Cowen and Company restated their buy rating on shares of Eastman Chemical Company (NYSE:EMN) in a research note published on Friday, July 14th. The firm currently has a $88.00 price target on the basic materials company’s stock.
A number of other equities analysts have also recently weighed in on the company. Citigroup Inc. restated a buy rating and issued a $81.00 price target (up previously from $79.00) on shares of Eastman Chemical in a report on Friday, April 14th. Zacks Investment Research upgraded Eastman Chemical from a hold rating to a buy rating and set a $91.00 price target for the company in a report on Monday, April 3rd. Deutsche Bank AG restated a buy rating and issued a $92.00 price target on shares of Eastman Chemical in a report on Thursday, May 25th. TheStreet upgraded Eastman Chemical from a c+ rating to a b rating in a report on Monday, April 17th. Finally, Jefferies Group LLC restated a buy rating and issued a $90.00 price target on shares of Eastman Chemical in a report on Wednesday, July 5th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Eastman Chemical presently has a consensus rating of Buy and an average price target of $89.89.
Shares of Eastman Chemical (NYSE:EMN) opened at 83.21 on Friday. Eastman Chemical has a 52-week low of $62.70 and a 52-week high of $86.60. The company’s 50-day moving average is $84.41 and its 200 day moving average is $80.89. The firm has a market capitalization of $12.05 billion, a PE ratio of 13.35 and a beta of 1.28.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.89 by $0.09. The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. Eastman Chemical’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.68 EPS. Equities analysts expect that Eastman Chemical will post $7.51 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 2.45%. The ex-dividend date is Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 32.28%.
In related news, Director Lewis M. Kling sold 4,000 shares of the firm’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $79.88, for a total transaction of $319,520.00. Following the transaction, the director now directly owns 15,693 shares in the company, valued at $1,253,556.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark K. Cox sold 1,400 shares of the firm’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total value of $117,936.00. The disclosure for this sale can be found here. Company insiders own 1.14% of the company’s stock.
A number of large investors have recently modified their holdings of the company. Raymond James Trust N.A. raised its stake in shares of Eastman Chemical by 13.7% in the first quarter. Raymond James Trust N.A. now owns 26,975 shares of the basic materials company’s stock valued at $2,179,000 after buying an additional 3,249 shares in the last quarter. Contravisory Investment Management Inc. bought a new stake in shares of Eastman Chemical during the first quarter valued at $262,000. Denali Advisors LLC raised its stake in shares of Eastman Chemical by 42.3% in the first quarter. Denali Advisors LLC now owns 30,600 shares of the basic materials company’s stock valued at $2,472,000 after buying an additional 9,100 shares in the last quarter. CENTRAL TRUST Co raised its stake in shares of Eastman Chemical by 43.2% in the first quarter. CENTRAL TRUST Co now owns 2,983 shares of the basic materials company’s stock valued at $241,000 after buying an additional 900 shares in the last quarter. Finally, Chevy Chase Trust Holdings Inc. raised its stake in shares of Eastman Chemical by 2.8% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 127,714 shares of the basic materials company’s stock valued at $10,319,000 after buying an additional 3,515 shares in the last quarter. 88.72% of the stock is currently owned by hedge funds and other 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.
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