Eastman Chemical Company (EMN) Earns “Buy” Rating from KeyCorp
Eastman Chemical Company (NYSE:EMN)‘s stock had its “buy” rating reaffirmed by investment analysts at KeyCorp in a note issued to investors on Wednesday. They presently have a $100.00 target price on the basic materials company’s stock. KeyCorp’s target price would indicate a potential upside of 9.57% from the stock’s current price.
Several other equities analysts also recently weighed in on the company. UBS AG reiterated a “buy” rating and set a $95.00 target price (up from $90.00) on shares of Eastman Chemical in a research report on Sunday, June 25th. Citigroup Inc. boosted their price target on Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a report on Wednesday, July 12th. Jefferies Group LLC restated a “buy” rating and issued a $96.00 price target on shares of Eastman Chemical in a research report on Tuesday. Zacks Investment Research cut Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Tuesday, June 6th. Finally, Cowen and Company raised their price objective on Eastman Chemical from $88.00 to $92.00 and gave the stock an “outperform” rating in a research note on Monday, August 7th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $92.36.
Shares of Eastman Chemical (NYSE EMN) traded down 0.03% during mid-day trading on Wednesday, reaching $91.24. The company had a trading volume of 146,468 shares. The firm has a 50 day moving average of $85.96 and a 200-day moving average of $82.70. The stock has a market capitalization of $13.21 billion, a P/E ratio of 14.64 and a beta of 1.27. Eastman Chemical has a one year low of $62.70 and a one year high of $91.39.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.09. The firm 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%. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.68 EPS. Analysts forecast that Eastman Chemical will post $7.52 EPS for the current fiscal year.
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In other news, Director Renee J. Hornbaker sold 4,000 shares of Eastman Chemical stock in a transaction that occurred 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 $1,845,470.94. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Mark K. Cox sold 1,400 shares of Eastman Chemical stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. grew its stake in 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 valued at $926,666,000 after acquiring an additional 11,161,689 shares in the last quarter. Blackstone Group L.P. bought a new stake in Eastman Chemical in the 1st quarter valued at $102,065,000. JPMorgan Chase & Co. lifted its stake in Eastman Chemical by 267.0% in the 1st quarter. JPMorgan Chase & Co. now owns 8,525,183 shares of the basic materials company’s stock worth $615,777,000 after purchasing an additional 6,202,173 shares in the last quarter. Norges Bank purchased a new stake in Eastman Chemical in the 4th quarter worth $155,796,000. Finally, Atlantic Investment Management Inc. purchased a new stake in Eastman Chemical in the 4th quarter worth $115,490,000. 82.13% of the stock is currently owned by hedge funds and other institutional investors.
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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