical from $97.00 to $103.00 and gave the stock a “buy” rating in a report on Friday, October 27th. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $96.00.

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Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, October 26th. The basic materials company reported $2.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.03 by $0.16. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a net margin of 10.89% and a return on equity of 23.20%. Eastman Chemical’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.86 earnings per share.

Several institutional investors and hedge funds have recently modified their holdings of EMN. Advisors Asset Management Inc. boosted its position in shares of Eastman Chemical by 149.9% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock valued at $116,000 after acquiring an additional 826 shares during the last quarter. Acrospire Investment Management LLC boosted its position in shares of Eastman Chemical by 1,500.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock valued at $134,000 after acquiring an additional 1,500 shares during the last quarter. M&R Capital Management Inc. boosted its position in shares of Eastman Chemical by 62.9% during the 2nd quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock valued at $150,000 after acquiring an additional 700 shares during the last quarter. Fiduciary Trust Co. bought a new stake in shares of Eastman Chemical during the 2nd quarter valued at about $160,000. Finally, Advisory Services Network LLC boosted its position in shares of Eastman Chemical by 105.3% during the 2nd quarter. Advisory Services Network LLC now owns 2,203 shares of the basic materials company’s stock valued at $185,000 after acquiring an additional 1,130 shares during the last quarter. Hedge funds and other institutional investors own 82.76% of the company’s stock.

In other news, Director Renee J. Hornbaker sold 4,000 shares of Eastman Chemical stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total transaction of $337,720.00. Following the completion of the sale, the director now owns 21,858 shares in the company, valued at approximately $1,845,470.94. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Perry Stuckey sold 5,200 shares of Eastman Chemical stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $92.12, for a total value of $479,024.00. The disclosure for this sale can be found here. Company insiders own 1.14% of the company’s stock.

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.

Earnings History and Estimates for Eastman Chemical (NYSE:EMN)

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