Eastman Chemical Company (EMN) Receives $96.14 Consensus PT from Analysts
Shares of Eastman Chemical Company (NYSE:EMN) have been given a consensus rating of “Hold” by the nineteen ratings firms that are currently covering the company, Marketbeat.com reports. Ten investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $96.14.
Several equities analysts have recently weighed in on EMN shares. KeyCorp reissued a “buy” rating and set a $100.00 price target on shares of Eastman Chemical in a report on Wednesday, October 4th. Jefferies Group LLC reissued a “buy” rating and set a $96.00 price target on shares of Eastman Chemical in a report on Tuesday, October 3rd. Goldman Sachs Group, Inc. (The) raised Eastman Chemical from a “neutral” rating to a “buy” rating and increased their price target for the company from $81.00 to $101.00 in a report on Thursday, September 28th. Deutsche Bank AG increased their price target on Eastman Chemical from $95.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, October 10th. Finally, UBS AG increased their price target on Eastman Chemical from $97.00 to $103.00 and gave the company a “buy” rating in a report on Friday, October 27th.
In other Eastman Chemical news, Director Renee J. Hornbaker sold 4,000 shares of the stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total value of $337,720.00. Following the completion of the sale, the director now owns 21,858 shares in the company, valued at approximately $1,845,470.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Perry Stuckey sold 5,200 shares of the stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $92.12, for a total value of $479,024.00. The disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.
A number of hedge funds have recently modified their holdings of EMN. Advisors Asset Management Inc. increased its stake in Eastman Chemical by 149.9% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock worth $116,000 after buying an additional 826 shares in the last quarter. Acrospire Investment Management LLC increased its stake in Eastman Chemical by 1,500.0% in the 2nd quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock worth $134,000 after buying an additional 1,500 shares in the last quarter. Psagot Investment House Ltd. grew its position in shares of Eastman Chemical by 60.0% during the third quarter. Psagot Investment House Ltd. now owns 1,600 shares of the basic materials company’s stock valued at $145,000 after purchasing an additional 600 shares in the last quarter. M&R Capital Management Inc. grew its position in shares of Eastman Chemical by 62.9% during the second quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock valued at $150,000 after purchasing an additional 700 shares in the last quarter. Finally, Fiduciary Trust Co. purchased a new position in shares of Eastman Chemical during the second quarter valued at about $160,000. Institutional investors and hedge funds own 83.32% of the company’s stock.
Eastman Chemical (NYSE EMN) traded down $0.69 during midday trading on Friday, hitting $89.55. The stock had a trading volume of 2,355,700 shares, compared to its average volume of 1,162,714. The company has a market cap of $13,141.64, a PE ratio of 12.17, a price-to-earnings-growth ratio of 1.56 and a beta of 1.31. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.83 and a quick ratio of 0.94. Eastman Chemical has a 12-month low of $73.52 and a 12-month high of $94.96.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 26th. The basic materials company reported $2.19 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.16. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a return on equity of 22.77% and a net margin of 10.89%. The company’s revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.86 EPS. analysts expect that Eastman Chemical will post 7.13 EPS for the current fiscal year.
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.
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