Eastman Chemical (NYSE:EMN) Cut to Strong Sell at Zacks Research

Eastman Chemical (NYSE:EMN) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday, Zacks reports.

Several other brokerages have also recently issued reports on EMN. Citigroup dropped their target price on shares of Eastman Chemical from $81.00 to $76.00 and set a “buy” rating on the stock in a report on Wednesday, September 30th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $74.00 price target on shares of Eastman Chemical in a report on Monday, August 3rd. Wall Street Zen cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Saturday, September 12th. Royal Bank Of Canada dropped their price objective on shares of Eastman Chemical from $74.00 to $65.00 and set a “sector perform” rating on the stock in a research note on Tuesday, October 13th. Finally, Wells Fargo & Company set a $68.00 price objective on shares of Eastman Chemical in a report on Friday. Six analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $74.64.

Eastman Chemical Price Performance

EMN opened at $63.54 on Monday. The company has a market capitalization of $7.27 billion, a price-to-earnings ratio of 16.55, a PEG ratio of 0.78 and a beta of 1.06. The company has a current ratio of 1.50, a quick ratio of 0.76 and a debt-to-equity ratio of 0.72. Eastman Chemical has a 12-month low of $56.11 and a 12-month high of $83.47. The business’s fifty day simple moving average is $68.06 and its 200-day simple moving average is $70.53.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, July 30th. The basic materials company reported $1.97 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.15. Eastman Chemical had a return on equity of 9.46% and a net margin of 4.99%. The firm had revenue of $2.51 billion during the quarter, compared to the consensus estimate of $2.40 billion. During the same period in the previous year, the company posted $1.60 earnings per share. The firm’s quarterly revenue was up 9.9% on a year-over-year basis. Eastman Chemical has set its Q3 2026 guidance at 1.970-1.970 EPS. On average, equities research analysts anticipate that Eastman Chemical will post 6.37 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of EMN. BlackRock Inc. purchased a new stake in Eastman Chemical during the second quarter valued at approximately $1,134,421,000. Legal & General Group Plc acquired a new stake in Eastman Chemical in the second quarter valued at approximately $87,583,000. Bank of New York Mellon Corp acquired a new stake in Eastman Chemical in the second quarter valued at approximately $81,645,000. Allspring Global Investments Holdings LLC grew its holdings in Eastman Chemical by 39.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,592,691 shares of the basic materials company’s stock worth $196,552,000 after purchasing an additional 732,693 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Eastman Chemical by 7.4% in the first quarter. Dimensional Fund Advisors LP now owns 4,936,789 shares of the basic materials company’s stock worth $376,747,000 after purchasing an additional 338,914 shares during the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Company Profile

Eastman Chemical Company (NYSE: EMN) is a global specialty materials and chemicals company that develops and manufactures products used in transportation, building and construction, consumer goods, medical products, packaging, and other industrial applications. Its portfolio includes specialty plastics, coatings, adhesives, fibers, additives, intermediates, and other performance materials.

The company’s products are designed to provide properties such as durability, chemical resistance, lightweight performance, clarity, and enhanced functionality.