Eastman Chemical (NYSE:EMN) Share Price Breaks Above 50-Day Moving Average – Time to Sell?

Eastman Chemical Company (NYSE:EMN) shares passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $65.80 and traded as high as $66.82. Eastman Chemical shares last traded at $66.5260, with a volume of 895,100 shares changing hands.

Analyst Ratings Changes

Several analysts have recently commented on EMN shares. Royal Bank Of Canada raised their target price on Eastman Chemical from $65.00 to $70.00 and gave the stock a “sector perform” rating in a research report on Wednesday, November 4th. UBS Group lowered their price target on Eastman Chemical from $92.00 to $77.00 and set a “buy” rating on the stock in a report on Monday, October 5th. The Goldman Sachs Group reissued a “neutral” rating and set a $72.00 price target on shares of Eastman Chemical in a research report on Monday, November 2nd. Wells Fargo & Company set a $68.00 price objective on Eastman Chemical in a research note on Friday, October 16th. Finally, Citigroup decreased their price objective on Eastman Chemical from $76.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, November 3rd. Six investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Eastman Chemical currently has an average rating of “Hold” and a consensus price target of $74.79.

Eastman Chemical Price Performance

The stock has a market capitalization of $7.61 billion, a P/E ratio of 11.82, a PEG ratio of 0.91 and a beta of 1.07. The stock’s fifty day moving average is $65.80 and its 200-day moving average is $70.81. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.57 and a quick ratio of 0.79.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, October 29th. The basic materials company reported $1.84 earnings per share for the quarter, missing the consensus estimate of $1.92 by ($0.08). The company had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.41 billion. Eastman Chemical had a net margin of 7.15% and a return on equity of 10.59%. Eastman Chemical’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the business earned $1.14 earnings per share. On average, equities analysts anticipate that Eastman Chemical Company will post 6.10 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Altshuler Shaham Ltd lifted its holdings in Eastman Chemical by 36.9% in the 1st quarter. Altshuler Shaham Ltd now owns 538 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 145 shares during the last quarter. D.A. Davidson & CO. grew its holdings in Eastman Chemical by 0.7% during the second quarter. D.A. Davidson & CO. now owns 20,743 shares of the basic materials company’s stock valued at $1,389,000 after purchasing an additional 153 shares during the last quarter. Parkside Financial Bank & Trust grew its holdings in Eastman Chemical by 17.4% during the second quarter. Parkside Financial Bank & Trust now owns 1,134 shares of the basic materials company’s stock valued at $76,000 after purchasing an additional 168 shares during the last quarter. Rehmann Capital Advisory Group grew its holdings in Eastman Chemical by 5.0% during the second quarter. Rehmann Capital Advisory Group now owns 3,850 shares of the basic materials company’s stock valued at $257,000 after purchasing an additional 184 shares during the last quarter. Finally, Bingham Private Wealth LLC raised its position in shares of Eastman Chemical by 4.0% in the third quarter. Bingham Private Wealth LLC now owns 4,935 shares of the basic materials company’s stock valued at $320,000 after purchasing an additional 190 shares during the period. 83.65% of the stock is owned by institutional investors.

About Eastman Chemical

Eastman Chemical Company is a global specialty materials and chemicals company founded in 1920 in Kingsport, Tennessee. Originally part of Eastman Kodak, it became an independent company in 1994. Eastman develops and manufactures materials and chemical products for customers in a wide range of industries. Its products include specialty plastics and films, performance additives, chemical intermediates, and cellulose acetate fibers. These materials are used in applications such as transportation, building and construction, consumer goods, electronics, packaging, and healthcare.