Eastman Chemical Company (EMN) is Downgraded by RBC Capital Mkts to Sector Perform, Lowers Price Target to $ 70

Eastman Chemical Company (EMN) was Downgraded by RBC Capital Mkts to ” Sector Perform” while Lowering the Price Target of the company shares to $ 70 from a previous price target of $83 . Earlier the firm had a rating of “Outperform ” on the company shares. RBC Capital Mkts advised their investors in a research report released on Aug 2, 2016.

Many Wall Street Analysts have commented on Eastman Chemical Company. Shares were Reiterated by Deutsche Bank on Aug 1, 2016 to “Buy” and Lowered the Price Target to $ 75 from a previous price target of $85 .Eastman Chemical Company was Initiated by Susquehanna to “Positive” on Jul 1, 2016. Shares were Reiterated by RBC Capital Mkts on Jun 27, 2016 to “Outperform” and Lowered the Price Target to $ 83 from a previous price target of $85 .

On the company’s financial health, Eastman Chemical Company reported $1.68 EPS for the quarter, missing the analyst consensus estimate by $ -0.05 based on the information available during the earnings call on Jul 28, 2016. Analyst had a consensus of $1.73. The company had revenue of $2297.00 million for the quarter, compared to analysts expectations of $2356.05 million. The company’s revenue was down -9.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $2.01 EPS.

Eastman Chemical Company closed down -5.14 points or -7.30% at $65.23 with 37,41,776 shares getting traded on Friday. Post opening the session at $66, the shares hit an intraday low of $64.34 and an intraday high of $66.52 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

In a different news, on May 11, 2016, Mark J Costa (Chief Executive Officer) sold 38,400 shares at $75.21 per share price. According to the SEC, on May 6, 2016, Scott V. King (CAO & Controller) sold 12,000 shares at $75.47 per share price. On Feb 26, 2016, Ronald Carter Lindsay (Chief Operating Officer) sold 55,000 shares at $64.33 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.

Eastman Chemical Company

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