Jefferies Group LLC Reiterates “Buy” Rating for Eastman Chemical Company (EMN)
Eastman Chemical Company (NYSE:EMN)‘s stock had its “buy” rating reiterated by equities researchers at Jefferies Group LLC in a report issued on Tuesday. They currently have a $96.00 price objective on the basic materials company’s stock. Jefferies Group LLC’s price objective points to a potential upside of 7.02% from the stock’s current price.
A number of other research analysts also recently issued reports on the stock. Citigroup Inc. boosted their price objective on shares of Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a research report on Wednesday, July 12th. Cowen and Company reiterated a “buy” rating and issued a $88.00 price target on shares of Eastman Chemical in a research note on Friday, July 14th. BidaskClub cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Zacks Investment Research upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $94.00 price target on the stock in a research note on Tuesday, July 4th. Finally, Deutsche Bank AG restated a “buy” rating and set a $92.00 target price on shares of Eastman Chemical in a research note on Wednesday, June 21st. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Eastman Chemical presently has an average rating of “Buy” and an average price target of $92.36.
Eastman Chemical (EMN) traded up 0.88% during midday trading on Tuesday, hitting $90.49. 555,275 shares of the stock traded hands. The stock’s 50-day moving average price is $86.10 and its 200 day moving average price is $82.75. The company has a market capitalization of $13.11 billion, a price-to-earnings ratio of 14.52 and a beta of 1.27. Eastman Chemical has a 52 week low of $62.70 and a 52 week high of $91.39.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, topping the consensus estimate of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the firm earned $1.68 earnings per share. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, equities research analysts predict that Eastman Chemical will post $7.52 EPS for the current year.
In other news, Director Renee J. Hornbaker sold 4,000 shares of Eastman Chemical stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total transaction of $337,720.00. Following the completion of the sale, the director now directly owns 21,858 shares in the company, valued at $1,845,470.94. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mark K. Cox sold 1,400 shares of Eastman Chemical stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total value of $117,936.00. The disclosure for this sale can be found here. 1.14% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its position in shares of Eastman Chemical by 3,636.5% during the first quarter. BlackRock Inc. now owns 11,468,628 shares of the basic materials company’s stock worth $926,666,000 after purchasing an additional 11,161,689 shares during the last quarter. Blackstone Group L.P. bought a new stake in shares of Eastman Chemical during the first quarter worth $102,065,000. Contravisory Investment Management Inc. lifted its position in shares of Eastman Chemical by 1.6% during the second quarter. Contravisory Investment Management Inc. now owns 3,293 shares of the basic materials company’s stock worth $277,000 after purchasing an additional 52 shares during the last quarter. Prudential Financial Inc. lifted its position in shares of Eastman Chemical by 3.0% during the second quarter. Prudential Financial Inc. now owns 561,295 shares of the basic materials company’s stock worth $47,143,000 after purchasing an additional 16,260 shares during the last quarter. Finally, Laurion Capital Management LP lifted its position in shares of Eastman Chemical by 689.5% during the second quarter. Laurion Capital Management LP now owns 87,034 shares of the basic materials company’s stock worth $7,310,000 after purchasing an additional 76,010 shares during the last quarter. Institutional investors and hedge funds own 82.13% of the company’s stock.
About Eastman Chemical
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.
Receive News & Stock Ratings for Eastman Chemical Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastman Chemical Company and related stocks with our FREE daily email newsletter.