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

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

A number of other research firms have also recently commented on EMN. Jefferies Financial Group upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and lifted their target price for the stock from $102.00 to $125.00 in a research note on Monday, April 29th. UBS Group raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and raised their price target for the stock from $106.00 to $128.00 in a research report on Thursday, May 23rd. KeyCorp lifted their target price on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Piper Sandler lifted their target price on shares of Eastman Chemical from $90.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday, April 30th. Finally, Bank of America cut their target price on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating for the company in a report on Monday, April 29th. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $107.50.

Eastman Chemical Stock Up 0.5 %

NYSE:EMN opened at $98.55 on Thursday. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $105.98. The stock has a market capitalization of $11.59 billion, a P/E ratio of 12.70, a P/E/G ratio of 1.07 and a beta of 1.51. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39. The company’s 50-day simple moving average is $99.11 and its 200-day simple moving average is $92.73.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The business had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.29 billion. During the same period last year, the business earned $1.63 EPS. The company’s revenue was down 4.2% compared to the same quarter last year. On average, equities analysts anticipate that Eastman Chemical will post 7.75 earnings per share for the current fiscal year.

Insider Activity

In other Eastman Chemical news, CEO Mark J. Costa sold 102,390 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the transaction, the chief executive officer now owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $99.22, for a total value of $195,959.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Mark J. Costa sold 102,390 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the sale, the chief executive officer now owns 395,699 shares in the company, valued at $39,878,545.22. The disclosure for this sale can be found here. In the last quarter, insiders have sold 108,027 shares of company stock valued at $10,885,638. 1.93% of the stock is currently owned by insiders.

Institutional Trading of Eastman Chemical

A number of institutional investors and hedge funds have recently bought and sold shares of EMN. Lcnb Corp increased its stake in shares of Eastman Chemical by 1.7% during the first quarter. Lcnb Corp now owns 6,275 shares of the basic materials company’s stock worth $629,000 after buying an additional 103 shares during the period. Quadrant Capital Group LLC increased its stake in shares of Eastman Chemical by 8.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,639 shares of the basic materials company’s stock worth $147,000 after buying an additional 128 shares during the period. Tucker Asset Management LLC increased its stake in shares of Eastman Chemical by 19.5% during the third quarter. Tucker Asset Management LLC now owns 870 shares of the basic materials company’s stock worth $67,000 after buying an additional 142 shares during the period. Empirical Finance LLC increased its stake in shares of Eastman Chemical by 3.3% during the first quarter. Empirical Finance LLC now owns 4,525 shares of the basic materials company’s stock worth $453,000 after buying an additional 145 shares during the period. Finally, Atria Wealth Solutions Inc. increased its stake in shares of Eastman Chemical by 4.6% during the fourth quarter. Atria Wealth Solutions Inc. now owns 3,452 shares of the basic materials company’s stock worth $310,000 after buying an additional 151 shares during the period. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

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.