Eastman Chemical Company (NYSE:EMN) had its price objective lifted by stock analysts at Citigroup Inc. from $81.00 to $89.00 in a research note issued to investors on Wednesday, July 12th. The brokerage presently has a “neutral” rating on the basic materials company’s stock. Citigroup Inc.’s target price would suggest a potential upside of 6.96% from the company’s current price.
A number of other equities research analysts have also recently commented on EMN. UBS AG restated a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of Eastman Chemical in a report on Sunday, June 25th. Royal Bank Of Canada restated a “hold” rating and issued a $85.00 price target on shares of Eastman Chemical in a report on Monday, June 5th. Zacks Investment Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Monday, May 29th. Jefferies Group LLC reiterated a “buy” rating on shares of Eastman Chemical in a report on Tuesday, July 11th. Finally, TheStreet cut shares of Eastman Chemical from a “b” rating to a “c+” rating in a report on Thursday, March 30th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $89.89.
Shares of Eastman Chemical (NYSE EMN) opened at 83.21 on Wednesday. Eastman Chemical has a 52-week low of $62.70 and a 52-week high of $86.60. The company has a market capitalization of $12.05 billion, a PE ratio of 13.35 and a beta of 1.28. The company has a 50-day moving average of $84.41 and a 200 day moving average of $80.89.
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 analysts’ consensus estimates of $1.89 by $0.09. The business had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The business’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period last year, the company posted $1.68 earnings per share. Analysts predict that Eastman Chemical will post $7.51 earnings per share for the current year.
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In related news, insider Mark K. Cox sold 1,400 shares of the business’s 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lewis M. Kling sold 4,000 shares of the business’s stock in a transaction that occurred on 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 directly owns 15,693 shares of the company’s stock, valued at approximately $1,253,556.84. The disclosure for this sale can be found here. 1.14% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Eastman Chemical by 4.1% in the first quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock worth $1,138,298,000 after buying an additional 557,858 shares in the last quarter. BlackRock Inc. boosted its position in Eastman Chemical by 6.3% in the second quarter. BlackRock Inc. now owns 12,186,134 shares of the basic materials company’s stock worth $1,023,514,000 after buying an additional 717,506 shares in the last quarter. Blackstone Group L.P. bought a new position in Eastman Chemical during the first quarter worth approximately $102,065,000. State Street Corp boosted its position in Eastman Chemical by 3.6% in the first quarter. State Street Corp now owns 7,321,031 shares of the basic materials company’s stock worth $591,539,000 after buying an additional 257,030 shares in the last quarter. Finally, LSV Asset Management boosted its position in Eastman Chemical by 4.2% in the second quarter. LSV Asset Management now owns 3,973,068 shares of the basic materials company’s stock worth $333,697,000 after buying an additional 160,101 shares in the last quarter. 88.72% of the stock is owned by 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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