Eastman Chemical (NYSE:EMN) Rating Lowered to “Hold” at StockNews.com

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

A number of other research firms have also recently issued reports on EMN. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday, November 4th. Wells Fargo & Company decreased their price target on shares of Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating for the company in a research report on Monday, November 4th. Piper Sandler restated a “neutral” rating and issued a $105.00 price target on shares of Eastman Chemical in a research report on Tuesday, July 30th. Royal Bank of Canada restated a “sector perform” rating and issued a $105.00 price target on shares of Eastman Chemical in a research report on Friday, November 22nd. Finally, Mizuho upped their price target on shares of Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Eastman Chemical presently has an average rating of “Hold” and a consensus price target of $112.86.

Eastman Chemical Price Performance

EMN stock opened at $104.92 on Monday. The company has a 50 day simple moving average of $106.44 and a 200 day simple moving average of $101.62. The stock has a market cap of $12.16 billion, a price-to-earnings ratio of 14.01, a P/E/G ratio of 0.81 and a beta of 1.44. Eastman Chemical has a 1 year low of $80.71 and a 1 year high of $114.50. 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 quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. The business had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.47 EPS. Research analysts anticipate 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 company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total transaction of $321,405.00. Following the transaction, the senior vice president now owns 12,366 shares in the company, valued at approximately $1,298,430. This represents a 19.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.93% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of EMN. Assenagon Asset Management S.A. raised its holdings in Eastman Chemical by 1,104.3% during the third quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock worth $104,560,000 after buying an additional 856,432 shares during the last quarter. Truist Financial Corp raised its holdings in shares of Eastman Chemical by 201.5% in the second quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock valued at $90,572,000 after purchasing an additional 617,889 shares during the last quarter. DekaBank Deutsche Girozentrale raised its holdings in shares of Eastman Chemical by 318.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock valued at $69,516,000 after purchasing an additional 534,081 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Eastman Chemical by 57.2% in the third quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock valued at $104,755,000 after purchasing an additional 340,562 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Eastman Chemical by 34.5% in the second quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock valued at $83,524,000 after purchasing an additional 218,531 shares during the last quarter. Institutional investors and hedge funds 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.