Eastman Chemical (NYSE:EMN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday, January 12th.
According to Zacks, “Eastman Chemical has an impressive earnings surprise history for the trailing four quarters. The company remains focused on cost-cutting and productivity actions amid a challenging operating environment. Eastman Chemical should also gain from its strategic acquisitions. It also remains committed to reduce debt. However, Eastman Chemical continues to face pricing pressure. Hefty charges related to the Kingsport plant will also hit earnings in the fourth quarter. The company also faces raw material cost headwind and weakness in the Fibers unit. The company has also underperformed the industry it belongs to over the past six months.”
EMN has been the subject of several other reports. Jefferies Group reiterated a “buy” rating and set a $96.00 price objective on shares of Eastman Chemical in a research note on Tuesday, October 3rd. Deutsche Bank upped their price target on Eastman Chemical from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, October 10th. JPMorgan Chase & Co. upped their price objective on Eastman Chemical from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Monday, October 30th. KeyCorp restated a “buy” rating and set a $100.00 price target on shares of Eastman Chemical in a research note on Wednesday, October 4th. Finally, Cowen reiterated an “outperform” rating and issued a $106.00 price objective (up from $92.00) on shares of Eastman Chemical in a research note on Friday, December 8th. Ten investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $98.60.
Shares of Eastman Chemical (EMN) traded down $0.03 during mid-day trading on Friday, reaching $96.83. The company had a trading volume of 745,200 shares, compared to its average volume of 991,183. Eastman Chemical has a 1 year low of $74.78 and a 1 year high of $98.24. The company has a current ratio of 1.83, a quick ratio of 0.94 and a debt-to-equity ratio of 1.24. The stock has a market cap of $14,060.00, a P/E ratio of 14.05, a price-to-earnings-growth ratio of 1.42 and a beta of 1.31.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, October 26th. The basic materials company reported $2.19 EPS for the quarter, topping the Zacks’ consensus estimate of $2.03 by $0.16. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a return on equity of 22.77% and a net margin of 10.89%. The firm’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.86 EPS. sell-side analysts predict that Eastman Chemical will post 7.12 EPS for the current year.
In other news, SVP Perry Stuckey sold 5,200 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $92.12, for a total transaction of $479,024.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.14% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the business. Janus Henderson Group PLC lifted its holdings in shares of Eastman Chemical by 38.6% during the 2nd quarter. Janus Henderson Group PLC now owns 25,832 shares of the basic materials company’s stock valued at $2,170,000 after acquiring an additional 7,199 shares in the last quarter. Laurion Capital Management LP lifted its holdings in Eastman Chemical by 689.5% in the 2nd quarter. Laurion Capital Management LP now owns 87,034 shares of the basic materials company’s stock worth $7,310,000 after buying an additional 76,010 shares in the last quarter. Private Advisor Group LLC lifted its holdings in Eastman Chemical by 106.7% in the 3rd quarter. Private Advisor Group LLC now owns 8,697 shares of the basic materials company’s stock worth $783,000 after buying an additional 4,490 shares in the last quarter. Personal Capital Advisors Corp increased its position in shares of Eastman Chemical by 3.1% in the 3rd quarter. Personal Capital Advisors Corp now owns 221,806 shares of the basic materials company’s stock worth $20,071,000 after purchasing an additional 6,675 shares during the last quarter. Finally, BlackRock Inc. increased its position in shares of Eastman Chemical by 6.3% in the 2nd quarter. BlackRock Inc. now owns 12,186,134 shares of the basic materials company’s stock worth $1,023,514,000 after purchasing an additional 717,506 shares during the last quarter. 82.74% of the stock is owned by hedge funds and other institutional investors.
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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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