Stock analysts at KeyCorp assumed coverage on shares of Eastman Chemical (NYSE:EMN) in a report issued on Wednesday, The Fly reports. The brokerage set an “overweight” rating on the basic materials company’s stock.
Several other research firms have also recently weighed in on EMN. Citigroup upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and set a $54.00 price target on the stock in a report on Wednesday. SunTrust Banks reduced their price target on Eastman Chemical from $76.00 to $52.00 and set a “hold” rating on the stock in a report on Thursday, March 12th. They noted that the move was a valuation call. Stifel Nicolaus reduced their price target on Eastman Chemical from $94.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday. Barclays reduced their price target on Eastman Chemical from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Thursday, February 6th. Finally, TheStreet cut Eastman Chemical from a “b-” rating to a “c” rating in a report on Monday, March 2nd. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $73.67.
Shares of Eastman Chemical stock traded up $5.00 during midday trading on Wednesday, hitting $46.58. 1,566,091 shares of the company traded hands, compared to its average volume of 1,500,628. The stock has a market cap of $5.22 billion, a price-to-earnings ratio of 8.53, a PEG ratio of 0.70 and a beta of 1.41. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.93 and a current ratio of 1.86. The firm’s fifty day moving average price is $60.83 and its 200-day moving average price is $71.97. Eastman Chemical has a 12 month low of $34.44 and a 12 month high of $86.18.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, January 30th. The basic materials company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.09. Eastman Chemical had a net margin of 8.19% and a return on equity of 16.47%. The firm had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same quarter last year, the business posted $1.39 earnings per share. The company’s quarterly revenue was down 7.2% on a year-over-year basis. Equities research analysts forecast that Eastman Chemical will post 7.21 earnings per share for the current year.
Institutional investors and hedge funds have recently modified their holdings of the business. Verus Capital Partners LLC bought a new stake in Eastman Chemical during the fourth quarter valued at $28,000. TI Trust Inc. bought a new position in Eastman Chemical in the fourth quarter worth approximately $32,000. Fieldpoint Private Securities LLC boosted its holdings in Eastman Chemical by 90.6% in the fourth quarter. Fieldpoint Private Securities LLC now owns 488 shares of the basic materials company’s stock worth $39,000 after acquiring an additional 232 shares in the last quarter. Ancora Advisors LLC acquired a new stake in Eastman Chemical in the fourth quarter valued at approximately $40,000. Finally, Norway Savings Bank acquired a new stake in Eastman Chemical in the fourth quarter valued at approximately $45,000. 82.63% of the stock is currently owned by institutional investors and hedge funds.
About Eastman Chemical
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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