Royal Bank of Canada reissued their hold rating on shares of Eastman Chemical (NYSE:EMN) in a report published on Tuesday. The firm currently has a $103.00 price target on the basic materials company’s stock.
Other equities research analysts also recently issued reports about the stock. ValuEngine downgraded shares of Eastman Chemical from a strong-buy rating to a buy rating in a report on Monday, April 2nd. Jefferies Group reaffirmed a buy rating on shares of Eastman Chemical in a report on Friday, March 9th. Zacks Investment Research raised shares of Eastman Chemical from a hold rating to a buy rating and set a $119.00 price objective on the stock in a report on Wednesday, March 7th. KeyCorp reaffirmed a buy rating and set a $118.00 price objective (up from $108.00) on shares of Eastman Chemical in a report on Monday, January 8th. Finally, Barclays upped their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the company an equal weight rating in a report on Monday, February 5th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $103.93.
EMN opened at $108.15 on Tuesday. The stock has a market cap of $15,340.33, a P/E ratio of 14.08, a P/E/G ratio of 1.41 and a beta of 1.21. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.59 and a quick ratio of 0.82. Eastman Chemical has a fifty-two week low of $76.11 and a fifty-two week high of $112.45.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, February 1st. The basic materials company reported $1.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.56. The business had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.24 billion. Eastman Chemical had a net margin of 15.44% and a return on equity of 22.02%. The company’s revenue was up 8.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.51 earnings per share. analysts predict that Eastman Chemical will post 8.54 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, April 6th. Stockholders of record on Thursday, March 15th were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend was Wednesday, March 14th. Eastman Chemical’s payout ratio is 29.43%.
In other news, Director Stephen R. Demeritt sold 4,000 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $99.84, for a total value of $399,360.00. Following the sale, the director now directly owns 17,732 shares of the company’s stock, valued at $1,770,362.88. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Curtis E. Espeland sold 47,000 shares of the stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $100.00, for a total transaction of $4,700,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 142,935 shares of company stock worth $14,241,099. Insiders own 1.18% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Steward Partners Investment Advisory LLC purchased a new stake in Eastman Chemical in the third quarter valued at approximately $113,000. Balter Liquid Alternatives LLC purchased a new stake in Eastman Chemical in the fourth quarter valued at approximately $115,000. Advisors Preferred LLC purchased a new stake in Eastman Chemical in the fourth quarter valued at approximately $120,000. NuWave Investment Management LLC purchased a new stake in Eastman Chemical in the fourth quarter valued at approximately $123,000. Finally, Vigilant Capital Management LLC purchased a new stake in Eastman Chemical in the fourth quarter valued at approximately $126,000. 85.47% of the stock is currently owned by hedge funds and other institutional investors.
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Eastman Chemical Company Profile
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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