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

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

A number of other analysts have also weighed in on the company. Piper Sandler cut their price objective on Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating on the stock in a research report on Tuesday. Citigroup downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $118.00 to $104.00 in a research report on Wednesday, December 18th. 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, November 22nd. Mizuho raised their price target on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday, November 4th. Eight 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 company currently has a consensus rating of “Hold” and an average target price of $113.69.

Eastman Chemical Stock Down 0.4 %

EMN stock opened at $88.09 on Friday. Eastman Chemical has a one year low of $80.71 and a one year high of $114.50. The firm has a market cap of $10.21 billion, a PE ratio of 11.79, a PEG ratio of 0.79 and a beta of 1.42. The firm’s 50 day moving average price is $98.17 and its 200-day moving average price is $100.59. 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 results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.14 by $0.12. The business had revenue of $2.46 billion during 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%. The company’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period last year, the business posted $1.47 earnings per share. On average, equities research analysts anticipate that Eastman Chemical will post 7.63 EPS for the current year.

Insider Activity at Eastman Chemical

In other Eastman Chemical 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 transaction, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This trade represents a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total value of $471,623.04. Following the sale, the senior vice president now directly owns 4,403 shares in the company, valued at $466,013.52. This trade represents a 50.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,021 shares of company stock worth $1,895,948 in the last three months. Insiders own 1.93% of the company’s stock.

Institutional Trading of Eastman Chemical

A number of hedge funds have recently bought and sold shares of the company. State Street Corp increased its holdings in Eastman Chemical by 1.4% during the 3rd quarter. State Street Corp now owns 5,285,230 shares of the basic materials company’s stock worth $595,820,000 after purchasing an additional 70,692 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Eastman Chemical by 5.7% in the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock valued at $593,233,000 after acquiring an additional 282,458 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Eastman Chemical by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,784,102 shares of the basic materials company’s stock worth $310,628,000 after buying an additional 13,381 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Eastman Chemical by 3.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock valued at $306,093,000 after purchasing an additional 83,504 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Eastman Chemical by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock valued at $223,435,000 after acquiring an additional 198,645 shares during the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

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.