Eastman Chemical Company (EMN) Upgraded to “Buy” by Goldman Sachs Group, Inc. (The)
Eastman Chemical Company (NYSE:EMN) was upgraded by equities researchers at Goldman Sachs Group, Inc. (The) from a “neutral” rating to a “buy” rating in a note issued to investors on Thursday.
Several other research analysts also recently commented on EMN. UBS AG reaffirmed a “buy” rating and issued a $95.00 price objective (up from $90.00) on shares of Eastman Chemical in a report on Sunday, June 25th. Zacks Investment Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $85.00 price objective on shares of Eastman Chemical in a report on Monday, June 5th. Cowen and Company raised their price objective on shares of Eastman Chemical from $88.00 to $92.00 and gave the stock an “outperform” rating in a report on Monday, August 7th. Finally, KeyCorp reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Eastman Chemical in a report on Thursday, August 24th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $90.90.
Shares of Eastman Chemical (EMN) opened at 87.35 on Thursday. The firm has a market capitalization of $12.65 billion, a P/E ratio of 14.02 and a beta of 1.26. The stock has a 50 day moving average of $84.71 and a 200-day moving average of $81.98. Eastman Chemical has a 52-week low of $62.70 and a 52-week high of $87.89.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.89 by $0.09. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. Eastman Chemical’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period last year, the firm earned $1.68 EPS. Equities analysts expect that Eastman Chemical will post $7.52 earnings per share for the current fiscal year.
In other news, insider Mark K. Cox sold 1,400 shares of the firm’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Renee J. Hornbaker sold 4,000 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total transaction of $337,720.00. Following the sale, the director now owns 21,858 shares in the company, valued at approximately $1,845,470.94. The disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Eastman Chemical by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock valued at $1,138,298,000 after buying an additional 557,858 shares in the last quarter. BlackRock Inc. raised its position in shares of Eastman Chemical by 6.3% during the 2nd quarter. BlackRock Inc. now owns 12,186,134 shares of the basic materials company’s stock valued at $1,023,514,000 after buying an additional 717,506 shares in the last quarter. Blackstone Group L.P. purchased a new stake in shares of Eastman Chemical during the 1st quarter valued at $102,065,000. State Street Corp raised its position in shares of Eastman Chemical by 3.6% during the 1st quarter. State Street Corp now owns 7,321,031 shares of the basic materials company’s stock valued at $591,539,000 after buying an additional 257,030 shares in the last quarter. Finally, LSV Asset Management raised its position in shares of Eastman Chemical by 4.2% during the 2nd quarter. LSV Asset Management now owns 3,973,068 shares of the basic materials company’s stock valued at $333,697,000 after buying an additional 160,101 shares in the last quarter. Hedge funds and other institutional investors own 82.13% of the company’s stock.
Eastman Chemical Company Profile
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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