Zacks Investment Research lowered shares of Eastman Chemical Company (NYSE:EMN) from a buy rating to a hold rating in a research note issued to investors on Friday, June 30th.
According to Zacks, “Eastman Chemical has outperformed the Zacks categorized 'Chemicals-Diversified' industry over the past three months. The company remains focused on cost-cutting and productivity actions amid a challenging operating environment. Further, the company should gain from its strategic acquisitions and capacity expansion actions. Eastman Chemical also remains committed to reduce debt and boost shareholder returns leveraging healthy free cash flows. However, Eastman Chemical continues to see pricing pressure which is weighing on its top line. The company is also exposed to currency translation risk.”
EMN has been the subject of several other research reports. TheStreet cut shares of Eastman Chemical from a b rating to a c+ rating in a report on Thursday, March 30th. Deutsche Bank AG restated a buy rating and set a $92.00 price objective on shares of Eastman Chemical in a research report on Wednesday, June 21st. BidaskClub upgraded shares of Eastman Chemical from a hold rating to a buy rating in a research report on Thursday, June 15th. Jefferies Group LLC restated a buy rating and set a $90.00 price objective on shares of Eastman Chemical in a research report on Friday, June 16th. Finally, Royal Bank Of Canada restated a hold rating and set a $85.00 price objective on shares of Eastman Chemical in a research report on Monday, June 5th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $86.00.
Eastman Chemical (NYSE EMN) traded down 2.34% during midday trading on Friday, reaching $83.03. 1,684,179 shares of the company were exchanged. Eastman Chemical has a 52 week low of $62.70 and a 52 week high of $86.60. The firm has a 50-day moving average price of $84.32 and a 200-day moving average price of $80.45. The company has a market capitalization of $12.03 billion, a PE ratio of 13.33 and a beta of 1.29.
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 consensus estimate of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.87%. The company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the previous year, the business posted $1.68 EPS. The firm’s revenue was up 5.3% on a year-over-year basis. Equities research analysts anticipate that Eastman Chemical will post $7.48 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 5th. Investors of record on Thursday, June 15th were given a $0.51 dividend. The ex-dividend date of this dividend was Tuesday, June 13th. This represents a $2.04 annualized dividend and a yield of 2.46%. Eastman Chemical’s dividend payout ratio (DPR) is 32.28%.
In related news, Director Lewis M. Kling sold 4,000 shares of the company’s stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $79.88, for a total value of $319,520.00. Following the completion of the sale, the director now owns 15,693 shares in the company, valued at approximately $1,253,556.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.14% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Daiwa Securities Group Inc. increased its position in shares of Eastman Chemical by 1.2% in the second quarter. Daiwa Securities Group Inc. now owns 4,150 shares of the basic materials company’s stock worth $349,000 after buying an additional 50 shares during the last quarter. Bbva Compass Bancshares Inc. increased its position in shares of Eastman Chemical by 2.2% in the second quarter. Bbva Compass Bancshares Inc. now owns 45,534 shares of the basic materials company’s stock worth $3,824,000 after buying an additional 975 shares during the last quarter. Sequent Asset Management LLC increased its position in shares of Eastman Chemical by 3.2% in the second quarter. Sequent Asset Management LLC now owns 7,820 shares of the basic materials company’s stock worth $657,000 after buying an additional 240 shares during the last quarter. Janney Montgomery Scott LLC increased its position in shares of Eastman Chemical by 1.8% in the second quarter. Janney Montgomery Scott LLC now owns 50,516 shares of the basic materials company’s stock worth $4,243,000 after buying an additional 904 shares during the last quarter. Finally, Harbour Capital Advisors LLC increased its position in shares of Eastman Chemical by 2,173.3% in the second quarter. Harbour Capital Advisors LLC now owns 28,053 shares of the basic materials company’s stock worth $334,000 after buying an additional 26,819 shares during the last quarter. Hedge funds and other institutional investors own 87.95% of the company’s stock.
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.
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