Eastman Chemical (NYSE:EMN) Sets New 1-Year High Following Analyst Upgrade

Shares of Eastman Chemical (NYSE:EMN) hit a new 52-week high on Friday after Wells Fargo & Company raised their price target on the stock from $88.00 to $95.00. Wells Fargo & Company currently has an overweight rating on the stock. Eastman Chemical traded as high as $87.00 and last traded at $86.27, with a volume of 2047 shares traded. The stock had previously closed at $86.13.

Several other research analysts have also commented on the stock. Evercore ISI began coverage on shares of Eastman Chemical in a report on Tuesday, September 22nd. They issued a $91.00 price objective for the company. Stifel Nicolaus raised their price objective on shares of Eastman Chemical from $74.00 to $87.00 in a report on Tuesday, July 21st. Jefferies Financial Group raised their price objective on shares of Eastman Chemical from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, June 26th. Truist raised their price objective on shares of Eastman Chemical from $75.00 to $90.00 in a report on Friday, September 18th. Finally, ValuEngine upgraded shares of Eastman Chemical from a “sell” rating to a “hold” rating in a report on Thursday, August 6th. Ten investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $76.74.

In other news, SVP Mark K. Cox sold 3,290 shares of Eastman Chemical stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $73.22, for a total value of $240,893.80. Following the completion of the transaction, the senior vice president now owns 18,031 shares of the company’s stock, valued at approximately $1,320,229.82. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.66% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Smith Asset Management Group LP raised its position in shares of Eastman Chemical by 60.5% in the 2nd quarter. Smith Asset Management Group LP now owns 398 shares of the basic materials company’s stock worth $28,000 after purchasing an additional 150 shares during the last quarter. Sompo Asset Management Co. Ltd. lifted its stake in Eastman Chemical by 2.7% during the 2nd quarter. Sompo Asset Management Co. Ltd. now owns 6,160 shares of the basic materials company’s stock valued at $429,000 after acquiring an additional 160 shares during the period. CSat Investment Advisory L.P. boosted its holdings in shares of Eastman Chemical by 22.9% during the 2nd quarter. CSat Investment Advisory L.P. now owns 911 shares of the basic materials company’s stock valued at $64,000 after acquiring an additional 170 shares during the last quarter. CIBC Asset Management Inc grew its stake in shares of Eastman Chemical by 1.7% in the second quarter. CIBC Asset Management Inc now owns 11,619 shares of the basic materials company’s stock worth $809,000 after acquiring an additional 195 shares during the period. Finally, National Asset Management Inc. raised its holdings in shares of Eastman Chemical by 2.5% during the second quarter. National Asset Management Inc. now owns 8,180 shares of the basic materials company’s stock valued at $572,000 after purchasing an additional 197 shares during the last quarter. 82.43% of the stock is owned by hedge funds and other institutional investors.

The company has a debt-to-equity ratio of 0.89, a current ratio of 1.88 and a quick ratio of 1.12. The stock’s 50-day moving average is $79.93 and its two-hundred day moving average is $69.88. The company has a market cap of $11.71 billion, a P/E ratio of 20.54, a P/E/G ratio of 3.48 and a beta of 1.53.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Monday, August 3rd. The basic materials company reported $0.85 earnings per share for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.20). The company had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.82 billion. Eastman Chemical had a net margin of 6.64% and a return on equity of 14.02%. Eastman Chemical’s quarterly revenue was down 18.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.99 earnings per share. On average, analysts predict that Eastman Chemical will post 5.7 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, October 2nd. Shareholders of record on Tuesday, September 15th were issued a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date was Monday, September 14th. Eastman Chemical’s dividend payout ratio is 37.03%.

Eastman Chemical Company Profile (NYSE:EMN)

Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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