Eastman Chemical Company (NYSE:EMN)‘s stock had its “hold” rating restated by analysts at SunTrust Banks, Inc. in a research report issued to clients and investors on Thursday. They presently have a $90.00 target price on the basic materials company’s stock. SunTrust Banks, Inc.’s price objective indicates a potential upside of 2.10% from the company’s previous close. SunTrust Banks also issued estimates for Eastman Chemical’s Q4 2017 earnings at $1.26 EPS and FY2017 earnings at $7.17 EPS.
A number of other analysts have also recently weighed in on EMN. UBS AG reissued a “buy” rating and set a $95.00 price objective (up previously from $90.00) on shares of Eastman Chemical in a report on Sunday, June 25th. Zacks Investment Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Nomura cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 price objective on the stock. in a report on Tuesday. Jefferies Group LLC reissued a “buy” rating and set a $96.00 price objective on shares of Eastman Chemical in a report on Tuesday, October 3rd. Finally, KeyCorp restated a “buy” rating and set a $100.00 target price on shares of Eastman Chemical in a research report on Wednesday, October 4th. Nine analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $93.00.
Eastman Chemical (NYSE EMN) traded up 0.26% during mid-day trading on Thursday, reaching $88.38. 738,701 shares of the company’s stock traded hands. Eastman Chemical has a 52 week low of $62.70 and a 52 week high of $91.39. The stock has a market capitalization of $12.80 billion, a PE ratio of 14.18 and a beta of 1.27. The stock’s 50 day moving average is $86.97 and its 200-day moving average is $83.17.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter last year, the company earned $1.68 earnings per share. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, equities analysts anticipate that Eastman Chemical will post $7.35 EPS for the current year.
In related news, insider Mark K. Cox sold 1,400 shares of Eastman Chemical stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total value of $117,936.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Renee J. Hornbaker sold 4,000 shares of Eastman Chemical stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total transaction of $337,720.00. Following the completion of the transaction, the director now owns 21,858 shares in the company, valued at $1,845,470.94. The disclosure for this sale can be found here. Company insiders own 1.14% of the company’s stock.
Large investors have recently bought and sold shares of the stock. BlackRock Inc. grew its position in Eastman Chemical by 3,636.5% in the 1st quarter. BlackRock Inc. now owns 11,468,628 shares of the basic materials company’s stock valued at $926,666,000 after buying an additional 11,161,689 shares during the last quarter. Laurion Capital Management LP grew its position in Eastman Chemical by 689.5% in the 2nd quarter. Laurion Capital Management LP now owns 87,034 shares of the basic materials company’s stock valued at $7,310,000 after buying an additional 76,010 shares during the last quarter. Blackstone Group L.P. purchased a new position in Eastman Chemical in the 1st quarter valued at $102,065,000. Contravisory Investment Management Inc. grew its position in Eastman Chemical by 1.6% in the 2nd quarter. Contravisory Investment Management Inc. now owns 3,293 shares of the basic materials company’s stock valued at $277,000 after buying an additional 52 shares during the last quarter. Finally, Prudential Financial Inc. grew its position in Eastman Chemical by 3.0% in the 2nd quarter. Prudential Financial Inc. now owns 561,295 shares of the basic materials company’s stock valued at $47,143,000 after buying an additional 16,260 shares during the last quarter. Hedge funds and other institutional investors own 82.13% of the company’s stock.
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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