Tudor Pickering Begins Coverage on Eastman Chemical Company (EMN)
Tudor Pickering started coverage on shares of Eastman Chemical Company (NYSE:EMN) in a research report released on Tuesday, The Fly reports. The firm issued a hold rating on the basic materials company’s stock.
Several other research analysts have also weighed in on EMN. Zacks Investment Research lowered shares of Eastman Chemical from a buy rating to a hold rating in a research note on Wednesday, August 2nd. Cowen and Company increased their target price on shares of Eastman Chemical from $88.00 to $92.00 and gave the stock an outperform rating in a research note on Monday, August 7th. SunTrust Banks, Inc. reaffirmed a hold rating and set a $90.00 target price on shares of Eastman Chemical in a research note on Thursday, October 12th. Jefferies Group LLC reaffirmed a buy rating and set a $96.00 target price on shares of Eastman Chemical in a research note on Tuesday, October 3rd. Finally, Wells Fargo & Company reaffirmed an outperform rating and set a $102.00 target price (up previously from $94.00) on shares of Eastman Chemical in a research note on Monday, October 30th. They noted that the move was a valuation call. Ten investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $96.00.
Shares of Eastman Chemical (NYSE:EMN) opened at $89.74 on Tuesday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.94 and a current ratio of 1.83. The stock has a market cap of $12,960.00, a PE ratio of 12.02, a P/E/G ratio of 1.54 and a beta of 1.31. Eastman Chemical has a 12-month low of $73.52 and a 12-month 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 Thomson Reuters’ consensus estimate of $2.03 by $0.16. The company 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%. Eastman Chemical’s revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.86 earnings per share. analysts predict that Eastman Chemical will post 7.13 EPS for the current year.
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In related news, Director Renee J. Hornbaker sold 4,000 shares of Eastman Chemical stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total value of $337,720.00. Following the completion of the transaction, the director now owns 21,858 shares in the company, valued at $1,845,470.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Perry Stuckey sold 5,200 shares of Eastman Chemical stock in a transaction that occurred on 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. Company insiders own 1.14% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Advisors Asset Management Inc. lifted its stake in Eastman Chemical by 149.9% in the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock worth $116,000 after acquiring an additional 826 shares during the last quarter. Acrospire Investment Management LLC lifted its stake in Eastman Chemical by 1,500.0% in the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock worth $134,000 after acquiring an additional 1,500 shares during the last quarter. Psagot Investment House Ltd. lifted its stake in Eastman Chemical by 60.0% in the third quarter. Psagot Investment House Ltd. now owns 1,600 shares of the basic materials company’s stock worth $145,000 after acquiring an additional 600 shares during the last quarter. M&R Capital Management Inc. lifted its stake in Eastman Chemical by 62.9% in the second quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock worth $150,000 after acquiring an additional 700 shares during the last quarter. Finally, Fiduciary Trust Co. purchased a new position in Eastman Chemical in the second quarter worth approximately $160,000. Institutional investors own 83.32% 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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