Eastman Chemical Company (NYSE:EMN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.

According to Zacks, “Eastman Chemical saw higher profit in first-quarter 2017, helped by its cost actions. Both adjusted earnings and sales topped the Zacks Consensus Estimate. The company backed its earnings growth expectations for 2017. Eastman Chemical remains focused on cost-cutting and productivity actions amid a challenging operating environment. Further, the company should gain from its strategic acquisitions and capacity expansion actions. Eastman Chemical also remains committed to reduce debt and boost shareholder returns leveraging healthy free cash flows. However, Eastman Chemical has underperformed the Zacks categorized Chemicals-Diversified industry over the past one year. Eastman Chemical continues to see pricing pressure which is weighing on its top line. The company is also exposed to currency translation risk.”

A number of other research analysts also recently weighed in on the stock. Citigroup Inc reiterated a “buy” rating and issued a $81.00 price objective (up previously from $79.00) on shares of Eastman Chemical Company in a research report on Friday, April 14th. TheStreet upgraded shares of Eastman Chemical Company from a “c+” rating to a “b” rating in a research report on Monday, April 17th. Barclays PLC upped their price objective on shares of Eastman Chemical Company from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Monday, January 30th. Standpoint Research downgraded shares of Eastman Chemical Company from a “buy” rating to a “hold” rating in a research report on Tuesday, January 24th. Finally, Instinet upped their price objective on shares of Eastman Chemical Company from $77.00 to $87.00 and gave the stock a “buy” rating in a research report on Wednesday, February 1st. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Eastman Chemical Company currently has a consensus rating of “Buy” and a consensus price target of $82.09.

Analyst Recommendations for Eastman Chemical Company (NYSE:EMN)

Shares of Eastman Chemical Company (NYSE:EMN) traded up 1.71% during midday trading on Friday, reaching $78.57. The company’s stock had a trading volume of 1,025,685 shares. Eastman Chemical Company has a 12-month low of $62.70 and a 12-month high of $82.39. The stock has a 50-day moving average of $79.38 and a 200 day moving average of $77.72. The firm has a market capitalization of $11.46 billion, a P/E ratio of 13.21 and a beta of 1.36.

Eastman Chemical Company (NYSE:EMN) last issued its quarterly earnings data on Thursday, April 27th. The basic materials company reported $1.83 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.09. The business had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.24 billion. Eastman Chemical Company had a net margin of 9.61% and a return on equity of 22.70%. Equities research analysts predict that Eastman Chemical Company will post $7.45 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 5th. Investors of record on Thursday, June 15th will be paid a dividend of $0.51 per share. The ex-dividend date of this dividend is Tuesday, June 13th. This represents a $2.04 annualized dividend and a yield of 2.64%. Eastman Chemical Company’s dividend payout ratio is presently 34.99%.

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In other news, SVP Michael Hk Chung sold 10,968 shares of the stock in a transaction that occurred on Wednesday, February 22nd. The shares were sold at an average price of $81.26, for a total value of $891,259.68. Following the completion of the sale, the senior vice president now owns 34,067 shares of the company’s stock, valued at approximately $2,768,284.42. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Lucian Boldea sold 821 shares of the stock in a transaction that occurred on Tuesday, February 28th. The shares were sold at an average price of $80.08, for a total transaction of $65,745.68. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,589 shares of company stock valued at $2,216,979. 1.10% of the stock is owned by corporate insiders.

Several hedge funds have recently bought and sold shares of EMN. South Dakota Investment Council boosted its stake in Eastman Chemical Company by 74.4% in the third quarter. South Dakota Investment Council now owns 444,047 shares of the basic materials company’s stock valued at $30,053,000 after buying an additional 189,367 shares during the period. AlphaMark Advisors LLC raised its position in shares of Eastman Chemical Company by 6.3% in the third quarter. AlphaMark Advisors LLC now owns 31,523 shares of the basic materials company’s stock valued at $2,133,000 after buying an additional 1,865 shares in the last quarter. Palladium Partners LLC raised its position in shares of Eastman Chemical Company by 1.6% in the third quarter. Palladium Partners LLC now owns 163,775 shares of the basic materials company’s stock valued at $11,084,000 after buying an additional 2,545 shares in the last quarter. LSV Asset Management raised its position in shares of Eastman Chemical Company by 1.4% in the third quarter. LSV Asset Management now owns 3,363,429 shares of the basic materials company’s stock valued at $227,636,000 after buying an additional 45,300 shares in the last quarter. Finally, Deprince Race & Zollo Inc. raised its position in shares of Eastman Chemical Company by 2.8% in the third quarter. Deprince Race & Zollo Inc. now owns 835,847 shares of the basic materials company’s stock valued at $56,570,000 after buying an additional 22,917 shares in the last quarter. 81.27% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Company Company Profile

Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.

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