Eastman Chemical Co. (EMN) Lifted to Buy at Zacks Investment Research
Eastman Chemical Co. (NYSE:EMN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $85.00 target price on the stock. Zacks Investment Research’s target price would indicate a potential upside of 12.30% from the stock’s current price.
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.”
EMN has been the topic of a number of other reports. Jefferies Group reiterated a “buy” rating and issued a $88.00 price target on shares of Eastman Chemical in a research report on Monday, October 3rd. Cowen and Company lowered their target price on Eastman Chemical from $96.00 to $80.00 and set an “outperform” rating for the company in a research note on Tuesday, August 23rd. Deutsche Bank AG reissued a “buy” rating and set a $80.00 target price on shares of Eastman Chemical in a research note on Monday, October 31st. Royal Bank Of Canada cut Eastman Chemical from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from $83.00 to $70.00 in a research note on Tuesday, August 2nd. Finally, TheStreet cut Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, July 29th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $77.87.
Eastman Chemical (NYSE:EMN) traded down 0.020% during mid-day trading on Tuesday, reaching $75.675. 434,275 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $69.47 and a 200 day moving average price of $69.25. 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 $11.11 billion, a PE ratio of 13.081 and a beta of 1.51.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, October 27th. The company reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.67 by $0.19. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.30 billion. Eastman Chemical had a net margin of 9.53% and a return on equity of 23.59%. Eastman Chemical’s revenue for the quarter was down 6.5% on a year-over-year basis. During the same period last year, the company posted $1.84 EPS. Equities analysts predict that Eastman Chemical will post $6.75 earnings per share for the current fiscal year.
Large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Eastman Chemical by 3.0% in the second quarter. Vanguard Group Inc. now owns 12,889,067 shares of the company’s stock worth $875,168,000 after buying an additional 374,294 shares in the last quarter. State Street Corp increased its stake in Eastman Chemical by 0.6% in the second quarter. State Street Corp now owns 6,291,674 shares of the company’s stock worth $427,208,000 after buying an additional 35,862 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Eastman Chemical by 2.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,305,733 shares of the company’s stock worth $292,359,000 after buying an additional 92,929 shares in the last quarter. EdgePoint Investment Group Inc. increased its stake in Eastman Chemical by 22.2% in the third quarter. EdgePoint Investment Group Inc. now owns 3,665,685 shares of the company’s stock worth $248,094,000 after buying an additional 666,101 shares in the last quarter. Finally, LSV Asset Management increased its stake in Eastman Chemical by 1.4% in the third quarter. LSV Asset Management now owns 3,363,429 shares of the company’s stock worth $227,636,000 after buying an additional 45,300 shares in the last quarter. 81.46% of the stock is owned by 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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