Eastman Chemical (NYSE:EMN) Upgraded at Zacks Research

Eastman Chemical (NYSE:EMN) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Wednesday,Zacks.com reports.

EMN has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Eastman Chemical from $64.00 to $72.00 and gave the stock a “hold” rating in a report on Monday, February 2nd. Bank of America increased their target price on Eastman Chemical from $74.00 to $79.00 and gave the company a “buy” rating in a report on Monday, February 2nd. Wells Fargo & Company restated an “equal weight” rating and issued a $70.00 price target on shares of Eastman Chemical in a research note on Friday, December 19th. KeyCorp reaffirmed an “overweight” rating on shares of Eastman Chemical in a research report on Monday, February 2nd. Finally, UBS Group dropped their price objective on Eastman Chemical from $75.00 to $73.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Seven equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $79.21.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $72.19 on Wednesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.37 and a quick ratio of 0.63. The company has a market cap of $8.24 billion, a price-to-earnings ratio of 17.65, a price-to-earnings-growth ratio of 1.62 and a beta of 1.20. The stock’s 50-day moving average is $72.06 and its two-hundred day moving average is $66.29. Eastman Chemical has a 1-year low of $56.11 and a 1-year high of $99.89.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, January 29th. The basic materials company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.The company had revenue of $1.97 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period in the prior year, the firm posted $1.87 earnings per share. The business’s quarterly revenue was down 12.1% compared to the same quarter last year. Analysts forecast that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. MUFG Securities EMEA plc acquired a new position in Eastman Chemical during the second quarter worth approximately $25,000. Altshuler Shaham Ltd purchased a new position in shares of Eastman Chemical during the fourth quarter worth approximately $25,000. Brown Lisle Cummings Inc. increased its holdings in shares of Eastman Chemical by 70.0% in the 4th quarter. Brown Lisle Cummings Inc. now owns 425 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 175 shares during the period. Garton & Associates Financial Advisors LLC purchased a new stake in Eastman Chemical in the 4th quarter valued at $27,000. Finally, Los Angeles Capital Management LLC acquired a new stake in Eastman Chemical during the 4th quarter worth $27,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Company Profile

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.