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

According to Zacks, “Eastman Chemical has an impressive earnings surprise history for the trailing four quarters. The company remains focused on cost-cutting and productivity actions amid a challenging operating environment. Eastman Chemical should also gain from its strategic acquisitions. It also remains committed to reduce debt. However, 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. The company has also underperformed the industry it belongs to over the past six months.”

A number of other equities analysts have also recently commented on the company. Instinet cut Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 price target for the company. in a report on Tuesday, October 10th. Nomura lowered Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 price objective on the stock. in a research note on Tuesday, October 10th. UBS Group lifted their target price on Eastman Chemical from $97.00 to $103.00 and gave the company a “buy” rating in a research report on Friday, October 27th. SunTrust Banks reiterated a “hold” rating and issued a $90.00 target price on shares of Eastman Chemical in a research report on Thursday, October 12th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $93.00 target price (up previously from $91.00) on shares of Eastman Chemical in a research note on Monday, October 30th. Ten investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Eastman Chemical currently has a consensus rating of “Hold” and an average target price of $98.60.

Shares of Eastman Chemical (NYSE EMN) traded down $0.07 during trading hours on Friday, reaching $97.43. 887,430 shares of the company were exchanged, compared to its average volume of 1,023,278. Eastman Chemical has a fifty-two week low of $74.78 and a fifty-two week high of $98.24. The company has a market capitalization of $14,000.00, a PE ratio of 14.14, a price-to-earnings-growth ratio of 1.44 and a beta of 1.31. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.83 and a quick ratio of 0.94.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, October 26th. The basic materials company reported $2.19 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.16. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a return on equity of 22.77% and a net margin of 10.89%. The company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.86 earnings per share. sell-side analysts predict 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 company’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $92.12, for a total value of $479,024.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.14% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its holdings in Eastman Chemical by 6.3% in the 2nd quarter. BlackRock Inc. now owns 12,186,134 shares of the basic materials company’s stock valued at $1,023,514,000 after buying an additional 717,506 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Eastman Chemical by 8.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,930,981 shares of the basic materials company’s stock worth $265,234,000 after buying an additional 223,382 shares during the period. Dimensional Fund Advisors LP boosted its position in Eastman Chemical by 4.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,238,187 shares of the basic materials company’s stock worth $202,526,000 after buying an additional 87,674 shares during the period. Allianz Asset Management GmbH grew its holdings in Eastman Chemical by 4.8% during the 3rd quarter. Allianz Asset Management GmbH now owns 1,422,975 shares of the basic materials company’s stock worth $128,766,000 after acquiring an additional 64,652 shares during the last quarter. Finally, Lord Abbett & CO. LLC grew its holdings in Eastman Chemical by 4.1% during the 2nd quarter. Lord Abbett & CO. LLC now owns 1,388,156 shares of the basic materials company’s stock worth $116,591,000 after acquiring an additional 54,800 shares during the last quarter. 82.49% of the stock is currently owned by hedge funds and other institutional investors.

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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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