Eastman Chemical (NYSE:EMN) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of Eastman Chemical (NYSE:EMN) from a hold rating to a buy rating in a report issued on Thursday morning.

EMN has been the subject of several other reports. Royal Bank of Canada decreased their price objective on shares of Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Mizuho boosted their target price on shares of Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Wells Fargo & Company cut their price target on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a research report on Monday, November 4th. Deutsche Bank Aktiengesellschaft decreased their price objective on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a report on Monday, November 4th. Finally, Barclays raised their target price on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $111.50.

Eastman Chemical Stock Up 0.9 %

Shares of NYSE:EMN traded up $0.94 during trading on Thursday, reaching $101.69. The stock had a trading volume of 359,752 shares, compared to its average volume of 950,034. The company has a market capitalization of $11.79 billion, a P/E ratio of 13.49, a PEG ratio of 0.77 and a beta of 1.44. Eastman Chemical has a one year low of $80.14 and a one year high of $114.50. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80. The firm’s 50-day simple moving average is $105.98 and its 200 day simple moving average is $101.30.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The business had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the previous year, the firm earned $1.47 earnings per share. The company’s revenue was up 8.7% on a year-over-year basis. As a group, research analysts expect that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Insider Activity

In other news, SVP Christopher Moore Killian sold 3,061 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value of $321,405.00. Following the transaction, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This trade represents a 19.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 1.93% of the company’s stock.

Institutional Trading of Eastman Chemical

Hedge funds have recently bought and sold shares of the business. Capital Research Global Investors grew its position in shares of Eastman Chemical by 649.8% in the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after purchasing an additional 3,909,740 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in Eastman Chemical by 1,104.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock valued at $104,560,000 after buying an additional 856,432 shares in the last quarter. Truist Financial Corp increased its stake in shares of Eastman Chemical by 201.5% in the 2nd quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock worth $90,572,000 after acquiring an additional 617,889 shares during the last quarter. DekaBank Deutsche Girozentrale raised its holdings in shares of Eastman Chemical by 318.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock worth $69,516,000 after acquiring an additional 534,081 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in shares of Eastman Chemical by 57.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock valued at $104,755,000 after acquiring an additional 340,562 shares during the last quarter. Institutional investors and hedge funds 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.