Eastman Chemical Co. (EMN) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Eastman Chemical Co. (NYSE:EMN) from a hold rating to a buy rating in a research report sent to investors on Tuesday. They currently have $83.00 price objective on the stock.
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.”
Several other analysts have also issued reports on EMN. Jefferies Group reaffirmed a buy rating and set a $88.00 price target on shares of Eastman Chemical in a research report on Monday, October 3rd. Cowen and Company dropped their price target on shares of Eastman Chemical from $96.00 to $80.00 and set an outperform rating on the stock in a research report on Tuesday, August 23rd. Deutsche Bank AG reaffirmed a buy rating and set a $80.00 price target on shares of Eastman Chemical in a research report on Monday, October 31st. RBC Capital Markets reaffirmed a sector perform rating and set a $75.00 price target (up from $70.00) on shares of Eastman Chemical in a research report on Monday, October 31st. Finally, Royal Bank Of Canada lowered shares of Eastman Chemical from an outperform rating to a sector perform rating and dropped their price target for the stock from $83.00 to $70.00 in a research report on Tuesday, August 2nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $77.73.
Shares of Eastman Chemical (NYSE:EMN) opened at 73.69 on Tuesday. The stock’s 50 day moving average is $70.51 and its 200 day moving average is $69.21. Eastman Chemical has a 12 month low of $56.03 and a 12 month high of $78.79. The firm has a market capitalization of $10.81 billion, a price-to-earnings ratio of 12.74 and a beta of 1.51.
Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, October 27th. The company reported $1.86 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.67 by $0.19. Eastman Chemical had a net margin of 9.53% and a return on equity of 23.59%. The business earned $2.29 billion during the quarter, compared to analysts’ expectations of $2.30 billion. During the same quarter in the prior year, the company posted $1.84 earnings per share. The firm’s revenue was down 6.5% on a year-over-year basis. Equities research analysts forecast that Eastman Chemical will post $6.75 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Credit Suisse AG raised its position in Eastman Chemical by 195.4% in the third quarter. Credit Suisse AG now owns 1,432,761 shares of the company’s stock valued at $96,968,000 after buying an additional 947,720 shares during the last quarter. EdgePoint Investment Group Inc. raised its position 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 during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in Eastman Chemical during the third quarter valued at about $41,501,000. Toronto Dominion Bank raised its position in Eastman Chemical by 74,232.3% in the third quarter. Toronto Dominion Bank now owns 604,322 shares of the company’s stock valued at $40,901,000 after buying an additional 603,509 shares during the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new position in Eastman Chemical during the third quarter valued at about $36,713,000. Hedge funds and other 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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