Eastman Chemical (NYSE:EMN) Rating Increased to Buy at Bank of America

Eastman Chemical (NYSE:EMN) was upgraded by analysts at Bank of America from a “neutral” rating to a “buy” rating in a note issued to investors on Tuesday, MarketBeat Ratings reports. The firm currently has a $109.00 price target on the basic materials company’s stock, down from their previous price target of $115.00. Bank of America‘s price objective points to a potential upside of 18.53% from the stock’s current price.

EMN has been the topic of a number of other reports. Citigroup cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and cut their price objective for the company from $118.00 to $104.00 in a research note on Wednesday, December 18th. StockNews.com lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, January 10th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $105.00 price objective on shares of Eastman Chemical in a report on Friday, November 22nd. Mizuho boosted their target price on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Finally, Piper Sandler decreased their price target on Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $112.92.

Eastman Chemical Trading Down 0.0 %

Eastman Chemical stock opened at $91.96 on Tuesday. The firm has a 50-day moving average price of $96.92 and a two-hundred day moving average price of $100.29. Eastman Chemical has a 52-week low of $80.71 and a 52-week high of $114.50. The firm has a market capitalization of $10.66 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 0.79 and a beta of 1.44. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80.

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

Insider Transactions at Eastman Chemical

In other Eastman Chemical news, SVP Julie A. Mcalindon sold 4,456 shares of Eastman Chemical stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total transaction of $471,623.04. Following the transaction, the senior vice president now directly owns 4,403 shares in the company, valued at approximately $466,013.52. The trade was a 50.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Christopher Moore Killian sold 3,061 shares of the 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 owns 12,366 shares of the company’s stock, valued at $1,298,430. The trade was a 19.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,021 shares of company stock valued at $1,895,948 over the last ninety days. Corporate insiders own 1.93% of the company’s stock.

Hedge Funds Weigh In On Eastman Chemical

A number of large investors have recently made changes to their positions in EMN. Wolff Wiese Magana LLC grew its position in Eastman Chemical by 238.1% during the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 200 shares in the last quarter. Dunhill Financial LLC grew its holdings in shares of Eastman Chemical by 94.7% during the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 162 shares in the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of Eastman Chemical in the third quarter worth $38,000. Benjamin F. Edwards & Company Inc. increased its stake in shares of Eastman Chemical by 30.9% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 610 shares of the basic materials company’s stock worth $60,000 after acquiring an additional 144 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its holdings in shares of Eastman Chemical by 52.6% during the third quarter. Massmutual Trust Co. FSB ADV now owns 537 shares of the basic materials company’s stock worth $60,000 after acquiring an additional 185 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

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.