Eastman Chemical (NYSE:EMN) Rating Increased to Buy at StockNews.com

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

Several other analysts have also weighed in on EMN. Mizuho lifted their price objective on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research note on Friday. Citigroup dropped their price target on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research note on Thursday, June 27th. Piper Sandler upped their target price on Eastman Chemical from $90.00 to $105.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 30th. KeyCorp upped their price objective on shares of Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Finally, Royal Bank of Canada lifted their price target on Eastman Chemical from $100.00 to $104.00 and gave the company a “sector perform” rating in a research note on Tuesday, April 30th. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $108.75.

Eastman Chemical Trading Up 0.5 %

NYSE:EMN traded up $0.51 during trading hours on Monday, hitting $101.24. 1,019,494 shares of the company were exchanged, compared to its average volume of 982,041. The company has a fifty day simple moving average of $98.86 and a 200 day simple moving average of $94.56. Eastman Chemical has a one year low of $68.89 and a one year high of $105.98. The stock has a market capitalization of $11.91 billion, a price-to-earnings ratio of 13.05, a price-to-earnings-growth ratio of 1.11 and a beta of 1.46. The company has a current ratio of 1.39, a quick ratio of 0.71 and a debt-to-equity ratio of 0.77.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14. Eastman Chemical had a net margin of 9.65% and a return on equity of 14.06%. The business had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the firm posted $1.99 EPS. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. Sell-side analysts expect that Eastman Chemical will post 7.69 EPS for the current fiscal year.

Insider Transactions at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 3,662 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $101.26, for a total transaction of $370,814.12. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Mark J. Costa sold 102,390 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the sale, the chief executive officer now owns 395,699 shares of the company’s stock, valued at approximately $39,878,545.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Adrian James Holt sold 3,662 shares of the company’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $101.26, for a total transaction of $370,814.12. The disclosure for this sale can be found here. Insiders sold a total of 108,027 shares of company stock worth $10,885,638 in the last quarter. Insiders own 1.93% of the company’s stock.

Hedge Funds Weigh In On Eastman Chemical

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Capital Research Global Investors increased its holdings in shares of Eastman Chemical by 649.8% in 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 buying an additional 3,909,740 shares during the last quarter. Norges Bank bought a new stake in Eastman Chemical in the fourth quarter valued at approximately $121,847,000. DekaBank Deutsche Girozentrale grew its holdings in Eastman Chemical by 318.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock worth $69,516,000 after acquiring an additional 534,081 shares during the last quarter. Mackenzie Financial Corp increased its position in shares of Eastman Chemical by 274.5% in the fourth quarter. Mackenzie Financial Corp now owns 249,104 shares of the basic materials company’s stock valued at $22,375,000 after acquiring an additional 391,848 shares during the period. Finally, Earnest Partners LLC raised its position in Eastman Chemical by 11.0% during the 1st quarter. Earnest Partners LLC now owns 2,199,943 shares of the basic materials company’s stock valued at $220,478,000 after purchasing an additional 217,720 shares during the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

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.