StockNews.com Upgrades Eastman Chemical (NYSE:EMN) to Buy

Eastman Chemical (NYSE:EMN) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday.

Other equities analysts have also issued research reports about the company. Royal Bank of Canada decreased their price target on Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Wells Fargo & Company decreased their target price on shares of Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating for the company in a report on Monday, November 4th. Piper Sandler restated a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a report on Tuesday, July 30th. Mizuho lifted their price objective on shares of Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Finally, Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and raised their target price for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $111.50.

Eastman Chemical Stock Up 0.8 %

EMN opened at $101.60 on Thursday. The stock’s fifty day moving average is $106.07 and its 200-day moving average is $101.33. Eastman Chemical has a one year low of $80.14 and a one year high of $114.50. The company has a market capitalization of $11.78 billion, a PE ratio of 13.60, a P/E/G ratio of 0.77 and a beta of 1.44. 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 posted 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 net margin of 9.47% and a return on equity of 15.37%. The company had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the firm posted $1.47 EPS. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. On average, equities analysts predict that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Insider Transactions at Eastman Chemical

In related news, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the sale, the senior vice president now owns 12,366 shares in the company, valued at approximately $1,298,430. This trade represents a 19.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.93% of the company’s stock.

Institutional Investors Weigh In On Eastman Chemical

Institutional investors have recently bought and sold shares of the business. Wolff Wiese Magana LLC raised its position in Eastman Chemical by 238.1% in the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 200 shares in the last quarter. Cultivar Capital Inc. bought a new position in shares of Eastman Chemical during the 2nd quarter worth approximately $29,000. Dunhill Financial LLC boosted its stake in Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after buying an additional 162 shares in the last quarter. Northwest Investment Counselors LLC bought a new stake in Eastman Chemical in the third quarter valued at $38,000. Finally, EntryPoint Capital LLC acquired a new position in Eastman Chemical during the first quarter worth $38,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

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.