Eastman Chemical (NYSE:EMN) Receives Consensus Rating of “Moderate Buy” from Brokerages

Eastman Chemical (NYSE:EMN) has been assigned an average recommendation of “Moderate Buy” from the fourteen analysts that are covering the company, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $112.86.

Several research analysts have recently weighed in on the company. StockNews.com cut Eastman Chemical from a “buy” rating to a “hold” rating in a report on Monday, November 25th. Mizuho boosted their price objective on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft cut their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research note on Monday, November 4th. Wells Fargo & Company raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $110.00 to $125.00 in a report on Tuesday. Finally, 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.

Eastman Chemical Trading Up 0.5 %

Shares of EMN stock opened at $104.72 on Friday. Eastman Chemical has a fifty-two week low of $80.71 and a fifty-two week high of $114.50. 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 stock’s fifty day moving average is $106.29 and its two-hundred day moving average is $101.68. The firm has a market capitalization of $12.14 billion, a P/E ratio of 14.02, a PEG ratio of 0.83 and a beta of 1.44.

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

Insider Transactions at Eastman Chemical

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value 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 $1,298,430. The trade was a 19.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the sale, the executive vice president now directly owns 47,287 shares in the company, valued at $4,965,135. This represents a 18.18 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,021 shares of company stock worth $1,895,948. 1.93% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. boosted its position in Eastman Chemical by 1,104.3% in 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 during the period. Truist Financial Corp raised its stake in shares of Eastman Chemical by 201.5% in the second quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock valued at $90,572,000 after acquiring an additional 617,889 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Eastman Chemical by 57.2% in the third quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock valued at $104,755,000 after purchasing an additional 340,562 shares during the period. Franklin Resources Inc. grew its stake in Eastman Chemical by 5.7% during the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock worth $593,233,000 after purchasing an additional 282,458 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in Eastman Chemical by 34.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock valued at $83,524,000 after purchasing an additional 218,531 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

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.