Eastman Chemical Co. (EMN) Downgraded to Hold at Zacks Investment Research
According to Zacks, “Eastman Chemical’s adjusted earnings for third-quarter 2016 topped the Zacks Consensus Estimate. The company gained from strong growth of its high value products and its cost-reduction actions in the quarter. However, its sales fell year over year on lower pricing, and missed expectations. Eastman Chemical remains focused on cost-cutting and productivity actions amid a challenging operating environment. The company is looking to reduce at least $100 million of costs by the end of 2016. Further, the company should gain from its strategic acquisitions. Eastman Chemical also remains committed to reduce debt and boost shareholder returns leveraging healthy free cash flows. However, the company continues to see pricing pressure which is weighing on its top line. The company is also exposed to currency translation risk.”
A number of other research analysts also recently commented on EMN. Deutsche Bank AG restated a buy rating and issued a $80.00 target price on shares of Eastman Chemical in a research note on Monday, October 31st. RBC Capital Markets reiterated a sector perform rating and set a $75.00 price target (up previously from $70.00) on shares of Eastman Chemical in a research note on Monday, October 31st. Royal Bank Of Canada upped their price target on Eastman Chemical from $70.00 to $75.00 and gave the stock a sector perform rating in a research note on Monday, October 31st. TheStreet upgraded Eastman Chemical from a hold rating to a buy rating in a research note on Friday, November 11th. Finally, SunTrust Banks Inc. reiterated a neutral rating and set a $66.00 price target on shares of Eastman Chemical in a research note on Tuesday, August 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. The company has an average rating of Hold and a consensus price target of $77.73.
Eastman Chemical (NYSE:EMN) opened at 75.12 on Wednesday. The stock has a 50 day moving average price of $70.51 and a 200 day moving average price of $69.21. The firm has a market cap of $11.02 billion, a price-to-earnings ratio of 12.99 and a beta of 1.51. Eastman Chemical has a 12 month low of $56.03 and a 12 month high of $78.79.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, October 27th. The company reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.67 by $0.19. Eastman Chemical had a return on equity of 23.59% and a net margin of 9.53%. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter in the previous year, the company posted $1.84 earnings per share. The business’s quarterly revenue was down 6.5% compared to the same quarter last year. On average, equities analysts expect that Eastman Chemical will post $6.75 earnings per share for the current fiscal year.
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Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Eastman Chemical by 3.0% in the second quarter. Vanguard Group Inc. now owns 12,889,067 shares of the company’s stock valued at $875,168,000 after buying an additional 374,294 shares in the last quarter. State Street Corp raised its stake in Eastman Chemical by 0.6% in the second quarter. State Street Corp now owns 6,291,674 shares of the company’s stock valued at $427,208,000 after buying an additional 35,862 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in Eastman Chemical by 2.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,305,733 shares of the company’s stock valued at $292,359,000 after buying an additional 92,929 shares in the last quarter. EdgePoint Investment Group Inc. raised its stake in Eastman Chemical by 22.2% in the third quarter. EdgePoint Investment Group Inc. now owns 3,665,685 shares of the company’s stock valued at $248,094,000 after buying an additional 666,101 shares in the last quarter. Finally, LSV Asset Management raised its stake in Eastman Chemical by 1.4% in the third quarter. LSV Asset Management now owns 3,363,429 shares of the company’s stock valued at $227,636,000 after buying an additional 45,300 shares in the last quarter. Institutional investors own 81.54% of the company’s stock.
About Eastman Chemical
Eastman Chemical Company (Eastman) is a specialty chemicals company that produces a range of advanced materials, chemicals and fibers. The Company operates through five segments: Additives & Functional Products (AFP), Adhesives & Plasticizers (A&P), Advanced Materials (AM), Fibers, and Specialty Fluids & Intermediates (SFI).
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