Wells Fargo & Co reaffirmed their outperform rating on shares of Eastman Chemical (NYSE:EMN) in a report published on Tuesday morning. The firm currently has a $115.00 price objective on the basic materials company’s stock, up from their prior price objective of $108.00.
A number of other equities analysts have also weighed in on the stock. UBS Group upped their price target on shares of Eastman Chemical from $97.00 to $103.00 and gave the stock a buy rating in a research report on Friday, October 27th. Royal Bank of Canada reiterated a sector perform rating and issued a $93.00 price target (up from $91.00) on shares of Eastman Chemical in a research report on Monday, October 30th. Zacks Investment Research lowered shares of Eastman Chemical from a buy rating to a hold rating in a research report on Friday, January 12th. Cowen restated an outperform rating and set a $106.00 target price (up previously from $92.00) on shares of Eastman Chemical in a research report on Friday, December 8th. Finally, Tudor Pickering began coverage on shares of Eastman Chemical in a research report on Tuesday, November 14th. They set a hold rating for the company. Nine equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Eastman Chemical has an average rating of Hold and an average price target of $102.60.
Eastman Chemical (NYSE:EMN) opened at $101.51 on Tuesday. The firm has a market cap of $14,590.00, a P/E ratio of 7.80, a price-to-earnings-growth ratio of 1.33 and a beta of 1.33. Eastman Chemical has a 12-month low of $76.02 and a 12-month high of $104.08. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.83 and a quick ratio of 0.94.
The business also recently announced a quarterly dividend, which will be paid on Friday, April 6th. Investors of record on Thursday, March 15th will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.21%. Eastman Chemical’s dividend payout ratio is 17.20%.
In related news, CEO Mark J. Costa sold 55,000 shares of the company’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $98.26, for a total transaction of $5,404,300.00. Following the sale, the chief executive officer now owns 212,991 shares of the company’s stock, valued at $20,928,495.66. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Lucian Boldea sold 3,325 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $95.00, for a total transaction of $315,875.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,742 shares of company stock valued at $6,555,051. 1.14% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in EMN. Janus Henderson Group PLC raised its stake in Eastman Chemical by 38.6% during the second quarter. Janus Henderson Group PLC now owns 25,832 shares of the basic materials company’s stock valued at $2,170,000 after purchasing an additional 7,199 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Eastman Chemical by 14.4% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 7,116 shares of the basic materials company’s stock valued at $598,000 after purchasing an additional 895 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Eastman Chemical during the second quarter valued at $302,000. Advisory Services Network LLC raised its stake in Eastman Chemical by 105.3% during the second quarter. Advisory Services Network LLC now owns 2,203 shares of the basic materials company’s stock valued at $185,000 after purchasing an additional 1,130 shares in the last quarter. Finally, Shell Asset Management Co. raised its stake in Eastman Chemical by 255.0% during the third quarter. Shell Asset Management Co. now owns 38,228 shares of the basic materials company’s stock valued at $3,092,000 after purchasing an additional 27,461 shares in the last quarter. 84.90% of the stock is currently owned by institutional investors.
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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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