Eastman Chemical (NYSE:EMN) Cut to "Strong Sell" at Zacks Research

Key Points

• Zacks Research downgraded Eastman Chemical from “hold” to “strong sell,” while the broader analyst consensus remains “hold” with an average price target of $74.64.
• Eastman Chemical shares opened at $63.54, below their 50-day and 200-day moving averages, and have traded between $56.11 and $83.47 over the past year.
• The company exceeded quarterly expectations, reporting $1.97 in EPS versus a $1.82 estimate and $2.51 billion in revenue; institutional investors own 83.65% of its stock.

Eastman Chemical (NYSE:EMN - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued to clients and investors on Monday, Zacks reports.

Other equities research analysts have also recently issued research reports about the stock. KeyCorp began coverage on shares of Eastman Chemical in a research report on Thursday, September 10th. They issued a "sector weight" rating on the stock. Citigroup lowered their price objective on shares of Eastman Chemical from $81.00 to $76.00 and set a "buy" rating for the company in a research report on Wednesday, September 30th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $74.00 price objective on shares of Eastman Chemical in a research note on Monday, August 3rd. The Goldman Sachs Group reissued a "neutral" rating and issued a $75.00 price objective on shares of Eastman Chemical in a research note on Thursday, July 16th. Finally, Mizuho reduced their target price on shares of Eastman Chemical from $85.00 to $80.00 and set an "outperform" rating on the stock in a report on Thursday, October 1st. Six research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $74.64.

Eastman Chemical Stock Performance

NYSE:EMN opened at $63.54 on Monday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.50 and a quick ratio of 0.76. Eastman Chemical has a 1 year low of $56.11 and a 1 year high of $83.47. The stock's 50 day simple moving average is $68.06 and its two-hundred day simple moving average is $70.53. The company has a market cap of $7.27 billion, a price-to-earnings ratio of 16.55, a PEG ratio of 0.78 and a beta of 1.06.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The basic materials company reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.15. The business had revenue of $2.51 billion for the quarter, compared to analysts' expectations of $2.40 billion. Eastman Chemical had a return on equity of 9.46% and a net margin of 4.99%. The company's revenue for the quarter was up 9.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.60 EPS. Eastman Chemical has set its Q3 2026 guidance at 1.970-1.970 EPS. As a group, equities analysts anticipate that Eastman Chemical will post 6.37 earnings per share for the current fiscal year.

Institutional Trading of Eastman Chemical

Several hedge funds and other institutional investors have recently bought and sold shares of EMN. BlackRock Inc. bought a new position in Eastman Chemical in the 2nd quarter worth about $1,134,421,000. Dimensional Fund Advisors LP increased its position in shares of Eastman Chemical by 7.4% during the first quarter. Dimensional Fund Advisors LP now owns 4,936,789 shares of the basic materials company's stock worth $376,747,000 after acquiring an additional 338,914 shares during the period. State Street Corp raised its stake in shares of Eastman Chemical by 0.7% during the second quarter. State Street Corp now owns 4,169,105 shares of the basic materials company's stock valued at $282,741,000 after acquiring an additional 29,010 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Eastman Chemical by 39.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,592,691 shares of the basic materials company's stock valued at $196,552,000 after acquiring an additional 732,693 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Eastman Chemical by 13.5% during the first quarter. Bank of America Corp DE now owns 2,244,071 shares of the basic materials company's stock valued at $171,267,000 after acquiring an additional 266,719 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 NYSE: EMN is a global specialty materials and chemicals company that develops and manufactures products used in transportation, building and construction, consumer goods, medical products, packaging, and other industrial applications. Its portfolio includes specialty plastics, coatings, adhesives, fibers, additives, intermediates, and other performance materials.

The company's products are designed to provide properties such as durability, chemical resistance, lightweight performance, clarity, and enhanced functionality.

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