Eastman Chemical (NYSE:EMN) Rating Increased to Buy at Bank of America

Eastman Chemical (NYSE:EMN) was upgraded by equities research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report issued on Tuesday, Marketbeat Ratings reports. The brokerage presently has a $109.00 target price on the basic materials company’s stock, down from their previous target price of $115.00. Bank of America‘s price objective points to a potential upside of 22.38% from the company’s previous close.

Several other research firms also recently issued reports on EMN. Deutsche Bank Aktiengesellschaft decreased their price target on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research note on Monday, November 4th. Piper Sandler decreased their price objective on shares of Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. StockNews.com lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Friday. Mizuho lifted their price objective on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Finally, Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $110.00 to $125.00 in a report on Tuesday, November 26th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $112.92.

Eastman Chemical Stock Performance

EMN stock opened at $89.07 on Tuesday. Eastman Chemical has a 52 week low of $80.71 and a 52 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. The stock has a market cap 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. The firm has a 50 day simple moving average of $97.55 and a 200 day simple moving average of $100.44.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.12. The company had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The business’s revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.47 EPS. Research analysts anticipate that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other 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 value of $1,102,920.00. Following the completion of the transaction, the executive vice president now owns 47,287 shares of the company’s stock, valued at $4,965,135. The trade was a 18.18 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Christopher Moore Killian sold 3,061 shares of the firm’s stock in a transaction 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 sale, the senior vice president now directly 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. In the last three months, insiders sold 18,021 shares of company stock valued at $1,895,948. 1.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Eastman Chemical

Several large investors have recently modified their holdings of EMN. Assenagon Asset Management S.A. grew its position in shares of Eastman Chemical by 1,104.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock valued at $104,560,000 after purchasing an additional 856,432 shares during the period. Truist Financial Corp boosted its holdings in shares of Eastman Chemical by 201.5% in the second quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock valued at $90,572,000 after buying an additional 617,889 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Eastman Chemical by 57.2% during the third quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock worth $104,755,000 after acquiring an additional 340,562 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of Eastman Chemical by 5.7% during the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock worth $593,233,000 after acquiring an additional 282,458 shares during the period. Finally, Envestnet Asset Management Inc. lifted its position in Eastman Chemical by 34.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock valued at $83,524,000 after acquiring an additional 218,531 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors.

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.