Eastman Chemical (NYSE:EMN) has received a consensus rating of “Hold” from the eighteen analysts that are currently covering the company, Marketbeat Ratings reports. Nine research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $102.14.
Several brokerages have recently commented on EMN. Zacks Investment Research downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a report on Tuesday, February 6th. Cowen reaffirmed an “outperform” rating and set a $115.00 target price (up from $106.00) on shares of Eastman Chemical in a report on Wednesday, February 7th. Barclays upped their target price on Eastman Chemical from $100.00 to $108.00 and gave the company an “equal weight” rating in a report on Monday, February 5th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $93.00 target price (up from $91.00) on shares of Eastman Chemical in a report on Monday, October 30th. Finally, UBS Group upped their target price on Eastman Chemical from $97.00 to $103.00 and gave the company a “buy” rating in a report on Friday, October 27th.
In related news, Director Stephen R. Demeritt sold 4,000 shares of the stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $99.84, for a total value of $399,360.00. Following the completion of the sale, the director now directly owns 17,732 shares of the company’s stock, valued at approximately $1,770,362.88. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Lucian Boldea sold 3,325 shares of the stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $95.00, for a total value of $315,875.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 70,742 shares of company stock valued at $6,961,411. Company insiders own 1.14% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its stake in Eastman Chemical by 2.7% in the 4th quarter. BlackRock Inc. now owns 12,147,844 shares of the basic materials company’s stock worth $1,125,377,000 after acquiring an additional 320,786 shares in the last quarter. Ameriprise Financial Inc. increased its position in Eastman Chemical by 8.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,930,981 shares of the basic materials company’s stock worth $265,234,000 after purchasing an additional 223,382 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Eastman Chemical by 4.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,238,187 shares of the basic materials company’s stock worth $202,526,000 after purchasing an additional 87,674 shares during the last quarter. Geode Capital Management LLC increased its position in Eastman Chemical by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 1,799,218 shares of the basic materials company’s stock worth $166,377,000 after purchasing an additional 34,079 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in Eastman Chemical by 6,003.3% in the 4th quarter. Victory Capital Management Inc. now owns 1,700,749 shares of the basic materials company’s stock worth $157,557,000 after purchasing an additional 1,672,883 shares during the last quarter. 84.90% of the stock is owned by hedge funds and other institutional investors.
Shares of Eastman Chemical (EMN) traded up $1.97 during mid-day trading on Tuesday, reaching $103.48. The company had a trading volume of 610,051 shares, compared to its average volume of 1,343,073. Eastman Chemical has a fifty-two week low of $76.02 and a fifty-two week high of $104.08. The company has a market capitalization of $14,455.87, a PE ratio of 10.09, a P/E/G ratio of 1.34 and a beta of 1.33. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.83 and a quick ratio of 0.94.
Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, February 1st. The basic materials company reported $1.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.56. Eastman Chemical had a return on equity of 22.67% and a net margin of 15.44%. The business had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter last year, the business posted $1.51 earnings per share. The company’s quarterly revenue was up 8.0% on a year-over-year basis. sell-side analysts expect that Eastman Chemical will post 8.47 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 6th. Investors of record on Thursday, March 15th will be paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Wednesday, March 14th. Eastman Chemical’s dividend payout ratio is currently 22.13%.
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About Eastman Chemical
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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