Eastman Chemical Company (NYSE:EMN) had its price objective hoisted by Deutsche Bank AG from $95.00 to $100.00 in a research report sent to investors on Tuesday morning. They currently have a buy rating on the basic materials company’s stock.
A number of other equities analysts also recently commented on the company. Nomura downgraded Eastman Chemical from a buy rating to a neutral rating and set a $91.00 price target for the company. in a research note on Tuesday. KeyCorp restated a buy rating and issued a $100.00 target price on shares of Eastman Chemical in a research note on Wednesday, October 4th. Jefferies Group LLC restated a buy rating and issued a $96.00 target price on shares of Eastman Chemical in a research note on Tuesday, October 3rd. Goldman Sachs Group, Inc. (The) upgraded Eastman Chemical from a neutral rating to a buy rating and lifted their target price for the company from $81.00 to $101.00 in a research note on Thursday, September 28th. Finally, Cowen and Company lifted their target price on Eastman Chemical from $88.00 to $92.00 and gave the company an outperform rating in a research note on Monday, August 7th. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has an average rating of Hold and an average price target of $93.00.
Shares of Eastman Chemical (EMN) opened at 88.65 on Tuesday. The stock has a market capitalization of $12.84 billion, a P/E ratio of 14.23 and a beta of 1.27. The stock has a 50 day moving average price of $87.19 and a 200 day moving average price of $83.29. Eastman Chemical has a 12-month low of $63.35 and a 12-month high of $91.39.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, topping the Zacks’ consensus estimate of $1.89 by $0.09. The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period last year, the firm earned $1.68 earnings per share. On average, equities analysts anticipate that Eastman Chemical will post $7.35 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were issued a dividend of $0.51 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.30%. Eastman Chemical’s dividend payout ratio (DPR) is presently 32.28%.
In other news, insider Mark K. Cox sold 1,400 shares of Eastman Chemical stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total transaction of $117,936.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Renee J. Hornbaker sold 4,000 shares of Eastman Chemical stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total value of $337,720.00. Following the sale, the director now directly owns 21,858 shares in the company, valued at approximately $1,845,470.94. The disclosure for this sale can be found here. Insiders own 1.14% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in EMN. BlackRock Inc. raised its holdings in shares of Eastman Chemical by 3,636.5% during the first quarter. BlackRock Inc. now owns 11,468,628 shares of the basic materials company’s stock valued at $926,666,000 after buying an additional 11,161,689 shares during the last quarter. Blackstone Group L.P. bought a new stake in shares of Eastman Chemical during the first quarter valued at approximately $102,065,000. Vanguard Group Inc. raised its holdings in shares of Eastman Chemical by 4.1% during the first quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock valued at $1,138,298,000 after buying an additional 557,858 shares during the last quarter. Parametric Portfolio Associates LLC raised its holdings in shares of Eastman Chemical by 249.2% during the second quarter. Parametric Portfolio Associates LLC now owns 759,967 shares of the basic materials company’s stock valued at $63,830,000 after buying an additional 542,349 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Eastman Chemical by 18.7% during the first quarter. AQR Capital Management LLC now owns 2,315,608 shares of the basic materials company’s stock valued at $187,102,000 after buying an additional 365,467 shares during the last quarter. 82.13% of the stock is currently owned by institutional investors.
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.