Eastman Chemical (NYSE:EMN) had its target price trimmed by Nomura from $111.00 to $99.00 in a research report released on Monday, October 15th. The firm currently has a neutral rating on the basic materials company’s stock.
A number of other research firms have also weighed in on EMN. Zacks Investment Research upgraded shares of Eastman Chemical from a hold rating to a buy rating and set a $109.00 target price on the stock in a report on Wednesday, October 3rd. JPMorgan Chase & Co. upgraded shares of Eastman Chemical from a neutral rating to an overweight rating in a research note on Friday, October 12th. Citigroup decreased their price objective on shares of Eastman Chemical from $108.00 to $94.00 and set a neutral rating for the company in a research note on Thursday, October 11th. ValuEngine lowered shares of Eastman Chemical from a buy rating to a hold rating in a research note on Wednesday, June 20th. Finally, Morgan Stanley increased their price objective on shares of Eastman Chemical from $98.00 to $107.00 and gave the company an equal weight rating in a research note on Tuesday, July 31st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $99.00.
Shares of NYSE EMN traded down $0.86 during trading on Monday, hitting $82.82. 1,310,106 shares of the company traded hands, compared to its average volume of 1,618,341. Eastman Chemical has a fifty-two week low of $73.95 and a fifty-two week high of $112.45. The firm has a market capitalization of $11.79 billion, a P/E ratio of 10.88, a P/E/G ratio of 1.15 and a beta of 1.26. The company has a current ratio of 1.69, a quick ratio of 0.94 and a debt-to-equity ratio of 0.98.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, October 25th. The basic materials company reported $2.34 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.05. Eastman Chemical had a net margin of 16.05% and a return on equity of 21.18%. The firm had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.53 billion. Equities research analysts forecast that Eastman Chemical will post 8.43 EPS for the current year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in EMN. Massachusetts Financial Services Co. MA boosted its holdings in Eastman Chemical by 108.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,783,518 shares of the basic materials company’s stock worth $170,718,000 after buying an additional 926,293 shares during the period. Morgan Stanley boosted its holdings in Eastman Chemical by 158.3% in the 2nd quarter. Morgan Stanley now owns 1,215,942 shares of the basic materials company’s stock worth $121,546,000 after buying an additional 745,156 shares during the period. LSV Asset Management boosted its holdings in Eastman Chemical by 9.4% in the 3rd quarter. LSV Asset Management now owns 5,504,697 shares of the basic materials company’s stock worth $526,909,000 after buying an additional 471,527 shares during the period. Bank of Montreal Can bought a new position in Eastman Chemical in the 2nd quarter worth approximately $44,736,000. Finally, Janus Henderson Group PLC boosted its holdings in Eastman Chemical by 809.1% in the 2nd quarter. Janus Henderson Group PLC now owns 430,650 shares of the basic materials company’s stock worth $43,048,000 after buying an additional 383,279 shares during the period. 83.44% of the stock is owned by institutional investors.
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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