Eastman Chemical Company (NYSE:EMN) had its price target boosted by investment analysts at UBS AG from $97.00 to $103.00 in a research report issued to clients and investors on Friday, October 27th, www.benzinga.com reports. The brokerage presently has a “buy” rating on the basic materials company’s stock. UBS AG’s price target suggests a potential upside of 13.50% from the company’s current price.
EMN has been the topic of a number of other research reports. Jefferies Group LLC restated a “buy” rating and issued a $96.00 target price on shares of Eastman Chemical in a research note on Tuesday, October 3rd. Deutsche Bank AG boosted their target price on Eastman Chemical from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, October 10th. KeyCorp restated a “buy” rating and issued a $100.00 target price on shares of Eastman Chemical in a research note on Wednesday, October 4th. Zacks Investment Research downgraded Eastman Chemical from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Finally, Goldman Sachs Group, Inc. (The) upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and upped their price objective for the company from $81.00 to $101.00 in a research note on Thursday, September 28th. Nine equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Eastman Chemical presently has an average rating of “Hold” and a consensus target price of $96.00.
Shares of Eastman Chemical (NYSE EMN) opened at $90.75 on Friday. Eastman Chemical has a 12-month low of $73.52 and a 12-month high of $94.96. The company has a market capitalization of $13,043.86, a PE ratio of 12.08, a P/E/G ratio of 1.55 and a beta of 1.31. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.83 and a quick ratio of 0.94.
Eastman Chemical (NYSE:EMN) last released its quarterly 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. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a return on equity of 22.77% and a net margin of 10.89%. The company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.86 EPS. equities analysts anticipate that Eastman Chemical will post 7.13 earnings per share for the current fiscal year.
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In other news, Director Renee J. Hornbaker sold 4,000 shares of the stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total transaction of $337,720.00. Following the completion of the sale, the director now directly owns 21,858 shares in the company, valued at $1,845,470.94. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Perry Stuckey sold 5,200 shares of the stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $92.12, for a total transaction of $479,024.00. The disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in EMN. Advisors Asset Management Inc. raised its stake in Eastman Chemical by 149.9% in the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock worth $116,000 after buying an additional 826 shares in the last quarter. Acrospire Investment Management LLC raised its stake in Eastman Chemical by 1,500.0% in the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock worth $134,000 after buying an additional 1,500 shares in the last quarter. M&R Capital Management Inc. raised its stake in Eastman Chemical by 62.9% in the second quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock worth $150,000 after buying an additional 700 shares in the last quarter. Fiduciary Trust Co. bought a new position in Eastman Chemical in the second quarter worth about $160,000. Finally, Advisory Services Network LLC raised its stake in Eastman Chemical by 105.3% in the second quarter. Advisory Services Network LLC now owns 2,203 shares of the basic materials company’s stock worth $185,000 after buying an additional 1,130 shares in the last quarter. 83.57% of the stock is owned by institutional investors.
About Eastman Chemical
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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