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

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

Other research analysts also recently issued reports about the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $105.00 target price on shares of Eastman Chemical in a research note on Friday, November 22nd. Deutsche Bank Aktiengesellschaft lowered their target price 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, November 4th. Mizuho raised their price target on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Wells Fargo & Company raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $110.00 to $125.00 in a research note on Tuesday, November 26th. Finally, Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and raised their price target for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $112.86.

Eastman Chemical Trading Down 0.4 %

Shares of EMN stock opened at $104.27 on Tuesday. The firm has a market cap of $12.09 billion, a P/E ratio of 13.96, a PEG ratio of 0.84 and a beta of 1.44. The firm’s 50-day simple moving average is $106.18 and its 200-day simple moving average is $101.75. Eastman Chemical has a 1-year low of $80.71 and a 1-year high of $114.50. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 net margin of 9.47% and a return on equity of 15.37%. The company’s revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.47 EPS. As a group, equities analysts forecast that Eastman Chemical will post 7.63 EPS for the current year.

Insider Activity

In other news, SVP Christopher Moore Killian sold 3,061 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value of $321,405.00. Following 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 19.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Julie A. Mcalindon sold 4,456 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total value of $471,623.04. Following the completion of the sale, the senior vice president now directly owns 4,403 shares of the company’s stock, valued at approximately $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 quarter, insiders have sold 18,021 shares of company stock worth $1,895,948. Corporate insiders own 1.93% of the company’s stock.

Hedge Funds Weigh In On Eastman Chemical

Hedge funds have recently modified their holdings of the stock. State Street Corp grew its holdings in Eastman Chemical by 1.4% during the third quarter. State Street Corp now owns 5,285,230 shares of the basic materials company’s stock worth $595,820,000 after purchasing an additional 70,692 shares during the period. Franklin Resources Inc. grew its holdings in Eastman Chemical by 5.7% in the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock valued at $593,233,000 after buying an additional 282,458 shares in the last quarter. Geode Capital Management LLC increased its position in Eastman Chemical by 0.5% during the third quarter. Geode Capital Management LLC now owns 2,784,102 shares of the basic materials company’s stock worth $310,628,000 after acquiring an additional 13,381 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of Eastman Chemical by 3.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock valued at $306,093,000 after buying an additional 83,504 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Eastman Chemical by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock valued at $223,435,000 after acquiring an additional 198,645 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.