Eastman Chemical Company (NYSE:EMN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, October 17th.
According to Zacks, “Eastman Chemical has underperformed the industry it belongs to over the past six months. Eastman Chemical continues to face pricing pressure. Prices of acetate tow remain weak. The company is also exposed to weakness in its Fibers unit and raw material price volatility. It is seeing lower acetate tow volumes and declining sales in the Fibers business. Raw materials costs headwind is also expected to persist in the third quarter.”
Other analysts also recently issued reports about the company. Deutsche Bank AG restated a “buy” rating and set a $92.00 price objective on shares of Eastman Chemical in a report on Wednesday, June 21st. UBS AG reiterated a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of Eastman Chemical in a report on Sunday, June 25th. Jefferies Group LLC reiterated a “buy” rating and issued a $90.00 price target on shares of Eastman Chemical in a report on Wednesday, July 5th. Citigroup Inc. increased their price target on Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a report on Wednesday, July 12th. Finally, Cowen and Company reiterated a “buy” rating and issued a $88.00 price target on shares of Eastman Chemical in a report on Friday, July 14th. Nine research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $93.62.
Eastman Chemical (NYSE EMN) traded up 2.15% during midday trading on Tuesday, reaching $93.00. The company had a trading volume of 2,843,016 shares. The company has a market capitalization of $13.47 billion, a P/E ratio of 14.93 and a beta of 1.27. The firm has a 50-day moving average of $87.86 and a 200 day moving average of $83.80. Eastman Chemical has a 1-year low of $66.90 and a 1-year high of $94.96.
Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, October 26th. The basic materials company reported $2.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.16. Eastman Chemical had a return on equity of 23.20% and a net margin of 10.89%. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the prior year, the company earned $1.86 EPS. Eastman Chemical’s revenue was up 7.8% on a year-over-year basis. On average, equities research analysts forecast that Eastman Chemical will post $7.34 EPS for the current year.
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In related news, Director Renee J. Hornbaker sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total transaction of $337,720.00. Following the transaction, the director now owns 21,858 shares in the company, valued at $1,845,470.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark K. Cox sold 1,400 shares of Eastman Chemical stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total transaction of $117,936.00. The disclosure for this sale can be found here. Company insiders own 1.14% of the company’s stock.
A number of institutional investors have recently bought and sold shares of EMN. Spot Trading L.L.C. grew its position in Eastman Chemical by 122.8% in the first quarter. Spot Trading L.L.C. now owns 9,367 shares of the basic materials company’s stock worth $757,000 after buying an additional 50,467 shares during the last quarter. Wellington Management Group LLP grew its position in Eastman Chemical by 125.5% in the first quarter. Wellington Management Group LLP now owns 52,747 shares of the basic materials company’s stock worth $4,262,000 after buying an additional 29,356 shares during the last quarter. Teachers Advisors LLC grew its position in Eastman Chemical by 26.6% in the first quarter. Teachers Advisors LLC now owns 338,949 shares of the basic materials company’s stock worth $27,387,000 after buying an additional 71,131 shares during the last quarter. Cleararc Capital Inc. grew its position in Eastman Chemical by 1.3% in the first quarter. Cleararc Capital Inc. now owns 3,595 shares of the basic materials company’s stock worth $290,000 after buying an additional 46 shares during the last quarter. Finally, Loomis Sayles & Co. L P grew its position in Eastman Chemical by 63.9% in the first quarter. Loomis Sayles & Co. L P now owns 3,613 shares of the basic materials company’s stock worth $292,000 after buying an additional 1,409 shares during the last quarter. Hedge funds and other institutional investors own 82.09% of the company’s stock.
Eastman Chemical Company Profile
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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