Eastman Chemical (EMN) Upgraded at Nomura

Eastman Chemical (NYSE:EMN) was upgraded by stock analysts at Nomura from a “neutral” rating to a “buy” rating in a report released on Monday, April 15th, Marketbeat reports. The brokerage currently has a $93.00 target price on the basic materials company’s stock, up from their previous target price of $89.00. Nomura’s price objective indicates a potential upside of 22.72% from the stock’s previous close.

A number of other research firms have also recently commented on EMN. Zacks Investment Research cut Eastman Chemical from a “hold” rating to a “sell” rating in a research note on Monday, April 1st. KeyCorp lowered their target price on Eastman Chemical from $95.00 to $94.00 and set an “overweight” rating on the stock in a research note on Friday, April 12th. Standpoint Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Wednesday, December 26th. Jefferies Financial Group lowered their target price on Eastman Chemical to $91.00 and set a “buy” rating on the stock in a research note on Friday, December 21st. Finally, Cowen cut Eastman Chemical from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $94.00 to $88.00 in a research note on Wednesday, February 6th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. Eastman Chemical has an average rating of “Hold” and an average target price of $91.55.

NYSE EMN traded up $0.06 during mid-day trading on Monday, hitting $75.78. The company’s stock had a trading volume of 1,024,629 shares, compared to its average volume of 1,197,555. Eastman Chemical has a twelve month low of $67.40 and a twelve month high of $110.17. The company has a current ratio of 1.82, a quick ratio of 0.96 and a debt-to-equity ratio of 1.01. The company has a market cap of $10.72 billion, a P/E ratio of 9.24, a PEG ratio of 1.06 and a beta of 1.14.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.77 earnings per share for the quarter, missing the consensus estimate of $1.91 by ($0.14). Eastman Chemical had a net margin of 10.07% and a return on equity of 18.63%. The company had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.61 billion. During the same quarter last year, the business posted $2.23 earnings per share. Eastman Chemical’s revenue was down 8.7% on a year-over-year basis. Sell-side analysts predict that Eastman Chemical will post 8.57 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in Eastman Chemical by 1.3% in the 1st quarter. BlackRock Inc. now owns 10,623,525 shares of the basic materials company’s stock worth $806,114,000 after buying an additional 134,439 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Eastman Chemical by 15.3% in the 1st quarter. JPMorgan Chase & Co. now owns 6,896,610 shares of the basic materials company’s stock worth $523,316,000 after buying an additional 916,979 shares during the last quarter. LSV Asset Management lifted its position in Eastman Chemical by 0.6% in the 1st quarter. LSV Asset Management now owns 5,592,843 shares of the basic materials company’s stock worth $424,384,000 after buying an additional 33,840 shares during the last quarter. Victory Capital Management Inc. lifted its position in Eastman Chemical by 9.2% in the first quarter. Victory Capital Management Inc. now owns 3,561,168 shares of the basic materials company’s stock valued at $270,222,000 after purchasing an additional 300,371 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its position in Eastman Chemical by 7,724.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,316,050 shares of the basic materials company’s stock valued at $45,000 after purchasing an additional 3,273,667 shares during the last quarter. Institutional investors own 83.15% 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.

Recommended Story: What is a Tariff?

Analyst Recommendations for Eastman Chemical (NYSE:EMN)

Receive News & Ratings for Eastman Chemical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastman Chemical and related companies with MarketBeat.com's FREE daily email newsletter.