Eastman Chemical (NYSE:EMN) Shares Gap Down - What's Next?

Eastman Chemical (NYSE:EMN - Get Free Report)'s share price gapped down prior to trading on Friday . The stock had previously closed at $105.09, but opened at $102.00. Eastman Chemical shares last traded at $102.56, with a volume of 86,248 shares traded.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. StockNews.com raised Eastman Chemical from a "hold" rating to a "buy" rating in a research note on Monday, July 29th. Royal Bank of Canada lifted their price target on Eastman Chemical from $100.00 to $107.00 and gave the stock a "sector perform" rating in a research note on Friday, October 11th. Piper Sandler reiterated a "neutral" rating and issued a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Mizuho raised their price target on shares of Eastman Chemical from $107.00 to $113.00 and gave the stock a "neutral" rating in a report on Friday. Finally, Bank of America downgraded shares of Eastman Chemical from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $112.07.

Eastman Chemical Stock Performance

The business's 50-day simple moving average is $105.79 and its 200 day simple moving average is $100.95. The firm has a market cap of $11.81 billion, a P/E ratio of 13.62, a P/E/G ratio of 0.80 and a beta of 1.44. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, beating analysts' consensus estimates of $2.13 by $0.13. The company had revenue of $2.46 billion during the quarter, compared to analysts' expectations of $2.38 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. Eastman Chemical's revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.47 earnings per share. As a group, equities analysts predict that Eastman Chemical will post 7.66 earnings per share for the current year.

Institutional Trading of Eastman Chemical

Several large investors have recently added to or reduced their stakes in EMN. Cultivar Capital Inc. bought a new position in shares of Eastman Chemical in the second quarter worth about $29,000. Wolff Wiese Magana LLC raised its holdings in shares of Eastman Chemical by 238.1% during the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company's stock worth $32,000 after acquiring an additional 200 shares in the last quarter. EntryPoint Capital LLC purchased a new position in shares of Eastman Chemical in the 1st quarter worth $38,000. Rothschild Investment LLC purchased a new stake in Eastman Chemical during the second quarter valued at approximately $38,000. Finally, Northwest Investment Counselors LLC purchased a new position in Eastman Chemical during the third quarter worth $38,000. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Company Profile

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.