Eastman Chemical Company (NYSE:EMN) PT Raised to $92.00

Eastman Chemical Company (NYSE:EMN) had its target price lifted by analysts at Cowen and Company from $88.00 to $92.00 in a research report issued to clients and investors on Monday, August 7th, MarketBeat reports. The brokerage presently has an “outperform” rating on the basic materials company’s stock. Cowen and Company’s target price would indicate a potential upside of 10.98% from the stock’s previous close.

EMN has been the topic of several other reports. Zacks Investment Research downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Deutsche Bank AG reissued a “buy” rating and issued a $92.00 target price on shares of Eastman Chemical in a report on Wednesday, June 21st. BidaskClub downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Citigroup Inc. boosted their target price on Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a report on Wednesday, July 12th. Finally, Jefferies Group LLC restated a “buy” rating on shares of Eastman Chemical in a research note on Tuesday, July 11th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $89.89.

Shares of Eastman Chemical (EMN) traded up 0.16% during midday trading on Monday, hitting $82.90. 1,015,352 shares of the company were exchanged. The company has a 50-day moving average of $84.47 and a 200 day moving average of $81.08. The company has a market capitalization of $12.01 billion, a P/E ratio of 13.30 and a beta of 1.28. Eastman Chemical has a one year low of $62.70 and a one year high of $86.60.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.89 by $0.09. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period in the previous year, the company posted $1.68 earnings per share. The firm’s revenue was up 5.3% on a year-over-year basis. On average, equities research analysts expect that Eastman Chemical will post $7.51 earnings per share for the current fiscal year.

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In other Eastman Chemical news, Director Lewis M. Kling sold 4,000 shares of the company’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $79.88, for a total value of $319,520.00. Following the completion of the sale, the director now owns 15,693 shares in the company, valued at $1,253,556.84. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Mark K. Cox sold 1,400 shares of the company’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total value of $117,936.00. The disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Americafirst Capital Management LLC raised its position in Eastman Chemical by 131.4% in the first quarter. Americafirst Capital Management LLC now owns 9,396 shares of the basic materials company’s stock worth $759,000 after buying an additional 5,335 shares during the period. Doyle Wealth Management acquired a new position in Eastman Chemical during the first quarter worth $395,000. Atria Investments LLC raised its position in Eastman Chemical by 21.1% in the first quarter. Atria Investments LLC now owns 8,176 shares of the basic materials company’s stock worth $661,000 after buying an additional 1,427 shares during the period. TNB Financial acquired a new position in Eastman Chemical during the first quarter worth $247,000. Finally, Regentatlantic Capital LLC raised its position in Eastman Chemical by 9.5% in the first quarter. Regentatlantic Capital LLC now owns 6,693 shares of the basic materials company’s stock worth $541,000 after buying an additional 580 shares during the period. 88.53% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Eastman Chemical (NYSE:EMN)

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