Cowen Downgrades Eastman Chemical (EMN) to Market Perform

Eastman Chemical (NYSE:EMN) was downgraded by Cowen from an “outperform” rating to a “market perform” rating in a research note issued to investors on Wednesday. They presently have a $88.00 price target on the basic materials company’s stock, down from their prior price target of $94.00. Cowen’s price target would suggest a potential upside of 7.86% from the company’s previous close.

A number of other research analysts have also commented on the company. Zacks Investment Research raised Eastman Chemical from a “sell” rating to a “hold” rating in a report on Tuesday. Standpoint Research lowered Eastman Chemical from a “buy” rating to a “hold” rating in a report on Thursday, January 31st. Morgan Stanley raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and set a $90.00 target price on the stock in a report on Thursday, January 17th. Jefferies Financial Group reduced their target price on Eastman Chemical to $91.00 and set a “buy” rating on the stock in a report on Friday, December 21st. Finally, ValuEngine raised Eastman Chemical from a “strong sell” rating to a “sell” rating in a report on Thursday, December 13th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. Eastman Chemical presently has a consensus rating of “Hold” and an average target price of $94.91.

Shares of NYSE EMN opened at $81.59 on Wednesday. The company has a current ratio of 1.69, a quick ratio of 0.94 and a debt-to-equity ratio of 0.98. Eastman Chemical has a one year low of $67.40 and a one year high of $112.45. The firm has a market capitalization of $11.54 billion, a price-to-earnings ratio of 9.95, a PEG ratio of 1.08 and a beta of 1.20.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, January 31st. The basic materials company reported $1.39 EPS for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.21). Eastman Chemical had a net margin of 10.64% and a return on equity of 20.22%. The firm had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.42 billion. Equities analysts forecast that Eastman Chemical will post 8.75 earnings per share for the current fiscal year.

In related news, Director David W. Raisbeck bought 13,500 shares of Eastman Chemical stock in a transaction dated Friday, December 7th. The shares were bought at an average cost of $73.21 per share, with a total value of $988,335.00. Following the acquisition, the director now owns 35,418 shares in the company, valued at approximately $2,592,951.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.18% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. Moody National Bank Trust Division bought a new position in Eastman Chemical in the fourth quarter valued at about $29,000. Proffitt & Goodson Inc. bought a new position in Eastman Chemical in the fourth quarter valued at about $36,000. Parallel Advisors LLC raised its position in shares of Eastman Chemical by 34.3% during the fourth quarter. Parallel Advisors LLC now owns 615 shares of the basic materials company’s stock worth $44,000 after acquiring an additional 157 shares during the last quarter. Ipswich Investment Management Co. Inc. acquired a new stake in Eastman Chemical during the fourth quarter worth approximately $67,000. Finally, Capital Investment Advisory Services LLC acquired a new stake in Eastman Chemical during the fourth quarter worth approximately $71,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Eastman Chemical Company Profile

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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