Zacks Investment Research Upgrades Eastman Chemical Co. (EMN) to Buy
Eastman Chemical Co. (NYSE:EMN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The firm presently has a $84.00 price objective on the stock. Zacks Investment Research’s price target would suggest a potential upside of 12.22% from the company’s previous close.
According to Zacks, “Eastman Chemical’s adjusted earnings for third-quarter 2016 topped the Zacks Consensus Estimate. The company gained from strong growth of its high value products and its cost-reduction actions in the quarter. However, its sales fell year over year on lower pricing, and missed expectations. Eastman Chemical remains focused on cost-cutting and productivity actions amid a challenging operating environment. The company is looking to reduce at least $100 million of costs by the end of 2016. Further, the company should gain from its strategic acquisitions. Eastman Chemical also remains committed to reduce debt and boost shareholder returns leveraging healthy free cash flows.”
Several other brokerages have also recently weighed in on EMN. Cowen and Company dropped their price target on shares of Eastman Chemical from $96.00 to $80.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 23rd. TheStreet cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, July 29th. JPMorgan Chase & Co. restated a “buy” rating on shares of Eastman Chemical in a research note on Tuesday, August 16th. Jefferies Group restated a “buy” rating and set a $88.00 target price on shares of Eastman Chemical in a research note on Monday, November 7th. Finally, Royal Bank Of Canada cut shares of Eastman Chemical from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from $83.00 to $70.00 in a research note on Tuesday, August 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the company’s stock. Eastman Chemical presently has an average rating of “Buy” and a consensus price target of $77.80.
Eastman Chemical (NYSE:EMN) opened at 74.85 on Monday. The company has a market capitalization of $10.98 billion, a PE ratio of 12.94 and a beta of 1.51. Eastman Chemical has a 52 week low of $56.03 and a 52 week high of $78.79. The stock’s 50 day moving average price is $68.06 and its 200-day moving average price is $69.45.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, October 27th. The company reported $1.86 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.67 by $0.19. The business had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.30 billion. Eastman Chemical had a net margin of 9.53% and a return on equity of 23.59%. The company’s revenue was down 6.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.84 EPS. On average, equities research analysts predict that Eastman Chemical will post $6.75 earnings per share for the current fiscal year.
A number of institutional investors have recently modified their holdings of the stock. AMP Capital Investors Ltd increased its position in shares of Eastman Chemical by 32.9% in the first quarter. AMP Capital Investors Ltd now owns 66,686 shares of the company’s stock valued at $4,885,000 after buying an additional 16,498 shares during the last quarter. National Pension Service increased its position in shares of Eastman Chemical by 4.8% in the first quarter. National Pension Service now owns 103,967 shares of the company’s stock valued at $7,510,000 after buying an additional 4,751 shares during the last quarter. Magnetar Financial LLC purchased a new position in shares of Eastman Chemical during the first quarter valued at approximately $203,000. LPL Financial LLC increased its position in shares of Eastman Chemical by 7.5% in the first quarter. LPL Financial LLC now owns 47,828 shares of the company’s stock valued at $3,450,000 after buying an additional 3,339 shares during the last quarter. Finally, Sensato Investors LLC purchased a new position in shares of Eastman Chemical during the first quarter valued at approximately $3,915,000. Institutional investors own 81.86% of the company’s stock.
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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