Eastman Chemical (NYSE:EMN) Stock Rating Upgraded by Bank of America

Eastman Chemical (NYSE:EMN) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a note issued to investors on Tuesday,Finviz 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 suggests a potential upside of 22.38% from the company’s previous close.

A number of other equities analysts have also recently weighed in on the company. Citigroup cut Eastman Chemical from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $118.00 to $104.00 in a report on Wednesday, December 18th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $105.00 target price on shares of Eastman Chemical in a research report on Friday, November 22nd. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $110.00 to $125.00 in a research report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Finally, StockNews.com lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Eastman Chemical presently has an average rating of “Moderate Buy” and a consensus price target of $112.92.

Eastman Chemical Price Performance

Shares of EMN opened at $89.07 on Tuesday. The business’s 50-day moving average is $97.55 and its two-hundred day moving average is $100.44. The company has a market capitalization of $10.32 billion, a P/E ratio of 11.92, a P/E/G ratio of 0.79 and a beta of 1.44. Eastman Chemical has a fifty-two week low of $80.71 and a fifty-two week high of $114.50. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $2.38 billion. During the same period last year, the company earned $1.47 earnings per share. Eastman Chemical’s revenue for the quarter was up 8.7% compared to the same quarter last year. Research analysts predict that Eastman Chemical will post 7.63 earnings per share for the current year.

Insider Activity at Eastman Chemical

In related news, EVP Stephen Glenn Crawford sold 10,504 shares of the business’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the completion of the transaction, the executive vice president now owns 47,287 shares in the company, valued at approximately $4,965,135. The trade was a 18.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total value of $471,623.04. Following the completion of the sale, the senior vice president now owns 4,403 shares in the company, valued at approximately $466,013.52. This represents a 50.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,021 shares of company stock worth $1,895,948. Company insiders own 1.93% of the company’s stock.

Institutional Inflows and Outflows

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

Eastman Chemical Company Profile

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.