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

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

Several other brokerages have also recently issued reports on EMN. Deutsche Bank Aktiengesellschaft cut their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Mizuho raised their price target on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Wells Fargo & Company dropped 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. Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and raised their price target for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. Finally, Royal Bank of Canada dropped their price target on Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating for the company in a research note on Wednesday. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $111.50.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $101.47 on Wednesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.71. Eastman Chemical has a one year low of $75.83 and a one year high of $114.50. The business’s 50 day simple moving average is $105.89 and its two-hundred day simple moving average is $101.20. The stock has a market capitalization of $11.76 billion, a P/E ratio of 13.58, a price-to-earnings-growth ratio of 0.79 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.12. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The firm had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter last year, the business earned $1.47 earnings per share. The business’s revenue was up 8.7% on a year-over-year basis. Analysts forecast that Eastman Chemical will post 7.62 EPS for the current year.

Insider Buying and Selling at Eastman Chemical

In other news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction dated Wednesday, November 6th. The stock was 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 owns 12,366 shares of the company’s stock, valued at $1,298,430. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.93% of the company’s stock.

Hedge Funds Weigh In On Eastman Chemical

Several large investors have recently modified their holdings of the stock. First Horizon Advisors Inc. raised its position in shares of Eastman Chemical by 48.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,516 shares of the basic materials company’s stock worth $170,000 after purchasing an additional 495 shares during the last quarter. Advisors Asset Management Inc. raised its position in shares of Eastman Chemical by 17.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 17,996 shares of the basic materials company’s stock worth $2,015,000 after purchasing an additional 2,665 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Eastman Chemical by 57.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock worth $104,755,000 after purchasing an additional 340,562 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Eastman Chemical in the 3rd quarter worth about $314,000. Finally, Fifth Third Wealth Advisors LLC bought a new stake in Eastman Chemical in the 3rd quarter worth about $491,000. Hedge funds and other 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.