Eastman Chemical (NYSE:EMN) Downgraded by StockNews.com to “Hold”

StockNews.com cut shares of Eastman Chemical (NYSE:EMN) from a buy rating to a hold rating in a research report report published on Wednesday.

A number of other analysts have also recently commented on the company. Piper Sandler reiterated a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Mizuho lifted their price objective on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Wells Fargo & Company dropped their price objective on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating for the company in a research report on Monday. Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $111.50.

Eastman Chemical Trading Up 2.8 %

Shares of EMN stock opened at $103.69 on Wednesday. Eastman Chemical has a fifty-two week low of $75.01 and a fifty-two week high of $114.50. The stock has a market cap of $12.02 billion, a P/E ratio of 13.88, a P/E/G ratio of 0.77 and a beta of 1.44. The business has a fifty day simple moving average of $105.85 and a 200-day simple moving average of $101.12. The company has a quick ratio of 0.71, a current ratio of 1.52 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The business had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter last year, the business posted $1.47 earnings per share. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. On average, analysts forecast that Eastman Chemical will post 7.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Eastman Chemical

Several hedge funds and other institutional investors have recently modified their holdings of EMN. Capital Research Global Investors lifted its position in 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 worth $452,139,000 after acquiring an additional 3,909,740 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Eastman Chemical by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock worth $223,435,000 after acquiring an additional 198,645 shares in the last quarter. Earnest Partners LLC lifted its position in Eastman Chemical by 1.8% during the 2nd quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company’s stock worth $219,454,000 after acquiring an additional 40,070 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Eastman Chemical by 0.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,220,463 shares of the basic materials company’s stock worth $119,569,000 after acquiring an additional 7,847 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its position in Eastman Chemical by 18.1% during the 1st quarter. Clearbridge Investments LLC now owns 1,120,604 shares of the basic materials company’s stock worth $112,307,000 after acquiring an additional 171,945 shares in the last quarter. 83.65% of the stock is 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.