Eastman Chemical (EMN) Given New $100.00 Price Target at Cowen

Eastman Chemical (NYSE:EMN) had its price objective trimmed by Cowen from $115.00 to $100.00 in a report released on Wednesday, Marketbeat reports. The firm currently has an outperform rating on the basic materials company’s stock.

Other equities analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Eastman Chemical from a hold rating to a buy rating and set a $109.00 target price for the company in a report on Wednesday, October 3rd. Morgan Stanley increased their target price on Eastman Chemical from $98.00 to $107.00 and gave the stock an equal weight rating in a report on Tuesday, July 31st. SunTrust Banks lowered their target price on Eastman Chemical from $95.00 to $83.00 and set a hold rating for the company in a report on Monday, October 29th. Citigroup lowered their target price on Eastman Chemical from $108.00 to $94.00 and set a neutral rating for the company in a report on Thursday, October 11th. Finally, JPMorgan Chase & Co. cut Eastman Chemical from an overweight rating to a neutral rating in a report on Friday, October 5th. One 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. Eastman Chemical currently has a consensus rating of Hold and an average price target of $99.00.

EMN opened at $82.50 on Wednesday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.69 and a quick ratio of 0.95. Eastman Chemical has a 12 month low of $73.95 and a 12 month high of $112.45. The firm has a market capitalization of $11.55 billion, a P/E ratio of 10.84, a PEG ratio of 1.13 and a beta of 1.26.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, October 25th. The basic materials company reported $2.34 EPS for the quarter, beating the Zacks’ consensus estimate of $2.29 by $0.05. Eastman Chemical had a net margin of 16.05% and a return on equity of 21.18%. The business had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.53 billion. As a group, sell-side analysts forecast that Eastman Chemical will post 8.41 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. First Mercantile Trust Co. bought a new position in shares of Eastman Chemical in the 2nd quarter valued at about $113,000. Fort L.P. bought a new position in shares of Eastman Chemical in the 2nd quarter valued at about $116,000. Point72 Asset Management L.P. bought a new position in shares of Eastman Chemical in the 2nd quarter valued at about $120,000. Cornerstone Wealth Management LLC bought a new position in shares of Eastman Chemical in the 2nd quarter valued at about $177,000. Finally, Acadian Asset Management LLC bought a new position in shares of Eastman Chemical in the 2nd quarter valued at about $218,000. 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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Analyst Recommendations for Eastman Chemical (NYSE:EMN)

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