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

Eastman Chemical (NYSE:EMN) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Monday.

Other equities analysts also recently issued research reports about the company. Mizuho raised their price target on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Deutsche Bank Aktiengesellschaft reduced their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Wells Fargo & Company reduced their target price 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. Barclays boosted their price objective on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Finally, Piper Sandler restated a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $111.50.

Eastman Chemical Stock Performance

Eastman Chemical stock traded up $0.26 during mid-day trading on Monday, reaching $105.85. 1,092,517 shares of the company were exchanged, compared to its average volume of 959,252. The firm has a market cap of $12.27 billion, a PE ratio of 14.17, a price-to-earnings-growth ratio of 0.81 and a beta of 1.44. The firm’s 50-day simple moving average is $106.43 and its two-hundred day simple moving average is $101.59. Eastman Chemical has a twelve month low of $80.71 and a twelve month high of $114.50. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52.

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

Insider Activity at Eastman Chemical

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the transaction, the senior vice president now directly owns 12,366 shares in the company, valued at $1,298,430. The trade was a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Eastman Chemical

Several hedge funds and other institutional investors have recently made changes to their positions in EMN. Wilmington Savings Fund Society FSB bought a new position in shares of Eastman Chemical in the third quarter valued at $656,000. Sanctuary Advisors LLC increased its stake 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 worth $2,746,000 after acquiring an additional 4,606 shares during the last quarter. Rehmann Capital Advisory Group bought a new stake in Eastman Chemical in the third quarter worth $202,000. Fortem Financial Group LLC bought a new stake in Eastman Chemical in the third quarter worth $462,000. Finally, Arete Wealth Advisors LLC boosted 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 worth $402,000 after purchasing an additional 205 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

About Eastman Chemical

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.