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

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

EMN has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft lowered their price target on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Barclays upped their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $105.00 target price on shares of Eastman Chemical in a research note on Friday, November 22nd. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and increased their price objective for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a report on Tuesday, July 30th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $112.86.

Eastman Chemical Stock Performance

EMN opened at $104.23 on Monday. The company has a 50 day simple moving average of $106.37 and a two-hundred day simple moving average of $101.67. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. The firm has a market cap of $12.08 billion, a P/E ratio of 13.95, a PEG 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.

Eastman Chemical (NYSE:EMN) last issued its earnings results 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. The company had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. Eastman Chemical’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.47 EPS. Equities analysts forecast that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total transaction of $321,405.00. Following the completion of 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction of $471,623.04. Following the completion of the sale, the senior vice president now directly owns 4,403 shares in the company, valued at $466,013.52. This trade represents a 50.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,021 shares of company stock valued at $1,895,948. 2.28% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. UMB Bank n.a. boosted its holdings in Eastman Chemical by 4.3% during the 3rd quarter. UMB Bank n.a. now owns 2,343 shares of the basic materials company’s stock valued at $262,000 after acquiring an additional 96 shares during the period. V Square Quantitative Management LLC boosted its stake in shares of Eastman Chemical by 3.8% during the third quarter. V Square Quantitative Management LLC now owns 2,683 shares of the basic materials company’s stock valued at $300,000 after purchasing an additional 98 shares during the period. Kingswood Wealth Advisors LLC grew its holdings in shares of Eastman Chemical by 2.8% in the second quarter. Kingswood Wealth Advisors LLC now owns 4,026 shares of the basic materials company’s stock worth $394,000 after purchasing an additional 111 shares during the last quarter. Patrick M Sweeney & Associates Inc. increased its stake in Eastman Chemical by 3.3% in the 3rd quarter. Patrick M Sweeney & Associates Inc. now owns 3,434 shares of the basic materials company’s stock worth $384,000 after buying an additional 111 shares during the period. Finally, Prosperity Consulting Group LLC lifted its holdings in Eastman Chemical by 4.8% during the 2nd quarter. Prosperity Consulting Group LLC now owns 2,662 shares of the basic materials company’s stock valued at $261,000 after buying an additional 123 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

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.