Eastman Chemical (NYSE:EMN) Stock Rating Upgraded by StockNews.com

Eastman Chemical (NYSE:EMN) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Thursday.

Other equities research analysts have also recently issued reports about the company. Mizuho lifted their price objective on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research note on Monday, November 4th. Wells Fargo & Company reduced their target price on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a report on Monday, November 4th. Royal Bank of Canada dropped their target price on shares of Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Eastman Chemical has a consensus rating of “Hold” and an average target price of $111.50.

Eastman Chemical Stock Performance

Shares of NYSE:EMN opened at $101.60 on Thursday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. The firm has a market cap of $11.78 billion, a PE ratio of 13.60, a price-to-earnings-growth ratio of 0.77 and a beta of 1.44. Eastman Chemical has a twelve month low of $80.14 and a twelve month high of $114.50. The business has a fifty day moving average of $106.07 and a 200-day moving average of $101.33.

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, beating 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 company had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the firm earned $1.47 EPS. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. On average, equities research analysts predict that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total transaction of $321,405.00. Following the transaction, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. The trade was a 19.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.93% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Eastman Chemical

Several institutional investors and hedge funds have recently modified their holdings of EMN. Bessemer Group Inc. increased its position in Eastman Chemical by 321.2% during the 1st quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock worth $1,628,000 after buying an additional 12,392 shares during the period. Empowered Funds LLC bought a new position in shares of Eastman Chemical during the first quarter worth approximately $594,000. Dakota Wealth Management boosted its stake in shares of Eastman Chemical by 13.5% in the second quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock valued at $2,183,000 after buying an additional 2,655 shares during the period. Cetera Advisors LLC raised its holdings in Eastman Chemical by 119.7% in the 1st quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company’s stock valued at $1,011,000 after acquiring an additional 5,496 shares in the last quarter. Finally, Comerica Bank increased its position in shares of Eastman Chemical by 18.5% in the first quarter. Comerica Bank now owns 39,306 shares of the basic materials company’s stock worth $3,939,000 after purchasing an additional 6,126 shares during the period. 83.65% of the stock is currently owned by institutional investors and hedge funds.

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.