Shares of Eastman Chemical (NYSE:EMN) have received an average rating of “Hold” from the eighteen ratings firms that are covering the company, Marketbeat Ratings reports. Ten analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $105.57.
A number of equities analysts recently commented on the stock. Morgan Stanley lifted their price target on shares of Eastman Chemical from $98.00 to $107.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 31st. Zacks Investment Research raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $111.00 price target for the company in a research note on Tuesday, July 3rd. ValuEngine cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, June 20th. Royal Bank of Canada lifted their price target on shares of Eastman Chemical to $107.00 and gave the stock a “sector perform” rating in a research note on Monday, April 30th. They noted that the move was a valuation call. Finally, Citigroup lifted their price target on shares of Eastman Chemical from $103.00 to $108.00 and gave the stock a “neutral” rating in a research note on Monday, April 30th.
In other news, insider Lucian Boldea sold 3,523 shares of the business’s stock in a transaction dated Tuesday, July 31st. The shares were sold at an average price of $103.58, for a total value of $364,912.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Mark J. Costa sold 20,000 shares of the business’s stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the completion of the sale, the chief executive officer now owns 190,584 shares of the company’s stock, valued at approximately $19,058,400. The disclosure for this sale can be found here. Over the last three months, insiders sold 39,715 shares of company stock valued at $4,005,972. 1.18% of the stock is owned by corporate insiders.
Several large investors have recently bought and sold shares of EMN. Morgan Stanley raised its holdings in shares of Eastman Chemical by 158.3% in the 2nd quarter. Morgan Stanley now owns 1,215,942 shares of the basic materials company’s stock valued at $121,546,000 after purchasing an additional 745,156 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Eastman Chemical by 327.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 815,629 shares of the basic materials company’s stock valued at $86,112,000 after purchasing an additional 624,614 shares in the last quarter. Bank of Montreal Can bought a new stake in shares of Eastman Chemical in the 2nd quarter valued at about $44,736,000. LSV Asset Management raised its holdings in shares of Eastman Chemical by 9.8% in the 1st quarter. LSV Asset Management now owns 4,723,454 shares of the basic materials company’s stock valued at $498,702,000 after purchasing an additional 420,337 shares in the last quarter. Finally, Janus Henderson Group PLC raised its holdings in shares of Eastman Chemical by 809.1% in the 2nd quarter. Janus Henderson Group PLC now owns 430,650 shares of the basic materials company’s stock valued at $43,048,000 after purchasing an additional 383,279 shares in the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.
Shares of EMN stock traded up $0.38 during trading hours on Tuesday, reaching $97.69. 766,463 shares of the stock were exchanged, compared to its average volume of 1,096,479. Eastman Chemical has a 12-month low of $82.40 and a 12-month high of $112.45. The company has a current ratio of 1.69, a quick ratio of 0.95 and a debt-to-equity ratio of 1.04. The stock has a market cap of $14.11 billion, a PE ratio of 12.84, a P/E/G ratio of 1.29 and a beta of 1.13.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, July 26th. The basic materials company reported $2.22 EPS for the quarter, topping analysts’ consensus estimates of $2.20 by $0.02. Eastman Chemical had a net margin of 15.30% and a return on equity of 21.79%. The firm had revenue of $2.62 billion during the quarter, compared to analysts’ expectations of $2.59 billion. During the same period in the previous year, the company earned $1.98 EPS. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. sell-side analysts forecast that Eastman Chemical will post 8.57 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 5th. Shareholders of record on Friday, September 14th will be given a $0.56 dividend. The ex-dividend date is Thursday, September 13th. This represents a $2.24 annualized dividend and a yield of 2.29%. Eastman Chemical’s dividend payout ratio (DPR) is 29.43%.
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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