Eastman Chemical Company (EMN) Given New $92.00 Price Target at Cowen and Company
Eastman Chemical Company (NYSE:EMN) had its target price lifted by stock analysts at Cowen and Company from $88.00 to $92.00 in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The brokerage presently has an “outperform” rating on the basic materials company’s stock. Cowen and Company’s price objective would suggest a potential upside of 9.43% from the stock’s current price.
Several other research firms also recently commented on EMN. Zacks Investment Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Deutsche Bank AG reaffirmed a “buy” rating and issued a $92.00 price target on shares of Eastman Chemical in a research note on Wednesday, June 21st. BidaskClub downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Citigroup Inc. raised their price target on shares of Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 12th. Finally, Jefferies Group LLC reaffirmed a “buy” rating on shares of Eastman Chemical in a research note on Tuesday, July 11th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $89.89.
Eastman Chemical (EMN) traded up 0.84% during trading on Monday, hitting $84.78. 437,267 shares of the company’s stock were exchanged. Eastman Chemical has a 52-week low of $62.70 and a 52-week high of $86.60. The company has a market cap of $12.28 billion, a price-to-earnings ratio of 13.61 and a beta of 1.28. The firm has a 50 day moving average price of $84.35 and a 200 day moving average price of $80.56.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results 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 for 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 22.87%. The firm’s revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.68 EPS. On average, equities research analysts predict that Eastman Chemical will post $7.50 earnings per share for the current year.
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In other Eastman Chemical news, Director Lewis M. Kling sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $79.88, for a total transaction of $319,520.00. Following the transaction, the director now owns 15,693 shares of the company’s stock, valued at approximately $1,253,556.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.14% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Harbour Capital Advisors LLC bought a new position in shares of Eastman Chemical during the first quarter valued at about $100,000. FTB Advisors Inc. increased its position in shares of Eastman Chemical by 17.4% in the first quarter. FTB Advisors Inc. now owns 1,342 shares of the basic materials company’s stock valued at $107,000 after buying an additional 199 shares during the period. Advisors Asset Management Inc. increased its position in shares of Eastman Chemical by 149.9% in the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock valued at $116,000 after buying an additional 826 shares during the period. Whittier Trust Co. increased its position in shares of Eastman Chemical by 8.2% in the first quarter. Whittier Trust Co. now owns 1,768 shares of the basic materials company’s stock valued at $143,000 after buying an additional 134 shares during the period. Finally, Pathstone Family Office LLC bought a new position in shares of Eastman Chemical during the first quarter valued at about $158,000. 88.72% of the stock is currently owned by institutional investors and hedge funds.
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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