Eastman Chemical (EMN) Price Target Lowered to $100.00 at Cowen

Eastman Chemical (NYSE:EMN) had its price objective reduced by equities research analysts at Cowen from $115.00 to $100.00 in a report released on Wednesday. The firm currently has an “outperform” rating on the basic materials company’s stock. Cowen’s price objective indicates a potential upside of 26.55% from the company’s previous close.

EMN has been the topic of several other research reports. JPMorgan Chase & Co. downgraded Eastman Chemical from an “overweight” rating to a “neutral” rating in a research report on Friday, October 5th. Citigroup decreased their target price on Eastman Chemical from $108.00 to $94.00 and set a “neutral” rating on the stock in a research report on Thursday, October 11th. Zacks Investment Research downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday, October 8th. KeyCorp decreased their target price on Eastman Chemical from $122.00 to $110.00 and set an “overweight” rating on the stock in a research report on Monday. Finally, ValuEngine downgraded Eastman Chemical from a “hold” rating to a “sell” rating in a research report on Saturday, October 6th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company’s stock. Eastman Chemical has a consensus rating of “Hold” and a consensus target price of $99.00.

Shares of EMN stock opened at $79.02 on Wednesday. The company has a market cap of $11.04 billion, a price-to-earnings ratio of 10.38, a price-to-earnings-growth ratio of 1.03 and a beta of 1.07. The company has a current ratio of 1.69, a quick ratio of 0.95 and a debt-to-equity ratio of 1.04. Eastman Chemical has a 12-month low of $73.95 and a 12-month high of $112.45.



Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, October 25th. The basic materials company reported $2.34 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.05. The business had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.53 billion. Eastman Chemical had a return on equity of 21.53% and a net margin of 16.05%. On average, research analysts predict that Eastman Chemical will post 8.46 EPS for the current year.

In related news, CAO Scott V. King sold 16,192 shares of Eastman Chemical stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $101.35, for a total transaction of $1,641,059.20. Following the transaction, the chief accounting officer now owns 5,898 shares in the company, valued at $597,762.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Mark J. Costa sold 20,000 shares of Eastman Chemical stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $100.00, for a total value of $2,000,000.00. Following the transaction, the chief executive officer now owns 190,584 shares in the company, valued at approximately $19,058,400. The disclosure for this sale can be found here. Company insiders own 1.18% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. LSV Asset Management lifted its position in Eastman Chemical by 6.6% during the second quarter. LSV Asset Management now owns 5,033,170 shares of the basic materials company’s stock worth $503,115,000 after buying an additional 309,716 shares in the last quarter. Victory Capital Management Inc. lifted its position in Eastman Chemical by 0.3% during the second quarter. Victory Capital Management Inc. now owns 2,085,840 shares of the basic materials company’s stock worth $208,500,000 after buying an additional 7,043 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in Eastman Chemical by 108.1% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,783,518 shares of the basic materials company’s stock worth $170,718,000 after buying an additional 926,293 shares in the last quarter. Northern Trust Corp lifted its position in Eastman Chemical by 2.2% during the second quarter. Northern Trust Corp now owns 1,780,880 shares of the basic materials company’s stock worth $178,015,000 after buying an additional 38,246 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its position in Eastman Chemical by 10.9% during the first quarter. Allianz Asset Management GmbH now owns 1,730,877 shares of the basic materials company’s stock worth $182,746,000 after buying an additional 169,568 shares in the last quarter. Hedge funds and other institutional investors own 82.71% of the company’s stock.

About Eastman Chemical

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

See Also: Growth Stocks, What They Are, What They Are Not

Analyst Recommendations for Eastman Chemical (NYSE:EMN)

Receive News & Ratings for Eastman Chemical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastman Chemical and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply