Eastman Chemical (NYSE:EMN) Lowered to Hold at StockNews.com

Eastman Chemical (NYSE:EMNGet Rating) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a report issued on Wednesday.

EMN has been the subject of a number of other reports. Barclays upped their price objective on Eastman Chemical from $128.00 to $130.00 and gave the stock an “equal weight” rating in a report on Monday, January 31st. Wells Fargo & Company cut their price objective on Eastman Chemical from $138.00 to $128.00 and set an “overweight” rating on the stock in a report on Wednesday, April 6th. Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $150.00 to $124.00 in a research note on Tuesday. KeyCorp cut their price target on shares of Eastman Chemical from $150.00 to $142.00 and set an “overweight” rating on the stock in a report on Tuesday, April 5th. Finally, Piper Sandler decreased their price objective on shares of Eastman Chemical from $126.00 to $118.00 and set a “neutral” rating for the company in a research note on Wednesday, March 9th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Eastman Chemical presently has an average rating of “Hold” and an average target price of $130.31.

Shares of NYSE:EMN traded up $1.43 during trading on Wednesday, hitting $111.00. 1,249,992 shares of the stock were exchanged, compared to its average volume of 1,281,122. Eastman Chemical has a 12-month low of $98.24 and a 12-month high of $130.47. The company has a market cap of $14.31 billion, a PE ratio of 17.62, a P/E/G ratio of 0.67 and a beta of 1.47. The company has a fifty day moving average price of $112.32 and a two-hundred day moving average price of $113.82. The company has a current ratio of 1.56, a quick ratio of 1.06 and a debt-to-equity ratio of 0.76.

Eastman Chemical (NYSE:EMNGet Rating) last released its quarterly earnings results on Thursday, January 27th. The basic materials company reported $1.81 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.89 by ($0.08). The firm had revenue of $2.69 billion for the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a return on equity of 19.93% and a net margin of 8.18%. Eastman Chemical’s revenue for the quarter was up 23.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.69 earnings per share. Equities research analysts anticipate that Eastman Chemical will post 9.67 earnings per share for the current fiscal year.

In other news, SVP Mark K. Cox sold 4,858 shares of the firm’s stock in a transaction that occurred on Friday, February 25th. The shares were sold at an average price of $120.79, for a total transaction of $586,797.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Christopher Moore Killian sold 14,738 shares of Eastman Chemical stock in a transaction on Thursday, February 10th. The stock was sold at an average price of $122.75, for a total transaction of $1,809,089.50. The disclosure for this sale can be found here. Corporate insiders own 1.87% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Confluence Wealth Services Inc. bought a new position in shares of Eastman Chemical in the 4th quarter worth about $25,000. Penserra Capital Management LLC raised its stake in Eastman Chemical by 60.0% during the third quarter. Penserra Capital Management LLC now owns 264 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 99 shares during the period. David J Yvars Group bought a new position in Eastman Chemical in the fourth quarter worth about $30,000. Ulland Investment Advisors LLC acquired a new position in Eastman Chemical in the fourth quarter valued at approximately $30,000. Finally, Farmers & Merchants Investments Inc. boosted its stake in Eastman Chemical by 292.5% in the fourth quarter. Farmers & Merchants Investments Inc. now owns 263 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 196 shares during the period. 82.59% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Company Profile (Get Rating)

Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.

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