Here’s Why You Should Hold Onto Eastman Chemical Stock for Now
Eastman Chemical Company (NYSE: EMN) is benefiting from cost-cutting and productivity actions as well as its innovation-driven growth model amid challenges from soft demand in certain markets.
Shares of EMN are up 22.1% over the past year compared with a 7.4% decline of its industry.
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Let’s find out why this Zacks Rank #3 (Hold) stock is worth retaining at the moment.
Eastman Chemical Gains on Cost Actions & Innovation
Eastman is gaining from its actions to manage costs. It is expected to benefit from lower operating costs from its operational transformation program in 2024.
EMN is taking action to keep its manufacturing and administrative costs in control. It achieved cost savings of around $200 million in 2023, net of inflation. Pricing initiatives and lower raw material and energy costs are also expected to support the company’s bottom line. The company plans to maintain pricing discipline and improve asset utilization throughout the year.
Eastman aims to increase new business revenues by utilizing its innovation-driven growth strategy. Innovation and market development initiatives are expected …
Full story available on Benzinga.com