Eastman Chemical (EMN) PT Lowered to $83.00 at SunTrust Banks

Eastman Chemical (NYSE:EMN) had its price objective dropped by stock analysts at SunTrust Banks from $95.00 to $83.00 in a report issued on Monday, The Fly reports. The firm currently has a “hold” rating on the basic materials company’s stock. SunTrust Banks’ price objective indicates a potential upside of 8.65% from the company’s current price.

Several other analysts also recently commented on EMN. Zacks Investment Research raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $111.00 price objective on the stock in a report on Tuesday, July 3rd. Morgan Stanley upped their price objective on shares of Eastman Chemical from $98.00 to $107.00 and gave the company an “equal weight” rating in a report on Tuesday, July 31st. JPMorgan Chase & Co. downgraded shares of Eastman Chemical from an “overweight” rating to a “neutral” rating in a report on Friday, October 5th. ValuEngine downgraded shares of Eastman Chemical from a “hold” rating to a “sell” rating in a report on Saturday, October 6th. Finally, Citigroup dropped their price objective on shares of Eastman Chemical from $108.00 to $94.00 and set a “neutral” rating on the stock in a report on Thursday, October 11th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $100.91.

NYSE EMN opened at $76.39 on Monday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.69 and a quick ratio of 0.95. The company has a market cap of $11.04 billion, a P/E ratio of 10.04, a PEG ratio of 1.06 and a beta of 1.07. Eastman Chemical has a 52 week low of $73.95 and a 52 week 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, topping the consensus estimate of $2.29 by $0.05. The company had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.53 billion. Eastman Chemical had a net margin of 16.05% and a return on equity of 21.53%. Research analysts forecast that Eastman Chemical will post 8.5 earnings per share for the current fiscal year.

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

A number of large investors have recently bought and sold shares of the business. LSV Asset Management raised 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 acquiring an additional 309,716 shares during the period. Victory Capital Management Inc. raised 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 acquiring an additional 7,043 shares during the period. Massachusetts Financial Services Co. MA raised 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 acquiring an additional 926,293 shares during the period. Northern Trust Corp raised 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 acquiring an additional 38,246 shares during the period. Finally, Allianz Asset Management GmbH raised 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 acquiring an additional 169,568 shares during the period. Institutional investors own 82.71% of the company’s stock.

Eastman Chemical Company Profile

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.

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