Eastman Chemical (NYSE:EMN) Cut to Hold at StockNews.com

StockNews.com cut shares of Eastman Chemical (NYSE:EMN) from a buy rating to a hold rating in a report published on Friday.

A number of other equities analysts have also recently weighed in on EMN. Citigroup cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $118.00 to $104.00 in a research report on Wednesday, December 18th. Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $110.00 to $125.00 in a report on Tuesday, November 26th. Royal Bank of Canada restated a “sector perform” rating and set a $105.00 price objective on shares of Eastman Chemical in a report on Friday, November 22nd. Piper Sandler reduced their target price 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. Finally, Mizuho lifted their price target on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Eastman Chemical currently has a consensus rating of “Hold” and an average price target of $113.69.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $87.25 on Friday. The company has a market capitalization of $10.11 billion, a price-to-earnings ratio of 11.68, a PEG ratio of 0.79 and a beta of 1.44. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. Eastman Chemical has a 1-year low of $80.71 and a 1-year high of $114.50. The business has a 50-day moving average of $97.55 and a 200-day moving average of $100.44.

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, beating the consensus estimate of $2.14 by $0.12. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The company had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter last year, the company earned $1.47 earnings per share. Eastman Chemical’s revenue for the quarter was up 8.7% on a year-over-year basis. On average, equities analysts anticipate that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 8th. Shareholders of record on Monday, December 16th were issued a $0.83 dividend. The ex-dividend date was Monday, December 16th. This represents a $3.32 dividend on an annualized basis and a yield of 3.81%. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.81. Eastman Chemical’s dividend payout ratio (DPR) is currently 44.44%.

Insider Activity

In other Eastman Chemical news, SVP Julie A. Mcalindon sold 4,456 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total transaction of $471,623.04. Following the completion of the transaction, the senior vice president now directly owns 4,403 shares of the company’s stock, valued at $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 available at this hyperlink. Also, SVP Christopher Moore Killian sold 3,061 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total transaction of $321,405.00. Following the completion of the sale, the senior vice president now owns 12,366 shares in the company, valued at $1,298,430. The trade was a 19.84 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,021 shares of company stock valued at $1,895,948. 1.93% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of EMN. Wolff Wiese Magana LLC raised its stake in shares of 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 raised its position 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 worth $37,000 after buying an additional 162 shares in the last quarter. Northwest Investment Counselors LLC acquired a new stake in shares of Eastman Chemical in the 3rd quarter worth approximately $38,000. Benjamin F. Edwards & Company Inc. boosted its holdings 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 valued at $60,000 after acquiring an additional 144 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its stake 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 valued at $60,000 after acquiring an additional 185 shares during the period. Institutional investors 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.