Weekly Update: Chemical Companies, Week Ended September 22, 2017

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Part 10
Weekly Update: Chemical Companies, Week Ended September 22, 2017 PART 10 OF 14

Eastman Chemical Hikes Prices of Amines

Eastman Chemical updates on price hikes

On September 20, 2017, Eastman Chemical (EMN) announced that it is hiking its prices for amines, which will impact North America and Latin America. The price hikes will be effective October 1, 2017, or as the contract allows. Eastman cited the increase in operating costs as the major reason for the price hikes. Below are the details of price increases:

  • Mono-n-butylamine will increase $0.04 per pound.
  • Di-n-butylamine and monoisopropylamine will increase $0.05 per pound.
  • Tri-n-butylamine and diisopropylamine will increase $0.06 per pound.

Eastman Chemical Hikes Prices of Amines

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The impact of the prices will reflect more in 4Q17 and could improve EMN’s revenue, assuming the volumes remain constant or rise on a year-over-year basis.

Eastman stock rallied last week

Eastman Chemical stock rose 1.7% for the week ended September 22, 2017. It closed at $86.48 and traded 3.9% above the 100-day moving average price of $83.20, indicating an upward trend in the stock. EMN has risen 13.9% so far in 2017. Analysts foresee a further upside in the stock and have provided a 12-month target price for EMN of $93.40, implying a return potential of 8.0% from the closing price on September 22, 2017.

The strong weekly performance of EMN, however, wasn’t sufficient to outperform the ProShares Ultra Basic Materials (UYM), which rose 2.3% for the same period. UYM has invested 1.3% of its portfolio in Eastman Chemical. The other holdings of the fund include Monsanto (MON), LyondellBasell (LYB), and FMC (FMC) with weights of 5.2%, 3.2%, and 1.2%, respectively, as of September 22, 2017.


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