Eastman Chemical (NYSE:EMN) Rating Lowered to Hold at StockNews.com

StockNews.com downgraded shares of Eastman Chemical (NYSE:EMNFree Report) from a buy rating to a hold rating in a research report released on Thursday.

A number of other research firms also recently weighed in on EMN. UBS Group raised shares of Eastman Chemical from a neutral rating to a buy rating and boosted their price target for the stock from $106.00 to $128.00 in a research note on Thursday, May 23rd. Jefferies Financial Group raised Eastman Chemical from a hold rating to a buy rating and increased their price target for the company from $102.00 to $125.00 in a research note on Monday, April 29th. Citigroup lifted their price objective on Eastman Chemical from $95.00 to $114.00 and gave the stock a buy rating in a research note on Wednesday, April 10th. Piper Sandler increased their target price on Eastman Chemical from $90.00 to $105.00 and gave the company a neutral rating in a research note on Tuesday, April 30th. Finally, Mizuho boosted their target price on Eastman Chemical from $91.00 to $102.00 and gave the stock a neutral rating in a research report on Friday, April 26th. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Eastman Chemical has a consensus rating of Moderate Buy and an average target price of $107.50.

View Our Latest Analysis on EMN

Eastman Chemical Stock Up 0.5 %

Shares of EMN opened at $98.61 on Thursday. The firm has a market capitalization of $11.60 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 1.06 and a beta of 1.51. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $105.98. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39. The business’s fifty day moving average price is $99.11 and its two-hundred day moving average price is $92.86.

Eastman Chemical (NYSE:EMNGet Free Report) last posted its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.20. The business had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.29 billion. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The firm’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.63 earnings per share. On average, analysts predict that Eastman Chemical will post 7.75 earnings per share for the current year.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 17th will be given a $0.81 dividend. The ex-dividend date is Monday, June 17th. This represents a $3.24 annualized dividend and a yield of 3.29%. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Insiders Place Their Bets

In other news, SVP Adrian James Holt sold 3,662 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $101.26, for a total value of $370,814.12. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, SVP Adrian James Holt sold 3,662 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $101.26, for a total transaction of $370,814.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mark J. Costa sold 102,390 shares of Eastman Chemical stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of the sale, the chief executive officer now owns 395,699 shares in the company, valued at $39,878,545.22. The disclosure for this sale can be found here. In the last 90 days, insiders sold 108,027 shares of company stock worth $10,885,638. Corporate insiders own 1.93% of the company’s stock.

Hedge Funds Weigh In On Eastman Chemical

Several hedge funds have recently modified their holdings of EMN. Capital Research Global Investors boosted its holdings in shares of Eastman Chemical by 649.8% in the 1st quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after buying an additional 3,909,740 shares during the last quarter. Norges Bank bought a new stake in Eastman Chemical during the fourth quarter worth $121,847,000. DekaBank Deutsche Girozentrale lifted its stake in Eastman Chemical by 318.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock valued at $69,516,000 after acquiring an additional 534,081 shares during the last quarter. Mackenzie Financial Corp grew its position in shares of Eastman Chemical by 274.5% in the 4th quarter. Mackenzie Financial Corp now owns 249,104 shares of the basic materials company’s stock valued at $22,375,000 after acquiring an additional 391,848 shares during the period. Finally, Schonfeld Strategic Advisors LLC increased its stake in shares of Eastman Chemical by 1,031.0% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 333,655 shares of the basic materials company’s stock worth $25,598,000 after purchasing an additional 304,155 shares during the last quarter. Institutional investors own 83.65% of the company’s stock.

About Eastman Chemical

(Get Free Report)

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.

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Analyst Recommendations for Eastman Chemical (NYSE:EMN)

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