Eastman Chemical Company (NYSE:EMN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday, October 17th.
According to Zacks, “Eastman Chemical has underperformed the industry it belongs to over the past six months. Eastman Chemical continues to face pricing pressure. Prices of acetate tow remain weak. The company is also exposed to weakness in its Fibers unit and raw material price volatility. It is seeing lower acetate tow volumes and declining sales in the Fibers business. Raw materials costs headwind is also expected to persist in the third quarter.”
A number of other research firms also recently commented on EMN. BidaskClub downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Deutsche Bank AG raised their target price on shares of Eastman Chemical from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, October 10th. Jefferies Group LLC reiterated a “buy” rating on shares of Eastman Chemical in a research note on Tuesday, July 11th. KeyCorp reiterated a “buy” rating and issued a $100.00 target price on shares of Eastman Chemical in a research note on Wednesday, October 4th. Finally, Cowen and Company increased their price target on shares of Eastman Chemical from $88.00 to $92.00 and gave the company an “outperform” rating in a report on Monday, August 7th. Nine investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Eastman Chemical currently has an average rating of “Hold” and a consensus price target of $96.00.
Eastman Chemical (NYSE:EMN) traded down $0.95 on Tuesday, hitting $90.37. 622,743 shares of the company were exchanged, compared to its average volume of 1,298,605. The company has a market cap of $13,125.83, a PE ratio of 12.16, a P/E/G ratio of 1.56 and a beta of 1.31. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.94 and a current ratio of 1.83. Eastman Chemical has a 1-year low of $70.85 and a 1-year high of $94.96.
Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, October 26th. The basic materials company reported $2.19 earnings per share 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 analyst estimates of $2.35 billion. Eastman Chemical had a net margin of 10.89% and a return on equity of 22.77%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.86 EPS. research analysts predict that Eastman Chemical will post 7.13 earnings per share for the current year.
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In other news, Director Renee J. Hornbaker sold 4,000 shares of the business’s stock in a transaction dated 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 sale, the director now directly owns 21,858 shares of the company’s stock, valued at $1,845,470.94. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Perry Stuckey sold 5,200 shares of the business’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $92.12, for a total transaction of $479,024.00. The disclosure for this sale can be found here. Insiders own 1.14% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Eastman Chemical by 4.1% in the first quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock valued at $1,138,298,000 after acquiring an additional 557,858 shares during the last quarter. BlackRock Inc. raised its position in shares of Eastman Chemical by 6.3% in 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 purchasing an additional 717,506 shares during the period. Blackstone Group L.P. bought a new stake in shares of Eastman Chemical in the first quarter valued at approximately $102,065,000. State Street Corp raised its position in shares of Eastman Chemical by 3.6% in the first quarter. State Street Corp now owns 7,321,031 shares of the basic materials company’s stock valued at $591,539,000 after purchasing an additional 257,030 shares during the period. Finally, LSV Asset Management raised its position in shares of Eastman Chemical by 4.2% in the second quarter. LSV Asset Management now owns 3,973,068 shares of the basic materials company’s stock valued at $333,697,000 after purchasing an additional 160,101 shares during the period. Hedge funds and other institutional investors own 83.57% of the company’s stock.
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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