Eastman Chemical (EMN) Downgraded to “Hold” at Zacks Investment Research

Eastman Chemical (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 remains focused on cost-cutting and productivity actions amid a challenging operating environment. The company should also gain from its strategic acquisitions. It also remains committed to reduce debt. However, the company has underperformed the industry it belongs to over the past six months. Eastman Chemical continues to face pricing pressure. Hefty charges related to the Kingsport plant will also hit earnings in the fourth quarter. The company also faces raw material cost headwind and weakness in the Fibers unit.”

Several other brokerages have also issued reports on EMN. UBS Group lifted their price objective on shares of Eastman Chemical from $97.00 to $103.00 and gave the company a “buy” rating in a report on Friday, October 27th. KeyCorp reissued a “buy” rating and set a $108.00 price objective (up from $100.00) on shares of Eastman Chemical in a report on Monday, October 30th. Deutsche Bank lifted their price objective on shares of Eastman Chemical from $95.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, October 10th. JPMorgan Chase & Co. raised their target price on shares of Eastman Chemical from $95.00 to $105.00 and gave the company an “overweight” rating in a research note on Monday, October 30th. Finally, Tudor Pickering started coverage on shares of Eastman Chemical in a research note on Tuesday, November 14th. They issued a “hold” rating for the company. Ten analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $96.93.

Shares of Eastman Chemical (NYSE EMN) traded up $0.18 during mid-day trading on Friday, reaching $96.69. 160,419 shares of the company traded hands, compared to its average volume of 1,020,000. The stock has a market capitalization of $13,900.00, a price-to-earnings ratio of 14.03, a price-to-earnings-growth ratio of 1.41 and a beta of 1.31. The company has a current ratio of 1.83, a quick ratio of 0.94 and a debt-to-equity ratio of 1.24. Eastman Chemical has a 12 month low of $74.78 and a 12 month high of $97.56.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, October 26th. The basic materials company reported $2.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.16. The company had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a net margin of 10.89% and a return on equity of 22.77%. Eastman Chemical’s revenue was up 7.8% compared to the same quarter last year. During the same period last year, the company posted $1.86 earnings per share. analysts anticipate that Eastman Chemical will post 7.12 EPS for the current fiscal year.

In other Eastman Chemical news, SVP Perry Stuckey sold 5,200 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $92.12, for a total value of $479,024.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.14% of the stock is owned by company insiders.

Several large investors have recently bought and sold shares of EMN. Schwab Charles Investment Management Inc. lifted its stake in shares of Eastman Chemical by 7.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 582,515 shares of the basic materials company’s stock worth $48,926,000 after buying an additional 38,018 shares during the period. Advisors Asset Management Inc. lifted its stake in shares of Eastman Chemical by 149.9% during the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock worth $116,000 after buying an additional 826 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Eastman Chemical by 17.4% during the second quarter. Victory Capital Management Inc. now owns 21,745 shares of the basic materials company’s stock worth $1,826,000 after buying an additional 3,220 shares during the period. Pacer Advisors Inc. lifted its stake in shares of Eastman Chemical by 8.1% during the second quarter. Pacer Advisors Inc. now owns 3,100 shares of the basic materials company’s stock worth $260,000 after buying an additional 232 shares during the period. Finally, Neuberger Berman Group LLC lifted its stake in shares of Eastman Chemical by 1.5% during the second quarter. Neuberger Berman Group LLC now owns 18,285 shares of the basic materials company’s stock worth $1,536,000 after buying an additional 273 shares during the period. Institutional investors and hedge funds own 82.49% of the company’s stock.

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About Eastman Chemical

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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