Eastman Chemical (NYSE:EMN) Given Consensus Recommendation of “Buy” by Analysts

Eastman Chemical (NYSE:EMN) has earned a consensus recommendation of “Buy” from the fourteen research firms that are covering the firm, MarketBeat reports. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $128.92.

EMN has been the topic of several recent analyst reports. TheStreet cut Eastman Chemical from a “b-” rating to a “c+” rating in a research note on Monday, August 23rd. Royal Bank of Canada cut their target price on Eastman Chemical from $115.00 to $113.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 4th. Bank of America raised Eastman Chemical from a “neutral” rating to a “buy” rating and set a $140.00 price objective on the stock in a research report on Thursday, August 5th. JPMorgan Chase & Co. cut Eastman Chemical from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $130.00 to $110.00 in a research report on Monday, November 1st. Finally, KeyCorp dropped their price target on Eastman Chemical from $137.00 to $119.00 and set an “overweight” rating on the stock in a research report on Monday, October 11th.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Verition Fund Management LLC acquired a new stake in Eastman Chemical in the first quarter valued at approximately $299,000. Eaton Vance Management increased its holdings in Eastman Chemical by 1.8% in the first quarter. Eaton Vance Management now owns 28,594 shares of the basic materials company’s stock valued at $3,149,000 after buying an additional 495 shares in the last quarter. Millennium Management LLC increased its holdings in Eastman Chemical by 246.9% in the first quarter. Millennium Management LLC now owns 96,734 shares of the basic materials company’s stock valued at $10,652,000 after buying an additional 68,851 shares in the last quarter. Oppenheimer Asset Management Inc. grew its position in shares of Eastman Chemical by 28.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 10,843 shares of the basic materials company’s stock valued at $1,194,000 after purchasing an additional 2,391 shares during the period. Finally, Squarepoint Ops LLC grew its position in shares of Eastman Chemical by 81.0% in the first quarter. Squarepoint Ops LLC now owns 6,457 shares of the basic materials company’s stock valued at $711,000 after purchasing an additional 2,890 shares during the period. Hedge funds and other institutional investors own 83.20% of the company’s stock.

Eastman Chemical stock opened at $113.04 on Friday. Eastman Chemical has a one year low of $96.27 and a one year high of $130.47. The business has a fifty day moving average price of $107.68 and a 200-day moving average price of $113.55. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.57 and a quick ratio of 1.04. The firm has a market capitalization of $15.20 billion, a P/E ratio of 30.39, a PEG ratio of 0.65 and a beta of 1.52.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, October 28th. The basic materials company reported $2.46 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $2.46. Eastman Chemical had a return on equity of 19.50% and a net margin of 5.13%. The company had revenue of $2.72 billion for the quarter, compared to the consensus estimate of $2.61 billion. During the same quarter last year, the business posted $1.57 earnings per share. The firm’s revenue was up 28.2% compared to the same quarter last year. Sell-side analysts expect that Eastman Chemical will post 8.96 earnings per share for the current fiscal year.

About Eastman Chemical

Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Additives and Functional Products, Advanced Materials, Chemical Intermediates and Fibers. The Additives and Functional Products segment includes chemicals for products in the transportation, consumables, building and construction, animal nutrition, crop protection, energy, personal and home care, and other markets.

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Analyst Recommendations for Eastman Chemical (NYSE:EMN)

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