Eastman Chemical (NYSE:EMN) downgraded by StockNews.com

StockNews.com downgraded shares of Eastman Chemical (NYSE:EMN – Free Report) from a buy rating to a hold rating in a research note issued to investors Monday morning.

Other equities research analysts have also issued reports on the stock recently. Bank of America lowered its price target on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the company in a report on Monday. UBS Group raised their price objective on Eastman Chemical from $91.00 to $93.00 and gave the company a neutral rating in a research note on Friday, February 2. Redburn Atlantic began coverage on Eastman Chemical in a research note on Thursday, February 15. They issued a buy rating and a $110.00 target price for the stock. Wells Fargo & Company raised their price target on shares of Eastman Chemical from $89.00 to $100.00 and gave the company an equal weight rating in a research report on Thursday, April 11. Finally, Royal Bank of Canada raised their price target on Eastman Chemical from $89.00 to $100.00 and gave the stock a sector performance rating in a research report on Friday, April 19th. Eight analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $101.41.

Check out our latest research report on EMN

Eastman chemical price performance

Shares of NYSE:EMN opened at $97.34 on Monday. The company has a market cap of $11.45 billion, a price-to-earnings ratio of 12.54, a price-to-earnings-growth ratio of 1.06 and a beta of 1.54. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $102.71. The company’s fifty-day moving average is $93.98 and its 200-day moving average is $86.56. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.70 and a current ratio of 1.35.

Eastman Chemical (NYSE:EMN – Get Free Report) last posted its quarterly earnings data on Thursday, April 25. The basic materials company reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.95%. The company had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.29 billion. During the same period last year, the company posted earnings per share of $1.63. The company’s quarterly revenue fell 4.2% year over year. Sell-side analysts predict that Eastman Chemical will post 7.71 earnings per share for the current year.

Dividend announcement from Eastman Chemical

The company also recently announced a quarterly dividend, which was paid on Friday, April 5. A dividend of $0.81 was paid to known shareholders on Friday, March 15. This represents a dividend of $3.24 annually and a yield of 3.33%. The ex-dividend date was Thursday, March 14. Eastman Chemical’s dividend payout ratio (DPR) currently stands at 41.75%.

Insider buying and selling at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC’s website. Insiders own 2.28% of the company’s shares.

Institutional investors are considering Eastman Chemical

Hedge funds have recently bought and sold shares of the company. First Command Advisory Services Inc. bought a new position in shares of Eastman Chemical during the third quarter worth approximately $26,000. Turtle Creek Wealth Advisors LLC purchased a new position in Eastman Chemical during the fourth quarter valued at approximately $26,000. Northwest Investment Counselors LLC bought a new position in Eastman Chemical in the first quarter valued at approximately $34,000. Sound Income Strategies LLC increased its position in Eastman Chemical by 213.8% in the fourth quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 278 shares during the period. Finally, Bruce G. Allen Investments LLC bought a new position in Eastman Chemical in the fourth quarter valued at $38,000. Institutional investors own 83.65% of the company’s shares.

About Eastman Chemical

(Get a free report)

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, surfactant intermediates, metam-based soil fumigants and organic acid-based solutions; special coalescing agents and solvents, paint additives and special polymers; and heat transfer and aviation fluids.

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