Eastman Chemical (NYSE:EMN) was upgraded by equities researchers at Nomura from a “neutral” rating to a “buy” rating in a report issued on Monday, FinViz reports. The brokerage currently has a $93.00 target price on the basic materials company’s stock, up from their prior target price of $89.00. Nomura’s price objective suggests a potential upside of 10.79% from the company’s previous close.
A number of other research analysts have also recently issued reports on EMN. Zacks Investment Research raised shares of Eastman Chemical from a “sell” rating to a “hold” rating in a report on Monday, April 8th. KeyCorp dropped their target price on shares of Eastman Chemical from $95.00 to $94.00 and set an “overweight” rating for the company in a report on Friday. Jefferies Financial Group dropped their target price on shares of Eastman Chemical to $91.00 and set a “buy” rating for the company in a report on Friday, December 21st. Standpoint Research upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Wednesday, December 26th. Finally, Cowen lowered shares of Eastman Chemical from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $94.00 to $88.00 in a research report on Wednesday, February 6th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $91.30.
Eastman Chemical stock remained flat at $$83.94 during mid-day trading on Monday. 112,775 shares of the company’s stock were exchanged, compared to its average volume of 1,262,240. Eastman Chemical has a 12 month low of $67.40 and a 12 month high of $110.17. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.96 and a current ratio of 1.82. The stock has a market capitalization of $11.34 billion, a PE ratio of 10.24, a PEG ratio of 1.07 and a beta of 1.14.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, January 31st. The basic materials company reported $1.39 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.60 by ($0.21). Eastman Chemical had a net margin of 10.64% and a return on equity of 20.15%. The company had revenue of $2.38 billion during the quarter, compared to analysts’ expectations of $2.42 billion. On average, research analysts predict that Eastman Chemical will post 8.76 earnings per share for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in EMN. LSV Asset Management boosted its position in Eastman Chemical by 1.0% during the fourth quarter. LSV Asset Management now owns 5,559,003 shares of the basic materials company’s stock worth $406,418,000 after acquiring an additional 54,306 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in Eastman Chemical by 7,724.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,316,050 shares of the basic materials company’s stock worth $45,000 after buying an additional 3,273,667 shares during the period. Victory Capital Management Inc. increased its stake in Eastman Chemical by 47.1% during the 4th quarter. Victory Capital Management Inc. now owns 3,260,797 shares of the basic materials company’s stock worth $238,397,000 after buying an additional 1,043,805 shares during the period. Dimensional Fund Advisors LP increased its stake in Eastman Chemical by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,342,859 shares of the basic materials company’s stock worth $171,283,000 after buying an additional 34,360 shares during the period. Finally, Geode Capital Management LLC increased its stake in Eastman Chemical by 8.1% during the 4th quarter. Geode Capital Management LLC now owns 2,243,420 shares of the basic materials company’s stock worth $163,783,000 after buying an additional 168,005 shares during the period. Institutional investors and hedge funds own 82.91% of the company’s stock.
About Eastman Chemical
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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