Eastman Chemical (NYSE:EMN) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Eastman Chemical from a "strong sell" to a "hold", indicating a modest improvement in analyst sentiment toward the stock.
• Analyst coverage is mixed — seven Buys and nine Holds — resulting in an average consensus rating of Hold and an average price target of $79.21.
• Eastman slightly missed the quarter (EPS $0.75 vs. $0.76; revenue $1.97B vs. $2.03B, down 12.1% YoY); the stock trades around $72.19 with a market cap of about $8.24B and a 52‑week range of $56.11–$99.89.

Eastman Chemical (NYSE:EMN - Get Free Report) 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.

Several other research analysts have also commented on the company. Royal Bank Of Canada reiterated a "sector perform" rating and set a $79.00 price target on shares of Eastman Chemical in a report on Wednesday, February 4th. Weiss Ratings raised shares of Eastman Chemical from a "sell (d+)" rating to a "hold (c)" rating in a research note on Wednesday, February 18th. KeyCorp reiterated an "overweight" rating on shares of Eastman Chemical in a report on Monday, February 2nd. Citigroup raised their price target on shares of Eastman Chemical from $75.00 to $78.00 and gave the stock a "buy" rating in a report on Tuesday, February 3rd. Finally, Evercore set a $75.00 price objective on Eastman Chemical in a report on Wednesday, February 18th. Seven investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $79.21.

Eastman Chemical Trading Down 1.7%

EMN opened at $72.19 on Wednesday. The firm has a market capitalization of $8.24 billion, a price-to-earnings ratio of 17.65, a price-to-earnings-growth ratio of 1.62 and a beta of 1.20. The company's 50 day simple moving average is $72.06 and its two-hundred day simple moving average is $66.29. Eastman Chemical has a 1-year low of $56.11 and a 1-year high of $99.89. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.37 and a quick ratio of 0.63.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.76 by ($0.01). Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. The company had revenue of $1.97 billion during the quarter, compared to analysts' expectations of $2.03 billion. During the same quarter last year, the company earned $1.87 earnings per share. Eastman Chemical's revenue for the quarter was down 12.1% on a year-over-year basis. Analysts expect that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Hedge Funds Weigh In On Eastman Chemical

Several hedge funds have recently bought and sold shares of EMN. MUFG Securities EMEA plc acquired a new position in Eastman Chemical in the 2nd quarter valued at about $25,000. Altshuler Shaham Ltd purchased a new position in shares of Eastman Chemical in the fourth quarter valued at approximately $25,000. Brown Lisle Cummings Inc. grew its holdings in shares of Eastman Chemical by 70.0% in the fourth quarter. Brown Lisle Cummings Inc. now owns 425 shares of the basic materials company's stock valued at $27,000 after purchasing an additional 175 shares in the last quarter. Garton & Associates Financial Advisors LLC purchased a new stake in Eastman Chemical during the 4th quarter worth approximately $27,000. Finally, Los Angeles Capital Management LLC acquired a new stake in Eastman Chemical during the 4th quarter worth approximately $27,000. Institutional investors and hedge funds own 83.65% of the company's stock.

Eastman Chemical Company Profile

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.

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