Eastman Chemical (NYSE:EMN) Shares Gap Down – Should You Sell?

Eastman Chemical (NYSE:EMN)’s stock price gapped down before the market opened 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 trading hands.

Wall Street Analysts Forecast Growth

EMN has been the topic of several recent research reports. Piper Sandler restated a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Barclays raised their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Mizuho lifted their price target on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Finally, Wells Fargo & Company increased their price target on Eastman Chemical from $105.00 to $118.00 and gave the company an “equal weight” rating in a report on Tuesday, October 15th. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $111.64.

Eastman Chemical Price Performance

The stock has a market cap of $11.90 billion, a P/E ratio of 14.15, a price-to-earnings-growth ratio of 0.80 and a beta of 1.44. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. The business’s 50 day moving average price is $105.66 and its two-hundred day moving average price is $100.92.

Eastman Chemical (NYSE:EMN) 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. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The company had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the prior year, the business earned $1.47 earnings per share. Eastman Chemical’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, sell-side analysts expect that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Wolff Wiese Magana LLC lifted its holdings in Eastman Chemical by 238.1% in the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 200 shares during the period. Cultivar Capital Inc. acquired a new position in shares of Eastman Chemical in the 2nd quarter worth approximately $29,000. Northwest Investment Counselors LLC purchased a new stake in Eastman Chemical during the third quarter worth about $38,000. EntryPoint Capital LLC purchased a new position in shares of Eastman Chemical in the 1st quarter valued at about $38,000. Finally, Rothschild Investment LLC purchased a new position in Eastman Chemical in the second quarter valued at $38,000. 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.