StockNews.com Downgrades Eastman Chemical (NYSE:EMN) to Hold

Eastman Chemical (NYSE:EMN) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

Several other brokerages have also issued reports on EMN. Barclays lifted their price target on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Wells Fargo & Company dropped their price target on shares of Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Monday. Deutsche Bank Aktiengesellschaft reduced 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 note on Monday. Royal Bank of Canada lowered 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 research report on Wednesday. Finally, Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and raised their target price for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Eastman Chemical presently has an average rating of “Hold” and a consensus price target of $111.50.

Eastman Chemical Stock Down 0.1 %

EMN stock opened at $103.53 on Wednesday. The company has a 50 day moving average of $105.90 and a two-hundred day moving average of $101.14. The company has a market cap of $12.00 billion, a price-to-earnings ratio of 13.86, a PEG ratio of 0.77 and a beta of 1.44. Eastman Chemical has a 12-month low of $75.50 and a 12-month high of $114.50. The company has a quick ratio of 0.71, a current ratio of 1.52 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data 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 return on equity of 15.37% and a net margin of 9.47%. The business had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same period last year, the company earned $1.47 earnings per share. Eastman Chemical’s quarterly revenue was up 8.7% compared to the same quarter last year. On average, equities analysts anticipate that Eastman Chemical will post 7.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Christopher Moore Killian sold 3,061 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the sale, the senior vice president now owns 12,366 shares of the company’s stock, valued at $1,298,430. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.28% of the company’s stock.

Hedge Funds Weigh In On Eastman Chemical

Several hedge funds have recently added to or reduced their stakes in the company. Fifth Third Wealth Advisors LLC bought a new stake in Eastman Chemical during the 3rd quarter worth about $491,000. Prospera Financial Services Inc raised its stake in shares of Eastman Chemical by 21.4% during the third quarter. Prospera Financial Services Inc now owns 22,391 shares of the basic materials company’s stock worth $2,506,000 after buying an additional 3,940 shares during the last quarter. Whalen Wealth Management Inc. bought a new stake in shares of Eastman Chemical during the third quarter worth approximately $506,000. Caprock Group LLC boosted its stake in Eastman Chemical by 33.5% in the third quarter. Caprock Group LLC now owns 3,068 shares of the basic materials company’s stock valued at $346,000 after acquiring an additional 770 shares during the last quarter. Finally, Pathstone Holdings LLC boosted its stake in Eastman Chemical by 2.2% in the third quarter. Pathstone Holdings LLC now owns 16,483 shares of the basic materials company’s stock valued at $1,846,000 after acquiring an additional 348 shares during 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.