Nomura Downgrades Eastman Chemical Company (EMN) to Neutral

Eastman Chemical Company (NYSE:EMN) was downgraded by equities research analysts at Nomura from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday. They currently have a $91.00 target price on the basic materials company’s stock. Nomura’s price objective would suggest a potential upside of 3.23% from the company’s previous close.

EMN has been the topic of several other reports. Jefferies Group LLC reissued a “buy” rating and issued a $96.00 target price on shares of Eastman Chemical in a report on Tuesday, October 3rd. Deutsche Bank AG reissued a “buy” rating and issued a $92.00 target price on shares of Eastman Chemical in a report on Wednesday, June 21st. KeyCorp reissued a “buy” rating and issued a $100.00 target price on shares of Eastman Chemical in a report on Wednesday, October 4th. Goldman Sachs Group, Inc. (The) raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and raised their target price for the company from $81.00 to $101.00 in a report on Thursday, September 28th. Finally, BidaskClub raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Eastman Chemical presently has a consensus rating of “Hold” and an average target price of $93.25.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, beating the consensus estimate of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The firm had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the firm earned $1.68 EPS. The business’s quarterly revenue was up 5.3% compared to the same quarter last year.

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In other Eastman Chemical news, insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Renee J. Hornbaker sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total transaction of $337,720.00. Following the sale, the director now directly owns 21,858 shares in the company, valued at $1,845,470.94. The disclosure for this sale can be found here. Insiders own 1.14% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. lifted its position in shares of Eastman Chemical by 3,636.5% in the 1st quarter. BlackRock Inc. now owns 11,468,628 shares of the basic materials company’s stock worth $926,666,000 after purchasing an additional 11,161,689 shares during the period. Laurion Capital Management LP lifted its position in shares of Eastman Chemical by 689.5% in the 2nd quarter. Laurion Capital Management LP now owns 87,034 shares of the basic materials company’s stock worth $7,310,000 after purchasing an additional 76,010 shares during the period. Blackstone Group L.P. acquired a new position in shares of Eastman Chemical in the 1st quarter worth approximately $102,065,000. Contravisory Investment Management Inc. lifted its position in shares of Eastman Chemical by 1.6% in the 2nd quarter. Contravisory Investment Management Inc. now owns 3,293 shares of the basic materials company’s stock worth $277,000 after purchasing an additional 52 shares during the period. Finally, Prudential Financial Inc. lifted its position in shares of Eastman Chemical by 3.0% in the 2nd quarter. Prudential Financial Inc. now owns 561,295 shares of the basic materials company’s stock worth $47,143,000 after purchasing an additional 16,260 shares during the period. 82.13% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Company Profile

Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.

Analyst Recommendations for Eastman Chemical (NYSE:EMN)

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