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

Eastman Chemical (NYSE:EMN) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Monday.

Several other equities research analysts have also issued reports on the stock. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research note on Monday, November 4th. Bank of America lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price target for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. Mizuho lifted their price target on shares of Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Barclays lifted their price target on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $105.00 price target on shares of Eastman Chemical in a research note on Friday, November 22nd. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Eastman Chemical presently has a consensus rating of “Hold” and an average price target of $112.86.

Eastman Chemical Trading Down 0.9 %

Shares of NYSE:EMN opened at $104.92 on Monday. Eastman Chemical has a 12 month low of $80.71 and a 12 month high of $114.50. 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 company’s fifty day simple moving average is $106.44 and its 200 day simple moving average is $101.62. The firm has a market cap of $12.16 billion, a price-to-earnings ratio of 14.01, a PEG ratio of 0.81 and a beta of 1.44.

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

Insider Buying and Selling

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of the business’s 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 of the company’s stock, valued at $1,298,430. The trade was a 19.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Eastman Chemical

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Wilmington Savings Fund Society FSB acquired a new position in shares of Eastman Chemical in the 3rd quarter valued at approximately $656,000. Sanctuary Advisors LLC raised its position in shares of Eastman Chemical by 21.5% in the 3rd 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 in the last quarter. Rehmann Capital Advisory Group acquired a new position in shares of Eastman Chemical in the 3rd quarter valued at approximately $202,000. Fortem Financial Group LLC acquired a new position in shares of Eastman Chemical in the 3rd quarter valued at approximately $462,000. Finally, Arete Wealth Advisors LLC raised its position in shares of Eastman Chemical by 6.0% in the 3rd quarter. Arete Wealth Advisors LLC now owns 3,595 shares of the basic materials company’s stock valued at $402,000 after buying an additional 205 shares in the last quarter. 83.65% of the stock is currently 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.