Eastman Chemical Co. (EMN) Upgraded by Zacks Investment Research to Buy
Eastman Chemical Co. (NYSE:EMN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $83.00 target price on the stock. Zacks Investment Research’s price objective indicates a potential upside of 12.00% 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.”
EMN has been the topic of a number of other reports. Jefferies Group restated a “buy” rating and issued a $88.00 target price on shares of Eastman Chemical in a report on Monday, October 3rd. Cowen and Company decreased their target price on Eastman Chemical from $96.00 to $80.00 and set an “outperform” rating on the stock in a report on Tuesday, August 23rd. Deutsche Bank AG restated a “buy” rating and issued a $80.00 target price on shares of Eastman Chemical in a report on Monday, October 31st. RBC Capital Markets restated a “sector perform” rating and issued a $75.00 target price (up from $70.00) on shares of Eastman Chemical in a report on Monday, October 31st. Finally, Royal Bank Of Canada cut Eastman Chemical from an “outperform” rating to a “sector perform” rating and decreased their target price for the stock from $83.00 to $70.00 in a report on Tuesday, August 2nd. One research analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company. Eastman Chemical has a consensus rating of “Buy” and an average price target of $77.73.
Eastman Chemical (NYSE:EMN) traded up 0.13% during midday trading on Tuesday, hitting $74.21. The stock had a trading volume of 548,337 shares. The firm has a market cap of $10.89 billion, a PE ratio of 12.83 and a beta of 1.51. Eastman Chemical has a one year low of $56.03 and a one year high of $78.79. The stock has a 50-day moving average price of $70.51 and a 200 day moving average price of $69.21.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, October 27th. The company reported $1.86 earnings per share (EPS) for the quarter, topping the Zacks’ 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 return on equity of 23.59% and a net margin of 9.53%. The company’s quarterly revenue was down 6.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.84 EPS. On average, analysts predict that Eastman Chemical will post $6.75 earnings per share for the current year.
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A number of hedge funds have recently added to or reduced their stakes in EMN. Credit Suisse AG boosted its stake in Eastman Chemical by 195.4% in the third quarter. Credit Suisse AG now owns 1,432,761 shares of the company’s stock worth $96,968,000 after buying an additional 947,720 shares during the last quarter. EdgePoint Investment Group Inc. boosted 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 during the last quarter. Adage Capital Partners GP L.L.C. purchased a new stake in Eastman Chemical during the third quarter worth about $41,501,000. Toronto Dominion Bank boosted its stake in Eastman Chemical by 74,232.3% in the third quarter. Toronto Dominion Bank now owns 604,322 shares of the company’s stock worth $40,901,000 after buying an additional 603,509 shares during the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new stake in Eastman Chemical during the third quarter worth about $36,713,000. 81.54% of the stock is 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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