Eastman Chemical (NYSE:EMN) Now Covered by KeyCorp

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KeyCorp began coverage on shares of Eastman Chemical (NYSE:EMN) in a report released on Wednesday, The Fly reports. The firm set an “overweight” rating on the basic materials company’s stock.

Several other analysts have also issued reports on the stock. Scotiabank began coverage on shares of Eastman Chemical in a research report on Wednesday, March 18th. They issued a “buy” rating and a $73.00 price target on the stock. SunTrust Banks lowered their price target on shares of Eastman Chemical from $76.00 to $52.00 and set a “hold” rating on the stock in a research report on Thursday, March 12th. They noted that the move was a valuation call. TheStreet lowered shares of Eastman Chemical from a “b-” rating to a “c” rating in a research report on Monday, March 2nd. Royal Bank of Canada reissued a “hold” rating and issued a $80.00 price target on shares of Eastman Chemical in a research report on Sunday, December 22nd. Finally, Barclays lowered their price target on shares of Eastman Chemical from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 6th. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $73.67.

Shares of NYSE EMN traded up $5.00 during midday trading on Wednesday, hitting $46.58. The company’s stock had a trading volume of 1,566,091 shares, compared to its average volume of 1,500,628. The stock has a fifty day moving average price of $60.83 and a 200 day moving average price of $71.97. Eastman Chemical has a one year low of $34.44 and a one year high of $86.18. The company has a current ratio of 1.86, a quick ratio of 0.93 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $5.22 billion, a price-to-earnings ratio of 8.53, a P/E/G ratio of 0.70 and a beta of 1.41.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.09. Eastman Chemical had a net margin of 8.19% and a return on equity of 16.47%. The company had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same quarter in the previous year, the firm posted $1.39 earnings per share. The company’s quarterly revenue was down 7.2% compared to the same quarter last year. On average, equities research analysts predict that Eastman Chemical will post 7.21 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC raised its holdings in shares of Eastman Chemical by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 2,606,749 shares of the basic materials company’s stock valued at $206,263,000 after acquiring an additional 24,013 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Eastman Chemical by 17.2% in the 4th quarter. Bank of New York Mellon Corp now owns 2,364,180 shares of the basic materials company’s stock valued at $187,384,000 after acquiring an additional 347,508 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Eastman Chemical by 3.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,969,344 shares of the basic materials company’s stock valued at $156,091,000 after acquiring an additional 62,742 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Eastman Chemical by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,457,874 shares of the basic materials company’s stock valued at $115,552,000 after acquiring an additional 25,397 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. raised its holdings in shares of Eastman Chemical by 5.0% in the 4th quarter. Diamond Hill Capital Management Inc. now owns 1,439,452 shares of the basic materials company’s stock valued at $114,091,000 after acquiring an additional 69,167 shares in the last quarter. Institutional investors and hedge funds own 82.63% of the company’s stock.

Eastman Chemical Company Profile

Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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