Eastman Chemical (NYSE:EMN) Given Consensus Rating of “Hold” by Analysts

Shares of Eastman Chemical (NYSE:EMN) have been assigned an average rating of “Hold” from the fourteen ratings firms that are currently covering the firm, Marketbeat.com reports. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $111.64.

Several brokerages have recently issued reports on EMN. Barclays raised 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. Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. Royal Bank of Canada increased their price objective on Eastman Chemical from $100.00 to $107.00 and gave the company a “sector perform” rating in a report on Friday, October 11th. Mizuho increased their price objective on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Wells Fargo & Company dropped their price objective on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating for the company in a research note on Monday.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $100.05 on Tuesday. Eastman Chemical has a twelve month low of $75.01 and a twelve month high of $114.50. The firm has a market cap of $11.69 billion, a P/E ratio of 13.39, a PEG ratio of 0.80 and a beta of 1.44. The company has a 50 day moving average of $105.80 and a 200 day moving average of $101.04. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results 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 15.45% and a net margin of 9.47%. The company had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the prior year, the firm posted $1.47 EPS. Eastman Chemical’s quarterly revenue was up 8.7% compared to the same quarter last year. As a group, research analysts expect that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Institutional Investors Weigh In On Eastman Chemical

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its position in Eastman Chemical by 17.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 9,886 shares of the basic materials company’s stock valued at $991,000 after buying an additional 1,462 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Eastman Chemical by 4.4% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 340,783 shares of the basic materials company’s stock valued at $34,153,000 after buying an additional 14,419 shares during the last quarter. Norden Group LLC purchased a new stake in Eastman Chemical in the first quarter valued at approximately $300,000. Diversify Advisory Services LLC purchased a new stake in shares of Eastman Chemical during the first quarter worth approximately $222,000. Finally, Janney Montgomery Scott LLC grew its holdings in Eastman Chemical by 8.9% during the first quarter. Janney Montgomery Scott LLC now owns 23,712 shares of the basic materials company’s stock worth $2,376,000 after acquiring an additional 1,940 shares during the period. Institutional investors 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.