Eastman Chemical (NYSE:EMN) Given Average Recommendation of “Hold” by Analysts

Shares of Eastman Chemical (NYSE:EMN) have been assigned an average rating of “Hold” from the fourteen ratings firms that are presently covering the firm, Marketbeat reports. Eight analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $111.50.

Several equities research analysts have weighed in on EMN shares. Mizuho raised their price objective 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. Royal Bank of Canada cut their target price on shares of Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Piper Sandler reissued a “neutral” rating and issued a $105.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. Finally, Wells Fargo & Company reduced their price objective on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating for the company in a research report on Monday, November 4th.

Insider Activity

In other news, SVP Christopher Moore Killian sold 3,061 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was 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 directly owns 12,366 shares of the company’s stock, valued at $1,298,430. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 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 the company. Cultivar Capital Inc. acquired a new position in Eastman Chemical in the 2nd quarter valued at $29,000. Wolff Wiese Magana LLC grew its stake in shares of Eastman Chemical by 238.1% in the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 200 shares in the last quarter. EntryPoint Capital LLC bought a new position in Eastman Chemical during the first quarter worth about $38,000. Rothschild Investment LLC acquired a new stake in Eastman Chemical in the 2nd quarter worth about $38,000. Finally, Northwest Investment Counselors LLC bought a new stake in Eastman Chemical in the 3rd quarter valued at about $38,000. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Price Performance

Shares of NYSE:EMN opened at $102.37 on Tuesday. The company has a current ratio of 1.52, a quick ratio of 0.71 and a debt-to-equity ratio of 0.80. The business’s 50 day moving average is $105.89 and its 200-day moving average is $101.28. Eastman Chemical has a 1-year low of $76.28 and a 1-year high of $114.50. The firm has a market capitalization of $11.87 billion, a PE ratio of 13.70, a PEG ratio of 0.77 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, beating 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 firm had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the prior year, the business posted $1.47 earnings per share. The business’s revenue was up 8.7% compared to the same quarter last year. Sell-side analysts predict that Eastman Chemical will post 7.62 earnings per share for the current year.

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.