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

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

Several other research firms have also recently weighed in on EMN. Barclays raised their target price on shares of Eastman Chemical from $128.00 to $130.00 and gave the company an “equal weight” rating in a research note on Monday, January 31st. KeyCorp cut their target price on shares of Eastman Chemical from $150.00 to $142.00 and set an “overweight” rating for the company in a research note on Tuesday, April 5th. Piper Sandler cut their target price 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. Morgan Stanley raised their target price on shares of Eastman Chemical from $142.00 to $165.00 and gave the company an “overweight” rating in a research note on Tuesday, January 11th. Finally, Bank of America cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $150.00 to $124.00 in a research note on Tuesday, April 19th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $130.31.

Shares of EMN stock opened at $105.13 on Thursday. The company has a market capitalization of $13.56 billion, a price-to-earnings ratio of 16.69, a PEG ratio of 1.30 and a beta of 1.47. Eastman Chemical has a one year low of $98.24 and a one year high of $130.47. The company’s fifty day moving average price is $110.71 and its 200-day moving average price is $113.91. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.56 and a quick ratio of 1.06.

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

In related news, SVP Christopher Moore Killian sold 14,738 shares of Eastman Chemical stock in a transaction dated Thursday, February 10th. The shares were sold at an average price of $122.75, for a total transaction of $1,809,089.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Mark K. Cox sold 4,858 shares of Eastman Chemical stock in a transaction dated Friday, February 25th. The shares were sold at an average price of $120.79, for a total transaction of $586,797.82. The disclosure for this sale can be found here. 1.93% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Confluence Wealth Services Inc. bought a new stake in Eastman Chemical during the 4th quarter valued at about $25,000. Penserra Capital Management LLC lifted its holdings in Eastman Chemical by 60.0% during the 3rd quarter. Penserra Capital Management LLC now owns 264 shares of the basic materials company’s stock valued at $26,000 after buying an additional 99 shares in the last quarter. David J Yvars Group bought a new stake in Eastman Chemical during the 4th quarter valued at about $30,000. Ulland Investment Advisors LLC bought a new stake in shares of Eastman Chemical in the 4th quarter valued at about $30,000. Finally, Farmers & Merchants Investments Inc. raised its holdings in shares of Eastman Chemical by 292.5% in the 4th quarter. Farmers & Merchants Investments Inc. now owns 263 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 196 shares in the last quarter. Institutional investors own 82.59% of the company’s stock.

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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Analyst Recommendations for Eastman Chemical (NYSE:EMN)

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