SunTrust Banks Trims Eastman Chemical (EMN) Target Price to $83.00

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Eastman Chemical (NYSE:EMN) had its price objective cut by SunTrust Banks from $95.00 to $83.00 in a report published on Monday, The Fly reports. They currently have a hold rating on the basic materials company’s stock.

A number of other analysts also recently weighed in on the company. JPMorgan Chase & Co. downgraded Eastman Chemical from an overweight rating to a neutral rating in a research report on Friday, October 5th. Zacks Investment Research downgraded Eastman Chemical from a buy rating to a hold rating in a research report on Monday, October 8th. Nomura cut their target price on Eastman Chemical from $111.00 to $99.00 and set a neutral rating for the company in a research report on Monday, October 15th. Citigroup cut their target price on Eastman Chemical from $108.00 to $94.00 and set a neutral rating for the company in a research report on Thursday, October 11th. Finally, ValuEngine downgraded Eastman Chemical from a hold rating to a sell rating in a research report on Saturday, October 6th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $99.00.

EMN opened at $78.35 on Monday. The firm has a market capitalization of $11.04 billion, a P/E ratio of 10.30, a PEG ratio of 1.03 and a beta of 1.07. The company has a quick ratio of 0.95, a current ratio of 1.69 and a debt-to-equity ratio of 1.04. Eastman Chemical has a 1 year low of $73.95 and a 1 year 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, beating analysts’ consensus estimates of $2.29 by $0.05. The firm had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.53 billion. Eastman Chemical had a return on equity of 21.53% and a net margin of 16.05%. On average, research analysts expect that Eastman Chemical will post 8.46 EPS for the current fiscal year.

In related news, CAO Scott V. King sold 16,192 shares of the company’s stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $101.35, for a total transaction of $1,641,059.20. Following the completion of the sale, the chief accounting officer now directly owns 5,898 shares in the company, valued at approximately $597,762.30. The sale was disclosed in a filing with the SEC, which is available through this link. 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 value of $2,000,000.00. Following the sale, 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.

Hedge funds have recently made changes to their positions in the stock. First Mercantile Trust Co. bought a new stake in shares of Eastman Chemical during the 2nd quarter worth $113,000. Fort L.P. bought a new stake in shares of Eastman Chemical during the 2nd quarter worth $116,000. Point72 Asset Management L.P. bought a new stake in shares of Eastman Chemical during the 2nd quarter worth $120,000. Cornerstone Wealth Management LLC bought a new stake in shares of Eastman Chemical during the 2nd quarter worth $177,000. Finally, Acadian Asset Management LLC bought a new stake in shares of Eastman Chemical during the 2nd quarter worth $218,000. Institutional investors and hedge funds own 82.71% of the company’s stock.

About Eastman Chemical

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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