Eastman Chemical (NYSE:EMN) Receives Average Rating of “Hold” from Analysts

Eastman Chemical (NYSE:EMN) has received an average recommendation of “Hold” from the fourteen research firms that are covering the firm, Marketbeat.com reports. Eight analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $111.64.

Several equities research analysts have recently weighed in on EMN shares. Wells Fargo & Company lowered their price objective on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Monday. Barclays increased their price target on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Piper Sandler restated a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a report on Monday.

Institutional Investors Weigh In On Eastman Chemical

Hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC lifted its stake in shares of Eastman Chemical by 17.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 9,886 shares of the basic materials company’s stock worth $991,000 after buying an additional 1,462 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Eastman Chemical by 4.4% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 340,783 shares of the basic materials company’s stock worth $34,153,000 after buying an additional 14,419 shares in the last quarter. Norden Group LLC bought a new position in shares of Eastman Chemical in the first quarter worth approximately $300,000. Diversify Advisory Services LLC bought a new position in shares of Eastman Chemical in the first quarter worth approximately $222,000. Finally, Janney Montgomery Scott LLC raised its holdings in shares of Eastman Chemical by 8.9% during the first quarter. Janney Montgomery Scott LLC now owns 23,712 shares of the basic materials company’s stock valued at $2,376,000 after purchasing an additional 1,940 shares during the last quarter. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Down 1.0 %

Shares of Eastman Chemical stock opened at $100.05 on Tuesday. Eastman Chemical has a 1-year low of $75.01 and a 1-year high of $114.50. The company has a market capitalization of $11.69 billion, a P/E ratio of 13.39, a PEG ratio of 0.80 and a beta of 1.44. The business’s fifty day moving average price is $105.80 and its two-hundred day moving average price is $101.04. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.45% and a net margin of 9.47%. The business had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the previous year, the firm earned $1.47 EPS. The firm’s revenue was up 8.7% compared to the same quarter last year. As a group, research analysts forecast that Eastman Chemical will post 7.66 EPS for the current year.

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.