Eastman Chemical (NYSE:EMN) Upgraded by StockNews.com to “Buy” Rating

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

Other research analysts also recently issued reports about the stock. Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $115.00 to $109.00 in a research note on Tuesday, January 14th. Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $110.00 to $125.00 in a report on Tuesday, November 26th. Piper Sandler reduced their price objective on shares of Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. Finally, Mizuho raised their price objective on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $112.92.

Eastman Chemical Trading Up 1.6 %

NYSE EMN opened at $93.22 on Friday. The business’s fifty day moving average is $96.52 and its 200-day moving average is $100.28. 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 has a one year low of $80.71 and a one year high of $114.50. The stock has a market capitalization of $10.81 billion, a price-to-earnings ratio of 12.48, a PEG ratio of 0.62 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last announced its quarterly 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. 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 in the prior 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. Equities research analysts predict that Eastman Chemical will post 7.61 EPS for the current year.

Insider Transactions at Eastman Chemical

In other news, SVP Christopher Moore Killian sold 3,061 shares of the firm’s stock in a transaction 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 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 legal filing with the SEC, which is available at this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at $4,965,135. The trade was a 18.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,021 shares of company stock worth $1,895,948 over the last ninety days. 2.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Eastman Chemical

A number of institutional investors have recently bought and sold shares of the business. National Bank of Canada FI increased its holdings in Eastman Chemical by 492.9% in the 3rd quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock valued at $23,863,000 after buying an additional 177,207 shares during the period. KBC Group NV boosted its stake in shares of Eastman Chemical by 21.8% in the 3rd quarter. KBC Group NV now owns 110,610 shares of the basic materials company’s stock valued at $12,383,000 after purchasing an additional 19,809 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Eastman Chemical by 6.8% during the third quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company’s stock worth $16,588,000 after purchasing an additional 9,447 shares during the period. Ensign Peak Advisors Inc increased its stake in Eastman Chemical by 21.0% in the second quarter. Ensign Peak Advisors Inc now owns 46,288 shares of the basic materials company’s stock valued at $4,535,000 after purchasing an additional 8,035 shares in the last quarter. Finally, Pathway Financial Advisers LLC acquired a new position in Eastman Chemical in the third quarter valued at about $632,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

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.