Eastman Chemical Company (EMN) was Reiterated by Cowen to “Outperform” while Lowering the Price Target of the company shares to $ 80 from a previous price target of $96 . Cowen advised their investors in a research report released on Aug 23, 2016.
Many Wall Street Analysts have commented on Eastman Chemical Company. Shares were Downgraded by RBC Capital Mkts on Aug 2, 2016 to ” Sector Perform” and Lowered the Price Target to $ 70 from a previous price target of $83 .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.
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 opened for trading at $64.75 and hit $66.42 on the upside on Friday, eventually ending the session at $66.35, with a gain of 2.27% or 1.47 points. The heightened volatility saw the trading volume jump to 11,32,387 shares. Company has a market cap of $9,801 M.
Investors should note that on Aug 4, 2016, Eastman Chemical Company announced a cash dividend of $0.4600. The company’s management has announced Sep 13, 2016 as the ex-dividend date and fixed the record date on Sep 15, 2016. The payable date has been fixed on Oct 3, 2016.
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.