TheStreet upgraded shares of Eastman Chemical Co. (NYSE:EMN) from a hold rating to a buy rating in a research note released on Friday morning.

Several other equities analysts also recently commented on the company. Zacks Investment Research upgraded Eastman Chemical from a hold rating to a buy rating and set a $84.00 price objective on the stock in a research note on Monday. Jefferies Group reiterated a buy rating and issued a $88.00 price objective on shares of Eastman Chemical in a research note on Monday, November 7th. Deutsche Bank AG reiterated a buy rating and issued a $80.00 price objective on shares of Eastman Chemical in a research note on Monday, October 31st. RBC Capital Markets restated a sector perform rating and set a $75.00 target price (up previously from $70.00) on shares of Eastman Chemical in a research report on Monday, October 31st. Finally, Royal Bank Of Canada increased their target price on Eastman Chemical from $70.00 to $75.00 and gave the stock a sector perform rating in a research report on Monday, October 31st. One analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $77.80.

Analyst Recommendations for Eastman Chemical (NYSE:EMN)

Eastman Chemical (NYSE:EMN) opened at 74.85 on Friday. Eastman Chemical has a 52 week low of $56.03 and a 52 week high of $78.79. The company has a market cap of $10.98 billion, a price-to-earnings ratio of 12.94 and a beta of 1.51. The stock has a 50 day moving average price of $68.06 and a 200 day moving average price of $69.45.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, October 27th. The company reported $1.86 EPS for the quarter, beating the consensus estimate of $1.67 by $0.19. Eastman Chemical had a return on equity of 23.59% and a net margin of 9.53%. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter in the prior year, the business earned $1.84 earnings per share. Eastman Chemical’s revenue for the quarter was down 6.5% on a year-over-year basis. On average, equities analysts forecast that Eastman Chemical will post $6.75 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in EMN. Boston Advisors LLC boosted its position in shares of Eastman Chemical by 1,926.9% in the second quarter. Boston Advisors LLC now owns 209,785 shares of the company’s stock worth $14,244,000 after buying an additional 199,435 shares during the period. Retirement Systems of Alabama boosted its position in shares of Eastman Chemical by 434.5% in the second quarter. Retirement Systems of Alabama now owns 405,273 shares of the company’s stock worth $27,518,000 after buying an additional 329,452 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Eastman Chemical by 18.7% in the second quarter. Nisa Investment Advisors LLC now owns 88,943 shares of the company’s stock worth $6,039,000 after buying an additional 13,985 shares during the period. Bank of Montreal Can bought a new position in shares of Eastman Chemical during the second quarter worth about $5,213,000. Finally, Creative Planning boosted its position in shares of Eastman Chemical by 3.7% in the second quarter. Creative Planning now owns 6,690 shares of the company’s stock worth $454,000 after buying an additional 237 shares during the period. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

About Eastman Chemical

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).

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