A number of other research firms also recently weighed in on EMN. Morgan Stanley restated an overweight rating and issued a $115.00 target price on shares of Eastman Chemical in a report on Monday, July 31st. Piper Sandler cut their price target on shares of Eastman Chemical from $96.00 to $80.00 and set a neutral rating on the stock in a report on Wednesday, October 11th. UBS Group downgraded shares of Eastman Chemical from a buy rating to a neutral rating and cut their price target for the company from $91.00 to $81.00 in a report on Thursday, November 2nd. JPMorgan Chase & Co. upgraded shares of Eastman Chemical from a neutral rating to an overweight rating and set a $90.00 price target on the stock in a report on Monday, October 30th. Finally, Mizuho cut their price target on shares of Eastman Chemical from $84.00 to $78.00 and set a neutral rating on the stock in a report on Thursday, August 3rd. Ten analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Eastman Chemical presently has a consensus rating of Hold and an average target price of $90.00.
Eastman Chemical Stock Performance
Eastman Chemical (NYSE:EMN – Get Free Report) last posted its earnings results on Friday, October 27th. The basic materials company reported $1.47 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.02. Eastman Chemical had a net margin of 6.24% and a return on equity of 13.44%. The firm had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same period in the previous year, the firm posted $2.05 EPS. The business’s quarterly revenue was down 16.3% on a year-over-year basis. On average, equities research analysts forecast that Eastman Chemical will post 6.37 EPS for the current fiscal year.
Institutional Investors Weigh In On Eastman Chemical
Several hedge funds have recently modified their holdings of EMN. Norges Bank purchased a new stake in shares of Eastman Chemical in the 4th quarter worth approximately $102,575,000. Clearbridge Investments LLC purchased a new stake in Eastman Chemical during the second quarter valued at approximately $69,305,000. Balyasny Asset Management L.P. lifted its position in Eastman Chemical by 20,789.3% during the first quarter. Balyasny Asset Management L.P. now owns 781,469 shares of the basic materials company’s stock valued at $65,909,000 after acquiring an additional 777,728 shares during the last quarter. Invesco Ltd. lifted its position in Eastman Chemical by 37.4% during the third quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock valued at $214,496,000 after acquiring an additional 760,974 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in Eastman Chemical by 451.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 872,088 shares of the basic materials company’s stock valued at $73,553,000 after acquiring an additional 713,832 shares during the last quarter. Hedge funds and other institutional investors own 82.29% of the company’s stock.
Eastman Chemical Company Profile
Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.
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