Eastman Chemical (NYSE:EMN) Downgraded to “Hold” Rating by StockNews.com

StockNews.com lowered shares of Eastman Chemical (NYSE:EMN) from a buy rating to a hold rating in a research report released on Monday morning.

Several other equities research analysts also recently weighed in on EMN. Piper Sandler reaffirmed a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $105.00 price objective on shares of Eastman Chemical in a research report on Friday. Mizuho lifted their target price on Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Wells Fargo & Company cut their price target on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a report on Monday, November 4th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research note on Monday, November 4th. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $111.50.

Eastman Chemical Stock Up 0.2 %

Shares of NYSE EMN opened at $105.85 on Monday. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. The business’s 50 day moving average is $106.43 and its two-hundred day moving average is $101.59. Eastman Chemical has a 52-week low of $80.71 and a 52-week high of $114.50. The firm has a market cap of $12.27 billion, a price-to-earnings ratio of 14.17, a PEG ratio of 0.81 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.12. The firm had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. Eastman Chemical’s revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.47 EPS. Research analysts predict that Eastman Chemical will post 7.63 EPS for the current year.

Insider Buying and Selling

In related news, SVP Christopher Moore Killian sold 3,061 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total transaction of $321,405.00. Following the transaction, the senior vice president now owns 12,366 shares in the company, valued at $1,298,430. This trade represents a 19.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.28% of the stock is owned by company insiders.

Institutional Investors Weigh In On Eastman Chemical

Several large investors have recently modified their holdings of the company. Wilmington Savings Fund Society FSB purchased a new stake in Eastman Chemical in the 3rd quarter valued at $656,000. Sanctuary Advisors LLC raised its holdings in shares of Eastman Chemical by 21.5% in the third quarter. Sanctuary Advisors LLC now owns 26,008 shares of the basic materials company’s stock valued at $2,746,000 after buying an additional 4,606 shares during the last quarter. Rehmann Capital Advisory Group acquired a new stake in shares of Eastman Chemical during the third quarter worth about $202,000. Fortem Financial Group LLC purchased a new stake in Eastman Chemical during the third quarter worth $462,000. Finally, Arete Wealth Advisors LLC grew its holdings in Eastman Chemical by 6.0% in the third quarter. Arete Wealth Advisors LLC now owns 3,595 shares of the basic materials company’s stock valued at $402,000 after purchasing an additional 205 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Company Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.