Eastman Chemical (NYSE:EMN) – Equities research analysts at KeyCorp upped their FY2018 earnings estimates for Eastman Chemical in a report released on Sunday. KeyCorp analyst M. Sison now expects that the basic materials company will post earnings per share of $8.25 for the year, up from their previous estimate of $8.10. KeyCorp has a “Buy” rating and a $118.00 price target on the stock.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, October 26th. The basic materials company reported $2.19 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.16. Eastman Chemical had a net margin of 10.89% and a return on equity of 22.77%. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period last year, the business earned $1.86 earnings per share. The business’s revenue for the quarter was up 7.8% on a year-over-year basis.
Shares of Eastman Chemical (NYSE:EMN) traded down $0.21 on Tuesday, hitting $97.27. 848,600 shares of the company’s stock were exchanged, compared to its average volume of 1,063,950. Eastman Chemical has a 1-year low of $74.78 and a 1-year high of $98.24. The firm has a market capitalization of $13,970.00, a PE ratio of 14.12, a PEG ratio of 1.44 and a beta of 1.31. The company has a current ratio of 1.83, a quick ratio of 0.94 and a debt-to-equity ratio of 1.24.
The company also recently declared a quarterly dividend, which was paid on Friday, January 5th. Shareholders of record on Monday, December 18th were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend was Friday, December 15th. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.51. Eastman Chemical’s payout ratio is 32.51%.
In other Eastman Chemical news, SVP Perry Stuckey sold 5,200 shares of the business’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $92.12, for a total transaction of $479,024.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.14% of the company’s stock.
Several large investors have recently modified their holdings of EMN. RNC Capital Management LLC grew its stake in shares of Eastman Chemical by 0.5% during the 2nd quarter. RNC Capital Management LLC now owns 3,278 shares of the basic materials company’s stock worth $275,000 after purchasing an additional 15 shares during the period. Veritable L.P. grew its position in Eastman Chemical by 1.0% in the second quarter. Veritable L.P. now owns 2,776 shares of the basic materials company’s stock valued at $233,000 after acquiring an additional 27 shares in the last quarter. Mariner Wealth Advisors LLC grew its position in Eastman Chemical by 2.2% in the second quarter. Mariner Wealth Advisors LLC now owns 5,461 shares of the basic materials company’s stock valued at $459,000 after acquiring an additional 117 shares in the last quarter. Oppenheimer Asset Management Inc. grew its position in Eastman Chemical by 2.0% in the second quarter. Oppenheimer Asset Management Inc. now owns 7,458 shares of the basic materials company’s stock valued at $626,000 after acquiring an additional 143 shares in the last quarter. Finally, First Allied Advisory Services Inc. grew its position in shares of Eastman Chemical by 0.8% during the second quarter. First Allied Advisory Services Inc. now owns 18,847 shares of the basic materials company’s stock worth $1,588,000 after buying an additional 155 shares in the last quarter. Institutional investors and hedge funds own 82.49% of the company’s stock.
About Eastman Chemical
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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