StockNews.com Downgrades Eastman Chemical (NYSE:EMN) to Hold

Eastman Chemical (NYSE:EMN) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.

A number of other equities analysts have also recently weighed in on the stock. Redburn Atlantic initiated coverage on shares of Eastman Chemical in a research report on Thursday, February 15th. They set a “buy” rating and a $110.00 price objective for the company. Jefferies Financial Group upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and increased their target price for the stock from $102.00 to $125.00 in a report on Monday. Royal Bank of Canada increased their target price on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock a “sector perform” rating in a report on Friday, April 19th. Bank of America reduced their target price on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a report on Monday. Finally, Citigroup increased their target price on shares of Eastman Chemical from $95.00 to $114.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Eight research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $103.12.

Eastman Chemical Stock Performance

NYSE:EMN opened at $94.44 on Monday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.70 and a current ratio of 1.35. The stock has a market capitalization of $11.11 billion, a P/E ratio of 12.17, a PEG ratio of 1.06 and a beta of 1.54. The company has a 50 day moving average price of $94.23 and a 200 day moving average price of $86.73. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $102.71.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20. The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.95%. The firm’s quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter last year, the company posted $1.63 EPS. Equities research analysts forecast that Eastman Chemical will post 7.71 EPS for the current year.

Insider Activity at Eastman Chemical

In related news, SVP Adrian James Holt sold 4,735 shares of the stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.28% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. First Command Advisory Services Inc. purchased a new position in shares of Eastman Chemical in the 3rd quarter valued at $26,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Eastman Chemical in the 4th quarter valued at $26,000. Northwest Investment Counselors LLC purchased a new position in shares of Eastman Chemical in the 1st quarter valued at $34,000. Sound Income Strategies LLC grew its position in Eastman Chemical by 213.8% during the 4th quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 278 shares during the last quarter. Finally, Bruce G. Allen Investments LLC purchased a new position in Eastman Chemical during the 4th quarter worth $38,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

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.