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

StockNews.com cut shares of Eastman Chemical (NYSE:EMN) from a buy rating to a hold rating in a research report sent to investors on Monday.

EMN has been the subject of a number of other reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $105.00 target price on shares of Eastman Chemical in a report on Friday, November 22nd. Piper Sandler reaffirmed a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft lowered 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 cut their price target on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating for the company in a research note on Monday, November 4th. Finally, Barclays boosted their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $112.86.

Eastman Chemical Stock Down 0.7 %

EMN opened at $104.22 on Monday. The business has a 50 day simple moving average of $106.42 and a 200-day simple moving average of $101.65. Eastman Chemical has a 12 month low of $80.71 and a 12 month high of $114.50. The stock has a market capitalization of $12.08 billion, a P/E ratio of 13.95, a P/E/G ratio of 0.81 and a beta of 1.44. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78.

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

Insider Buying and Selling

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total transaction of $321,405.00. Following the completion of the sale, the senior vice president now directly owns 12,366 shares in the company, valued at $1,298,430. This represents a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of Eastman Chemical stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total value of $1,102,920.00. Following the completion of the transaction, the executive vice president now directly owns 47,287 shares in the company, valued at $4,965,135. This represents a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,021 shares of company stock valued at $1,895,948. Insiders own 2.28% of the company’s stock.

Institutional Trading of Eastman Chemical

Institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp grew its stake in Eastman Chemical by 1.4% during the third quarter. State Street Corp now owns 5,285,230 shares of the basic materials company’s stock worth $595,820,000 after buying an additional 70,692 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Eastman Chemical by 5.7% during the 3rd 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 boosted its position in Eastman Chemical by 0.5% during 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 purchasing an additional 13,381 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in Eastman Chemical by 3.2% in 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 stake in shares of Eastman Chemical by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock worth $223,435,000 after purchasing an additional 198,645 shares in 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.