StockNews.com Upgrades Eastman Chemical (NYSE:EMN) to “Buy”

Eastman Chemical (NYSE:EMN) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

A number of other brokerages also recently weighed in on EMN. Mizuho raised their price objective on Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Barclays lifted their price target on 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 lowered their price objective on Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $111.50.

Eastman Chemical Trading Up 0.3 %

Shares of EMN stock opened at $100.77 on Thursday. The stock has a 50-day simple moving average of $105.92 and a 200 day simple moving average of $101.31. Eastman Chemical has a fifty-two week low of $78.44 and a fifty-two week high of $114.50. The stock has a market capitalization of $11.68 billion, a P/E ratio of 13.49, a P/E/G ratio of 0.77 and a beta of 1.44. The company has a quick ratio of 0.78, 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. The firm had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.47 EPS. On average, sell-side analysts expect that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Eastman Chemical 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 transaction of $321,405.00. Following the completion of the transaction, the senior vice president now owns 12,366 shares of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which is accessible through this link. 1.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of EMN. Capital Research Global Investors boosted its holdings in shares of Eastman Chemical by 649.8% during the 1st quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after purchasing an additional 3,909,740 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Eastman Chemical by 1,104.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock valued at $104,560,000 after buying an additional 856,432 shares in the last quarter. Truist Financial Corp raised its position in shares of Eastman Chemical by 201.5% during the 2nd quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock valued at $90,572,000 after buying an additional 617,889 shares in the last quarter. DekaBank Deutsche Girozentrale raised its position in shares of Eastman Chemical by 318.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock valued at $69,516,000 after buying an additional 534,081 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of Eastman Chemical by 57.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock valued at $104,755,000 after buying an additional 340,562 shares in the last quarter. Hedge funds and other 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.