Eastman Chemical Company (EMN) reported quarterly earnings results on Thursday, Apr-28-2016. The company said it had a profit of $1.71 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.18. Analysts had a consensus of $1.53. The company posted revenue of $2236.00 million in the period, compared to analysts expectations of $2310.09 million. The company’s revenue was down -8.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.84 EPS.
Many Wall Street Analysts have commented on Eastman Chemical Company. Shares were Reiterated by Deutsche Bank on Feb 1, 2016 to “Buy” and Lowered the Price Target to $ 75 from a previous price target of $80 .Shares were Reiterated by RBC Capital Mkts on Feb 1, 2016 to “Outperform” and Lowered the Price Target to $ 72 from a previous price target of $86 .Eastman Chemical Company was Upgraded by Credit Agricole to ” Buy” on Feb 1, 2016.
Eastman Chemical Company opened for trading at $77.03 and hit $77.91 on the upside on Wednesday, eventually ending the session at $77.69, with a gain of 1.04% or 0.8 points. The heightened volatility saw the trading volume jump to 11,61,783 shares. Company has a market cap of $11,484 M.
In a different news, on Feb 26, 2016, Ronald Carter Lindsay (Chief Operating Officer) sold 55,000 shares at $64.33 per share price. According to the SEC, on Feb 23, 2016, Michael P Connors (director) sold 8,000 shares at $62.92 per share price. On Feb 23, 2016, Mark J Costa (Chief Executive Officer) sold 56,000 shares at $63.22 per share price, according to the Form-4 filing with the securities and exchange commission.
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). The Company manufactures chemicals for products in the coatings and tires industries in transportation building and construction durable goods and consumables markets in the Additives & Functional Products segment. The Company’s A&P segment focuses on producing intermediate chemicals. The Company’s the AM segment produces and markets specialty copolyesters cellulose esters interlayers. In the Fibers segment Eastman manufactures and sells Estron acetate tow and Estrobond triacetin plasticizers. The Company’s SFI segment offers products such as acetyl chemical intermediates olefin derivatives specialty fluids and alkylamines.