SunTrust Banks Increases Eastman Chemical (EMN) Price Target to $105.00

Eastman Chemical (NYSE:EMN) had its price target upped by equities researchers at SunTrust Banks to $105.00 in a research report issued to clients and investors on Monday, The Fly reports. The firm currently has a “hold” rating on the basic materials company’s stock. SunTrust Banks’ price target indicates a potential upside of 5.77% from the stock’s current price. The analysts noted that the move was a valuation call.

A number of other brokerages have also commented on EMN. UBS Group boosted their target price on Eastman Chemical from $97.00 to $103.00 and gave the company a “buy” rating in a research report on Friday, October 27th. Zacks Investment Research raised Eastman Chemical from a “sell” rating to a “hold” rating in a research report on Thursday, October 26th. KeyCorp reaffirmed a “buy” rating and issued a $108.00 target price (up from $100.00) on shares of Eastman Chemical in a research report on Monday, October 30th. Deutsche Bank boosted their target price on Eastman Chemical from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, October 10th. Finally, JPMorgan Chase & Co. boosted their target price on Eastman Chemical from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Monday, October 30th. Nine analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Eastman Chemical has a consensus rating of “Hold” and a consensus target price of $101.13.

Shares of Eastman Chemical (NYSE EMN) opened at $99.27 on Monday. Eastman Chemical has a 12-month low of $76.02 and a 12-month high of $103.21. The company has a market capitalization of $14,195.61, a PE ratio of 9.81, a P/E/G ratio of 1.46 and a beta of 1.33. 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 (NYSE:EMN) last issued its earnings results on Thursday, February 1st. The basic materials company reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.56. Eastman Chemical had a return on equity of 22.67% and a net margin of 15.44%. The business had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same period in the previous year, the company posted $1.51 EPS. The firm’s revenue was up 8.0% compared to the same quarter last year. equities analysts anticipate that Eastman Chemical will post 8.25 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in EMN. Victory Capital Management Inc. boosted its stake in Eastman Chemical by 6,003.3% during the 4th quarter. Victory Capital Management Inc. now owns 1,700,749 shares of the basic materials company’s stock valued at $157,557,000 after purchasing an additional 1,672,883 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in Eastman Chemical during the 3rd quarter valued at about $42,235,000. Atalanta Sosnoff Capital LLC acquired a new position in Eastman Chemical during the 4th quarter valued at about $29,613,000. American Century Companies Inc. boosted its stake in Eastman Chemical by 91.6% during the 4th quarter. American Century Companies Inc. now owns 605,542 shares of the basic materials company’s stock valued at $56,097,000 after purchasing an additional 289,505 shares during the last quarter. Finally, PGGM Investments boosted its stake in Eastman Chemical by 259.5% during the 3rd quarter. PGGM Investments now owns 333,625 shares of the basic materials company’s stock valued at $30,190,000 after purchasing an additional 240,832 shares during the last quarter. Institutional investors and hedge funds own 82.30% of the company’s stock.

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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.

The Fly

Analyst Recommendations for Eastman Chemical (NYSE:EMN)