Citigroup Downgrades Eastman Chemical (NYSE:EMN) to Neutral

Eastman Chemical (NYSE:EMNGet Rating) was downgraded by Citigroup from a “buy” rating to a “neutral” rating in a research note issued on Monday, MarketBeat.com reports. They currently have a $102.00 price objective on the basic materials company’s stock. Citigroup’s price target suggests a potential upside of 9.42% from the stock’s current price.

A number of other brokerages also recently issued reports on EMN. Deutsche Bank Aktiengesellschaft reduced their price target on Eastman Chemical from $135.00 to $125.00 in a research report on Wednesday, May 4th. Stifel Nicolaus reduced their target price on Eastman Chemical to $155.00 in a research note on Monday, May 2nd. Barclays dropped their price target on Eastman Chemical from $130.00 to $120.00 in a research report on Monday, May 2nd. Bank of America dropped their target price on Eastman Chemical from $123.00 to $115.00 and set a “neutral” rating for the company in a report on Wednesday, July 13th. Finally, StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a report on Thursday, April 28th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Eastman Chemical presently has an average rating of “Hold” and a consensus price target of $118.07.

Eastman Chemical Trading Down 0.9 %

Shares of EMN stock opened at $93.22 on Monday. Eastman Chemical has a 12-month low of $84.95 and a 12-month high of $129.48. The company has a current ratio of 1.57, a quick ratio of 1.04 and a debt-to-equity ratio of 0.73. The stock’s 50-day moving average price is $95.85 and its 200-day moving average price is $106.43. The stock has a market capitalization of $12.01 billion, a price-to-earnings ratio of 10.12, a price-to-earnings-growth ratio of 1.32 and a beta of 1.43.

Eastman Chemical (NYSE:EMNGet Rating) last released its quarterly earnings results on Thursday, July 28th. The basic materials company reported $2.83 EPS for the quarter, topping the consensus estimate of $2.69 by $0.14. Eastman Chemical had a return on equity of 20.17% and a net margin of 11.18%. The company had revenue of $2.78 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same quarter last year, the business posted $2.46 earnings per share. The firm’s revenue was up 4.9% on a year-over-year basis. Equities research analysts predict that Eastman Chemical will post 9.75 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in EMN. National Bank of Canada FI acquired a new position in Eastman Chemical during the 4th quarter worth approximately $62,000. NN Investment Partners Holdings N.V. acquired a new position in Eastman Chemical during the 4th quarter worth approximately $242,000. Bessemer Group Inc. grew its holdings in Eastman Chemical by 5.2% during the 4th quarter. Bessemer Group Inc. now owns 2,894 shares of the basic materials company’s stock worth $350,000 after acquiring an additional 144 shares in the last quarter. National Asset Management Inc. grew its holdings in Eastman Chemical by 5.7% during the 4th quarter. National Asset Management Inc. now owns 5,789 shares of the basic materials company’s stock worth $701,000 after acquiring an additional 310 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Eastman Chemical during the 4th quarter worth approximately $23,356,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

About Eastman Chemical

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Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.

Further Reading

Analyst Recommendations for Eastman Chemical (NYSE:EMN)

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