Eastman Chemical (NYSE:EMN) Shares Gap Down – Here’s Why

Eastman Chemical (NYSE:EMN) shares gapped down prior to trading on Friday . The stock had previously closed at $105.09, but opened at $102.00. Eastman Chemical shares last traded at $102.56, with a volume of 86,248 shares.

Wall Street Analyst Weigh In

EMN has been the topic of several analyst reports. Wells Fargo & Company upped their target price on shares of Eastman Chemical from $105.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 15th. Mizuho lifted their price target on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $111.64.

Eastman Chemical Stock Down 3.1 %

The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. The firm has a market capitalization of $11.90 billion, a PE ratio of 14.15, a PEG ratio of 0.80 and a beta of 1.44. The company has a fifty day simple moving average of $105.66 and a two-hundred day simple moving average of $100.92.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.13 by $0.13. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The firm had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the prior year, the firm earned $1.47 EPS. The firm’s revenue was up 8.7% on a year-over-year basis. Analysts forecast that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Institutional Investors Weigh In On Eastman Chemical

Institutional investors have recently bought and sold shares of the company. Capital Research Global Investors increased its position in Eastman Chemical by 649.8% during the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock worth $452,139,000 after purchasing an additional 3,909,740 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Eastman Chemical by 1,104.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock worth $104,560,000 after purchasing an additional 856,432 shares during the last quarter. Truist Financial Corp boosted its position in shares of Eastman Chemical by 201.5% during the 2nd quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock worth $90,572,000 after purchasing an additional 617,889 shares during the period. DekaBank Deutsche Girozentrale boosted its position in shares of Eastman Chemical by 318.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock worth $69,516,000 after buying an additional 534,081 shares during the period. Finally, Envestnet Asset Management Inc. lifted its stake in Eastman Chemical by 34.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock worth $83,524,000 after acquiring an additional 218,531 shares in the last quarter. 83.65% of the stock is currently 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.