Eastman Chemical (NYSE:EMN) Upgraded at StockNews.com

StockNews.com upgraded shares of Eastman Chemical (NYSE:EMN) from a hold rating to a buy rating in a research report released on Thursday morning.

EMN has been the subject of a number of other reports. Wells Fargo & Company lowered their price target on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating for the company in a research report on Monday, November 4th. Royal Bank of Canada dropped their price target on shares of Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Piper Sandler reissued a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Mizuho boosted their target price on Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Finally, Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and increased their price target for the stock from $114.00 to $119.00 in a report on Wednesday, October 16th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Eastman Chemical has an average rating of “Hold” and an average price target of $111.50.

Eastman Chemical Trading Up 0.9 %

Shares of EMN opened at $101.61 on Thursday. Eastman Chemical has a fifty-two week low of $80.14 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 company’s fifty day moving average is $106.07 and its 200 day moving average is $101.43. The stock has a market capitalization of $11.78 billion, a PE ratio of 13.60, a P/E/G ratio of 0.77 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $2.38 billion. During the same period in the prior year, the company earned $1.47 EPS. The business’s revenue was up 8.7% compared to the same quarter last year. Sell-side analysts expect that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Insider Activity

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total transaction of $321,405.00. Following the sale, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.93% of the company’s stock.

Institutional Investors Weigh In On Eastman Chemical

Institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC purchased a new stake in shares of Eastman Chemical during the first quarter valued at about $594,000. US Bancorp DE boosted its stake in Eastman Chemical by 4.0% in the first quarter. US Bancorp DE now owns 51,201 shares of the basic materials company’s stock valued at $5,131,000 after acquiring an additional 1,966 shares in the last quarter. ProShare Advisors LLC increased its position in shares of Eastman Chemical by 2.2% during the first quarter. ProShare Advisors LLC now owns 33,084 shares of the basic materials company’s stock worth $3,316,000 after purchasing an additional 699 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of Eastman Chemical by 1.1% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 19,285 shares of the basic materials company’s stock valued at $1,933,000 after purchasing an additional 219 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its position in shares of Eastman Chemical by 18.3% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 148,683 shares of the basic materials company’s stock worth $14,901,000 after purchasing an additional 23,052 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.