Eastman Chemical (NYSE:EMN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released 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.”
Other research analysts have also issued reports about the stock. KeyCorp reaffirmed a “buy” rating and issued a $118.00 price objective (up from $108.00) on shares of Eastman Chemical in a research note on Monday, January 8th. JPMorgan Chase & Co. raised their price objective on shares of Eastman Chemical from $95.00 to $105.00 and gave the company an “overweight” rating in a research note on Monday, October 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $93.00 price objective (up from $91.00) on shares of Eastman Chemical in a research note on Monday, October 30th. Wells Fargo & Co reaffirmed an “outperform” rating and issued a $102.00 price objective (up from $94.00) on shares of Eastman Chemical in a research note on Monday, October 30th. They noted that the move was a valuation call. Finally, UBS Group raised their price objective on shares of Eastman Chemical from $97.00 to $103.00 and gave the company a “buy” rating in a research note on Friday, October 27th. Eight equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $99.57.
Eastman Chemical (NYSE EMN) traded up $0.81 during trading hours on Friday, reaching $99.27. 3,280,000 shares of the company’s stock were exchanged, compared to its average volume of 981,454. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.83 and a quick ratio of 0.94. The firm has a market capitalization of $14,270.00, a PE ratio of 9.81, a price-to-earnings-growth ratio of 1.45 and a beta of 1.33. Eastman Chemical has a 1-year low of $76.02 and a 1-year high of $103.21.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, February 1st. The basic materials company reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.56. The business had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Eastman Chemical had a net margin of 15.44% and a return on equity of 22.67%. The business’s quarterly revenue was up 8.0% on a year-over-year basis. During the same period last year, the company posted $1.51 earnings per share. research analysts forecast that Eastman Chemical will post 8.26 EPS for the current year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Steward Partners Investment Advisory LLC bought a new position in shares of Eastman Chemical during the third quarter valued at about $113,000. Vigilant Capital Management LLC bought a new position in shares of Eastman Chemical during the fourth quarter valued at about $126,000. Acrospire Investment Management LLC raised its position 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 acquiring an additional 1,500 shares during the period. Psagot Investment House Ltd. raised its position in Eastman Chemical by 60.0% in the third quarter. Psagot Investment House Ltd. now owns 1,600 shares of the basic materials company’s stock worth $145,000 after acquiring an additional 600 shares during the period. Finally, M&R Capital Management Inc. raised its position 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 acquiring an additional 700 shares during the period. 82.71% of the stock is currently owned by institutional investors.
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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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