Zacks Investment Research Lowers Eastman Chemical (EMN) to Hold
Eastman Chemical (NYSE:EMN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.
According to Zacks, “Eastman Chemical has an impressive earnings surprise history for the trailing four quarters. The company remains focused on cost-cutting and productivity actions amid a challenging operating environment. Eastman Chemical should also gain from its strategic acquisitions. It also remains committed to reduce debt. However, Eastman Chemical continues to face pricing pressure. Hefty charges related to the Kingsport plant will also hit earnings in the fourth quarter. The company also faces raw material cost headwind and weakness in the Fibers unit. The company has also underperformed the industry it belongs to over the past six months.”
A number of other equities research analysts have also recently issued reports on EMN. Goldman Sachs Group upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $81.00 to $101.00 in a report on Thursday, September 28th. Jefferies Group reiterated a “buy” rating and issued a $96.00 price objective on shares of Eastman Chemical in a report on Tuesday, October 3rd. KeyCorp reiterated a “buy” rating and issued a $100.00 price objective on shares of Eastman Chemical in a report on Wednesday, October 4th. Nomura cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 price objective for the company. in a report on Tuesday, October 10th. Finally, Deutsche Bank upped their price objective on shares of Eastman Chemical from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, October 10th. Ten equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Eastman Chemical has a consensus rating of “Hold” and an average price target of $98.60.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, October 26th. The basic materials company reported $2.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.03 by $0.16. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a net margin of 10.89% and a return on equity of 22.77%. Eastman Chemical’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.86 earnings per share. equities analysts anticipate that Eastman Chemical will post 7.12 earnings per share for the current year.
In other news, SVP Perry Stuckey sold 5,200 shares of the company’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $92.12, for a total transaction of $479,024.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.14% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Janus Henderson Group PLC raised its position in shares of Eastman Chemical by 38.6% during the second quarter. Janus Henderson Group PLC now owns 25,832 shares of the basic materials company’s stock valued at $2,170,000 after buying an additional 7,199 shares during the last quarter. Laurion Capital Management LP raised its position in shares of Eastman Chemical by 689.5% during the second 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. Private Advisor Group LLC raised its position in shares of Eastman Chemical by 106.7% during the third quarter. Private Advisor Group LLC now owns 8,697 shares of the basic materials company’s stock valued at $783,000 after buying an additional 4,490 shares during the last quarter. Personal Capital Advisors Corp raised its position in shares of Eastman Chemical by 3.1% during the third quarter. Personal Capital Advisors Corp now owns 221,806 shares of the basic materials company’s stock valued at $20,071,000 after buying an additional 6,675 shares during the last quarter. Finally, BlackRock Inc. raised its position in shares of Eastman Chemical by 6.3% during the second quarter. BlackRock Inc. now owns 12,186,134 shares of the basic materials company’s stock valued at $1,023,514,000 after buying an additional 717,506 shares during the last quarter. 82.49% of the stock is owned by institutional investors and hedge funds.
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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