Analysts’ Recent Ratings Changes for Eastman Chemical (EMN)

A number of firms have modified their ratings and price targets on shares of Eastman Chemical (NYSE: EMN) recently:

  • 2/7/2018 – Eastman Chemical had its “outperform” rating reaffirmed by analysts at Cowen Inc. They now have a $115.00 price target on the stock, up previously from $106.00.
  • 2/6/2018 – Eastman Chemical was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Eastman Chemical saw its profits surge year over year in fourth-quarter 2017 on the back of strong growth of its high-margin products. Both adjusted earnings and sales for the quarter topped the respective Zacks Consensus Estimate. Eastman Chemical has outperformed the industry it belongs to over a year. Eastman Chemical remains focused on cost-cutting and productivity actions which is helping it to offset raw material price inflation. The company should also gain from its strategic acquisitions, especially Taminco. It also remains committed to reduce debt and boost shareholder returns leveraging strong free cash flows. However, Eastman Chemical continues to face pricing pressure. The company also faces raw material cost headwind and weakness in the Fibers unit.”
  • 2/5/2018 – Eastman Chemical had its price target raised by analysts at SunTrust Banks, Inc. to $105.00. They now have a “hold” rating on the stock. They noted that the move was a valuation call. They noted that the move was a valuation call.
  • 2/5/2018 – Eastman Chemical had its price target raised by analysts at Barclays PLC from $100.00 to $108.00. They now have an “equal weight” rating on the stock.
  • 1/12/2018 – Eastman Chemical was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Eastman Chemical has an impressive earnings surprise history for the trailing four quarters. The company remains focused on cost-cutting and productivity actions amid a challenging operating environment. Eastman Chemical should also gain from its strategic acquisitions. It also remains committed to reduce debt. However, Eastman Chemical continues to face pricing pressure. Hefty charges related to the Kingsport plant will also hit earnings in the fourth quarter. The company also faces raw material cost headwind and weakness in the Fibers unit. The company has also underperformed the industry it belongs to over the past six months.”
  • 1/9/2018 – Eastman Chemical was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $109.00 price target on the stock. According to Zacks, “Eastman Chemical has an impressive earnings history having outperformed the Zacks Consensus Estiamte in each of the last four quarters. The company remains focused on cost-cutting and productivity actions amid a challenging operating environment. The company should also gain from its strategic acquisitions. It also remains committed to reduce debt.”
  • 1/8/2018 – Eastman Chemical had its “buy” rating reaffirmed by analysts at KeyCorp. They now have a $118.00 price target on the stock, up previously from $108.00.
  • 1/5/2018 – Eastman Chemical was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Eastman Chemical remains focused on cost-cutting and productivity actions amid a challenging operating environment. The company should also gain from its strategic acquisitions. It also remains committed to reduce debt. However, the company has underperformed the industry it belongs to over the past six months. Eastman Chemical continues to face pricing pressure. Hefty charges related to the Kingsport plant will also hit earnings in the fourth quarter. The company also faces raw material cost headwind and weakness in the Fibers unit.”

Eastman Chemical (EMN) traded up $1.76 during midday trading on Monday, hitting $96.56. 331,717 shares of the stock were exchanged, compared to its average volume of 1,359,723. Eastman Chemical has a 1-year low of $76.02 and a 1-year high of $104.08. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.83 and a quick ratio of 0.94. The firm has a market capitalization of $13,556.40, a P/E ratio of 9.54, a PEG ratio of 1.36 and a beta of 1.33.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, February 1st. The basic materials company reported $1.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.56. Eastman Chemical had a net margin of 15.44% and a return on equity of 22.67%. The business had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the prior year, the business posted $1.51 earnings per share. Eastman Chemical’s revenue for the quarter was up 8.0% compared to the same quarter last year. analysts anticipate that Eastman Chemical will post 8.47 EPS for the current fiscal year.

In other Eastman Chemical news, insider Damon Cary Warmack sold 4,417 shares of the stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $98.60, for a total transaction of $435,516.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Mark J. Costa sold 55,000 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $98.26, for a total transaction of $5,404,300.00. Following the transaction, the chief executive officer now directly owns 212,991 shares in the company, valued at $20,928,495.66. The disclosure for this sale can be found here. Insiders sold 63,417 shares of company stock worth $6,239,176 over the last ninety days. 1.14% of the stock is currently owned by company insiders.

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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