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

Eastman Chemical (NYSE:EMN) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

Several other research analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft lowered their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research note on Monday, November 4th. Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and raised their price target for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $110.00 to $125.00 in a report on Tuesday, November 26th. Royal Bank of Canada reissued a “sector perform” rating and issued a $105.00 price target on shares of Eastman Chemical in a report on Friday, November 22nd. Finally, Mizuho lifted their price objective on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $112.86.

Eastman Chemical Trading Down 1.0 %

Shares of EMN stock opened at $101.94 on Tuesday. The business’s 50 day moving average is $105.86 and its two-hundred day moving average is $101.77. Eastman Chemical has a twelve month low of $80.71 and a twelve month high of $114.50. The company has a market capitalization of $11.82 billion, a P/E ratio of 13.65, a price-to-earnings-growth ratio of 0.83 and a beta of 1.42. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The company had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period last year, the business posted $1.47 EPS. The company’s revenue was up 8.7% on a year-over-year basis. Equities analysts forecast that Eastman Chemical will post 7.63 EPS for the current year.

Insider Activity

In other news, EVP Stephen Glenn Crawford sold 10,504 shares of Eastman Chemical stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total value of $1,102,920.00. Following the completion of the sale, the executive vice president now owns 47,287 shares of the company’s stock, valued at $4,965,135. The trade was a 18.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the sale, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This represents a 19.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,021 shares of company stock valued at $1,895,948 over the last quarter. Company insiders own 2.27% of the company’s stock.

Institutional Investors Weigh In On Eastman Chemical

A number of institutional investors have recently added to or reduced their stakes in EMN. Tidal Investments LLC grew its position in Eastman Chemical by 31.3% during the first quarter. Tidal Investments LLC now owns 7,468 shares of the basic materials company’s stock valued at $748,000 after acquiring an additional 1,780 shares during the period. Cetera Investment Advisers grew its position in Eastman Chemical by 81.5% during the first quarter. Cetera Investment Advisers now owns 47,691 shares of the basic materials company’s stock valued at $4,780,000 after acquiring an additional 21,412 shares during the period. Cetera Advisors LLC lifted its stake in shares of Eastman Chemical by 119.7% during the first quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company’s stock worth $1,011,000 after purchasing an additional 5,496 shares in the last quarter. DNB Asset Management AS lifted its stake in shares of Eastman Chemical by 16.3% during the second quarter. DNB Asset Management AS now owns 22,854 shares of the basic materials company’s stock worth $2,239,000 after purchasing an additional 3,203 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC lifted its stake in shares of Eastman Chemical by 2.8% during the second quarter. Kingswood Wealth Advisors LLC now owns 4,026 shares of the basic materials company’s stock worth $394,000 after purchasing an additional 111 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

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.