Eastman Chemical (NYSE:EMN) Stock Rating Upgraded by Zacks Research

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

A number of other research firms also recently issued reports on EMN. Bank of America raised their price objective on shares of Eastman Chemical from $74.00 to $79.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Eastman Chemical from $64.00 to $72.00 and gave the stock a “hold” rating in a research note on Monday, February 2nd. Wells Fargo & Company restated an “equal weight” rating and issued a $70.00 price objective on shares of Eastman Chemical in a research note on Friday, December 19th. Evercore set a $75.00 target price on Eastman Chemical in a report on Wednesday, February 18th. Finally, KeyCorp reissued an “overweight” rating on shares of Eastman Chemical in a report on Monday, February 2nd. Seven investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $79.21.

Eastman Chemical Stock Performance

Shares of EMN stock traded down $1.03 on Wednesday, reaching $71.15. The stock had a trading volume of 345,816 shares, compared to its average volume of 1,682,674. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.63 and a current ratio of 1.37. Eastman Chemical has a 1 year low of $56.11 and a 1 year high of $99.89. The stock has a market cap of $8.12 billion, a P/E ratio of 17.40, a price-to-earnings-growth ratio of 1.62 and a beta of 1.20. The company has a 50 day simple moving average of $72.06 and a 200 day simple moving average of $66.29.

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

Hedge Funds Weigh In On Eastman Chemical

Several large investors have recently made changes to their positions in the business. Brighton Jones LLC purchased a new stake in shares of Eastman Chemical during the fourth quarter worth about $202,000. Integrated Wealth Concepts LLC boosted its stake in Eastman Chemical by 185.6% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,686 shares of the basic materials company’s stock worth $589,000 after purchasing an additional 4,345 shares during the period. Millennium Management LLC grew its holdings in Eastman Chemical by 69.2% during the 1st quarter. Millennium Management LLC now owns 194,052 shares of the basic materials company’s stock valued at $17,098,000 after buying an additional 79,376 shares in the last quarter. NewEdge Advisors LLC raised its position in shares of Eastman Chemical by 2.6% during the first quarter. NewEdge Advisors LLC now owns 7,310 shares of the basic materials company’s stock valued at $644,000 after buying an additional 183 shares during the last quarter. Finally, United Services Automobile Association purchased a new position in shares of Eastman Chemical in the first quarter worth $252,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

About Eastman Chemical

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.