Eastman Chemical (NYSE:EMN) Downgraded by StockNews.com

Eastman Chemical (NYSE:EMN – Get Rating) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

Several other equities analysts have also commented on EMN. Credit Suisse Group increased their target price on Eastman Chemical from $95.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, January 27th. Mizuho increased their target price on Eastman Chemical from $82.00 to $84.00 in a report on Tuesday, May 2nd. Barclays upped their price objective on shares of Eastman Chemical from $87.00 to $90.00 in a research note on Monday, May 1st. Vertical Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating and decreased their target price for the stock from $94.00 to $92.00 in a research note on Monday, January 30th. Finally, Scotiabank downgraded shares of Eastman Chemical from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the stock from $100.00 to $90.00 in a research note on Monday, January 30th. Eleven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $95.31.

Eastman Chemical Stock Down 1.1 %

Eastman Chemical stock opened at $82.45 on Friday. Eastman Chemical has a twelve month low of $69.91 and a twelve month high of $112.78. The stock’s fifty day simple moving average is $81.29 and its 200-day simple moving average is $84.15. The company has a current ratio of 1.34, a quick ratio of 0.68 and a debt-to-equity ratio of 0.88. The firm has a market capitalization of $9.82 billion, a P/E ratio of 14.67, a P/E/G ratio of 1.07 and a beta of 1.50.

Eastman Chemical (NYSE:EMN – Get Rating) last posted its quarterly earnings data on Friday, April 28th. The basic materials company reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.41. Eastman Chemical had a return on equity of 17.03% and a net margin of 6.73%. The business had revenue of $2.41 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the prior year, the company earned $2.06 earnings per share. The company’s revenue was down 11.1% on a year-over-year basis. As a group, equities analysts expect that Eastman Chemical will post 7.94 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Eastman Chemical

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Retirement Group LLC acquired a new position in shares of Eastman Chemical in the 1st quarter valued at about $27,000. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Eastman Chemical by 71.5% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 391 shares of the basic materials company’s stock valued at $33,000 after buying an additional 163 shares during the period. Money Concepts Capital Corp boosted its holdings in shares of Eastman Chemical by 435.0% in the 4th quarter. Money Concepts Capital Corp now owns 428 shares of the basic materials company’s stock valued at $35,000 after buying an additional 348 shares during the period. Point72 Asset Management L.P. acquired a new position in Eastman Chemical during the 4th quarter valued at about $37,000. Finally, WealthPLAN Partners LLC acquired a new position in Eastman Chemical during the 1st quarter valued at about $39,000. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Eastman Chemical Company Profile

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Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Advanced Material (AM), Additives and Functional Products (AFP), Chemical Intermediates (CI), and Fibers. The AM segment produces and markets its polymers, films, and plastics with differentiated performance properties for value-added end uses in transportation, consumables, building and construction, durable goods, and health and wellness markets.