Royal Bank Of Canada reiterated their sector perform rating on shares of Eastman Chemical Company (NYSE:EMN) in a research note issued to investors on Monday morning, Marketbeat.com reports. The brokerage currently has a $93.00 price objective on the basic materials company’s stock, up from their prior price objective of $91.00.
Several other brokerages have also recently commented on EMN. UBS AG lifted their price target on shares of Eastman Chemical from $97.00 to $103.00 and gave the stock a buy rating in a research report on Friday, October 27th. Wells Fargo & Company reiterated an outperform rating and set a $102.00 price target (up previously from $94.00) on shares of Eastman Chemical in a research report on Monday. They noted that the move was a valuation call. KeyCorp reiterated a buy rating and set a $108.00 price target (up previously from $100.00) on shares of Eastman Chemical in a research report on Monday. Jefferies Group LLC reiterated a buy rating and set a $96.00 price target on shares of Eastman Chemical in a research report on Tuesday, October 3rd. Finally, Zacks Investment Research upgraded shares of Eastman Chemical from a sell rating to a hold rating in a research report on Thursday, October 26th. Nine investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $96.00.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, October 26th. The basic materials company reported $2.19 EPS for the quarter, topping the consensus estimate of $2.03 by $0.16. Eastman Chemical had a net margin of 10.89% and a return on equity of 23.20%. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the previous year, the company earned $1.86 EPS. Eastman Chemical’s revenue was up 7.8% on a year-over-year basis.
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In other Eastman Chemical 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 value of $337,720.00. Following the transaction, the director now owns 21,858 shares of the company’s stock, valued at $1,845,470.94. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Perry Stuckey sold 5,200 shares of Eastman Chemical stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $92.12, for a total transaction of $479,024.00. The disclosure for this sale can be found here. Insiders own 1.14% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Advisors Asset Management Inc. lifted its stake in Eastman Chemical by 149.9% in the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock valued at $116,000 after buying an additional 826 shares in the last quarter. Acrospire Investment Management LLC lifted its stake in Eastman Chemical by 1,500.0% in the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock valued at $134,000 after buying an additional 1,500 shares in the last quarter. M&R Capital Management Inc. lifted its stake in Eastman Chemical by 62.9% in the second quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock valued at $150,000 after buying an additional 700 shares in the last quarter. Fiduciary Trust Co. bought a new position in Eastman Chemical in the second quarter valued at approximately $160,000. Finally, Advisory Services Network LLC lifted its stake in Eastman Chemical by 105.3% in the second quarter. Advisory Services Network LLC now owns 2,203 shares of the basic materials company’s stock valued at $185,000 after buying an additional 1,130 shares in the last quarter. 82.76% of the stock is currently owned by hedge funds and other institutional investors.
About Eastman Chemical
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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