Eastman Chemical (NYSE:EMN) Stock Rating Lowered by Citigroup

Eastman Chemical (NYSE:EMN - Get Free Report) was downgraded by investment analysts at Citigroup from a "buy" rating to a "neutral" rating in a research note issued to investors on Wednesday, MarketBeat reports. They currently have a $104.00 price target on the basic materials company's stock, down from their prior price target of $118.00. Citigroup's target price would suggest a potential upside of 14.35% from the company's current price.

Other analysts have also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft dropped their price objective on Eastman Chemical from $115.00 to $110.00 and set a "hold" rating on the stock in a report on Monday, November 4th. Mizuho increased their price target on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a "neutral" rating in a report on Tuesday, November 26th. Wells Fargo & Company raised shares of Eastman Chemical from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $110.00 to $125.00 in a research note on Tuesday, November 26th. StockNews.com upgraded shares of Eastman Chemical from a "hold" rating to a "buy" rating in a research note on Tuesday, December 3rd. Finally, Royal Bank of Canada reissued a "sector perform" rating and issued a $105.00 price target on shares of Eastman Chemical in a report on Friday, November 22nd. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $113.92.

Eastman Chemical Stock Performance

EMN traded down $4.40 during trading hours on Wednesday, hitting $90.95. The stock had a trading volume of 1,284,418 shares, compared to its average volume of 972,733. Eastman Chemical has a 1 year low of $80.71 and a 1 year high of $114.50. The company's fifty day simple moving average is $103.82 and its 200 day simple moving average is $101.72. The stock has a market cap of $10.54 billion, a PE ratio of 12.18, a price-to-earnings-growth ratio of 0.79 and a beta of 1.42. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, beating analysts' consensus estimates of $2.14 by $0.12. The business had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. Eastman Chemical's revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.47 EPS. Equities analysts anticipate that Eastman Chemical will post 7.63 earnings per share for the current year.

Insider Activity

In other Eastman Chemical news, EVP Stephen Glenn Crawford sold 10,504 shares of the business's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total value of $1,102,920.00. Following the completion of the sale, the executive vice president now directly owns 47,287 shares of the company's stock, valued at $4,965,135. The trade was a 18.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Christopher Moore Killian sold 3,061 shares of the firm's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value of $321,405.00. Following the transaction, the senior vice president now directly owns 12,366 shares in the company, valued at $1,298,430. This trade represents a 19.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,021 shares of company stock worth $1,895,948. 1.93% of the stock is currently owned by insiders.

Institutional Trading of Eastman Chemical

Hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp increased its stake in shares of Eastman Chemical by 1.4% in the third quarter. State Street Corp now owns 5,285,230 shares of the basic materials company's stock worth $595,820,000 after buying an additional 70,692 shares during the period. Franklin Resources Inc. grew its holdings in Eastman Chemical by 5.7% in the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company's stock worth $593,233,000 after acquiring an additional 282,458 shares during the last quarter. Geode Capital Management LLC increased its holdings in Eastman Chemical by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,784,102 shares of the basic materials company's stock valued at $310,628,000 after purchasing an additional 13,381 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in shares of Eastman Chemical by 3.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company's stock valued at $306,093,000 after acquiring an additional 83,504 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Eastman Chemical by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company's stock valued at $223,435,000 after acquiring an additional 198,645 shares in the last quarter. Institutional investors own 83.65% of the company's stock.

About Eastman Chemical

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.