Eastman Chemical (NYSE:EMN) issued an update on its FY 2018 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $8.37-8.68 for the period, compared to the Thomson Reuters consensus estimate of $8.53.
Shares of Eastman Chemical stock traded down $1.63 on Friday, reaching $76.04. The stock had a trading volume of 22,598 shares, compared to its average volume of 1,108,282. The company has a quick ratio of 0.95, a current ratio of 1.69 and a debt-to-equity ratio of 1.04. Eastman Chemical has a 1 year low of $75.39 and a 1 year high of $112.45. The company has a market cap of $11.26 billion, a P/E ratio of 9.98, a PEG ratio of 1.07 and a beta of 1.07.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 25th. The basic materials company reported $2.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.29 by $0.05. Eastman Chemical had a net margin of 15.30% and a return on equity of 21.79%. The business had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.53 billion. As a group, equities research analysts forecast that Eastman Chemical will post 8.55 EPS for the current fiscal year.
Several research analysts recently weighed in on the company. Nomura dropped their target price on Eastman Chemical from $111.00 to $99.00 and set a neutral rating on the stock in a research note on Monday, October 15th. Citigroup dropped their target price on shares of Eastman Chemical from $108.00 to $94.00 and set a neutral rating on the stock in a research report on Thursday, October 11th. JPMorgan Chase & Co. raised shares of Eastman Chemical from a neutral rating to an overweight rating in a research report on Friday, October 12th. Zacks Investment Research downgraded shares of Eastman Chemical from a buy rating to a hold rating in a research report on Monday, October 8th. Finally, ValuEngine downgraded shares of Eastman Chemical from a hold rating to a sell rating in a research report on Saturday, October 6th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $107.42.
In other news, insider Lucian Boldea sold 3,523 shares of the company’s stock in a transaction on Tuesday, July 31st. The shares were sold at an average price of $103.58, for a total value of $364,912.34. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Scott V. King sold 16,192 shares of the company’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $101.35, for a total transaction of $1,641,059.20. Following the completion of the sale, the chief accounting officer now directly owns 5,898 shares in the company, valued at $597,762.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 39,715 shares of company stock worth $4,005,972. 1.18% of the stock is owned by insiders.
About Eastman Chemical
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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