Eastman Chemical Company (NYSE:EMN) has received an average recommendation of “Hold” from the sixteen brokerages that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $92.92.
EMN has been the subject of several research analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and set a $96.00 price target on shares of Eastman Chemical in a research note on Tuesday, October 3rd. Deutsche Bank AG lifted their price target on Eastman Chemical from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, October 10th. KeyCorp reaffirmed a “buy” rating and set a $100.00 price target on shares of Eastman Chemical in a research note on Wednesday, October 4th. Goldman Sachs Group, Inc. (The) raised Eastman Chemical from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $81.00 to $101.00 in a research note on Thursday, September 28th. Finally, Zacks Investment Research lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Tuesday, October 10th.
Eastman Chemical (NYSE:EMN) opened at 87.30 on Wednesday. The firm has a 50-day moving average price of $87.26 and a 200-day moving average price of $83.33. Eastman Chemical has a one year low of $63.35 and a one year high of $91.39. The firm has a market cap of $12.64 billion, a PE ratio of 14.01 and a beta of 1.27.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.89 by $0.09. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the previous year, the company posted $1.68 earnings per share. The company’s revenue was up 5.3% compared to the same quarter last year. On average, equities analysts expect that Eastman Chemical will post $7.34 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date was Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 32.28%.
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In related news, Director Renee J. Hornbaker sold 4,000 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total transaction of $337,720.00. Following the transaction, the director now owns 21,858 shares in the company, valued at approximately $1,845,470.94. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total value of $117,936.00. The disclosure for this sale can be found here. 1.14% of the stock is owned by insiders.
A number of large investors have recently made changes to their positions in EMN. Harbour Capital Advisors LLC purchased a new position in Eastman Chemical during the 1st quarter valued at about $100,000. Advisors Asset Management Inc. increased its holdings in Eastman Chemical by 149.9% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock valued at $116,000 after purchasing an additional 826 shares during the period. Acrospire Investment Management LLC increased its holdings in Eastman Chemical by 1,500.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock valued at $134,000 after purchasing an additional 1,500 shares during the period. M&R Capital Management Inc. increased its holdings in Eastman Chemical by 62.9% during the 2nd quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock valued at $150,000 after purchasing an additional 700 shares during the period. Finally, Pathstone Family Office LLC purchased a new position in Eastman Chemical during the 1st quarter valued at about $158,000. Institutional investors own 82.12% of the company’s stock.
Eastman Chemical Company Profile
Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.
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