Eastman Chemical (EMN) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of Eastman Chemical (NYSE:EMN) from a buy rating to a hold rating in a report published on Tuesday.

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.”

Other equities analysts also recently issued research reports about the stock. KeyCorp reiterated a buy rating and issued a $108.00 price target (up previously from $100.00) on shares of Eastman Chemical in a report on Monday, October 30th. UBS Group raised their price objective on shares of Eastman Chemical from $97.00 to $103.00 and gave the stock a buy rating in a research note on Friday, October 27th. Deutsche Bank raised their price objective on shares of Eastman Chemical from $95.00 to $100.00 and gave the stock a buy rating in a research note on Tuesday, October 10th. Barclays raised their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock an equal weight rating in a research note on Monday, February 5th. Finally, Tudor Pickering began coverage on shares of Eastman Chemical in a research note on Tuesday, November 14th. They set a hold rating on the stock. Nine investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $101.73.

Eastman Chemical (NYSE EMN) opened at $94.80 on Tuesday. Eastman Chemical has a fifty-two week low of $76.02 and a fifty-two week 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 cap of $13,630.00, a P/E ratio of 9.37, a P/E/G ratio of 1.42 and a beta of 1.33.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, February 1st. The basic materials company reported $1.62 earnings per share for the quarter, topping the Thomson Reuters’ 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 company had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same quarter in the prior year, the company earned $1.51 EPS. Eastman Chemical’s quarterly revenue was up 8.0% on a year-over-year basis. analysts expect that Eastman Chemical will post 8.45 earnings per share for the current year.

In other news, Director Stephen R. Demeritt sold 4,000 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $99.84, for a total transaction of $399,360.00. Following the transaction, the director now owns 17,732 shares in the company, valued at approximately $1,770,362.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Damon Cary Warmack sold 4,417 shares of the stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $98.60, for a total value of $435,516.20. The disclosure for this sale can be found here. Company insiders own 1.14% of the company’s stock.

Several large investors have recently made changes to their positions in the company. First Republic Investment Management Inc. lifted its position in shares of Eastman Chemical by 18.0% during the 4th quarter. First Republic Investment Management Inc. now owns 8,499 shares of the basic materials company’s stock valued at $787,000 after buying an additional 1,295 shares in the last quarter. Norinchukin Bank The lifted its position in shares of Eastman Chemical by 6.6% during the 4th quarter. Norinchukin Bank The now owns 11,492 shares of the basic materials company’s stock valued at $1,065,000 after buying an additional 707 shares in the last quarter. Ontario Teachers Pension Plan Board lifted its position in shares of Eastman Chemical by 51.0% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 82,272 shares of the basic materials company’s stock valued at $7,622,000 after buying an additional 27,778 shares in the last quarter. American International Group Inc. lifted its position in shares of Eastman Chemical by 7.3% during the 4th quarter. American International Group Inc. now owns 67,324 shares of the basic materials company’s stock valued at $6,237,000 after buying an additional 4,569 shares in the last quarter. Finally, HAP Trading LLC lifted its position in shares of Eastman Chemical by 61.5% during the 4th quarter. HAP Trading LLC now owns 143,670 shares of the basic materials company’s stock valued at $13,310,000 after buying an additional 54,704 shares in the last quarter. Hedge funds and other institutional investors 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.

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