Eastman Chemical (NYSE:EMN) Trading Down 0.1%

Shares of Eastman Chemical (NYSE:EMN) dropped 0.1% during trading on Thursday . The company traded as low as $63.52 and last traded at $63.61, approximately 637,343 shares were traded during mid-day trading. A decline of 45% from the average daily volume of 1,161,596 shares. The stock had previously closed at $63.68.

EMN has been the subject of a number of research reports. JPMorgan Chase & Co. cut shares of Eastman Chemical from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $88.00 to $80.00 in a research note on Monday, July 29th. ValuEngine raised shares of Eastman Chemical from a “strong sell” rating to a “sell” rating in a research note on Friday, June 21st. Cowen reissued a “market perform” rating and issued a $77.00 price target (down previously from $83.00) on shares of Eastman Chemical in a research note on Monday, August 5th. Zacks Investment Research cut shares of Eastman Chemical from a “hold” rating to a “sell” rating and set a $84.00 price target for the company. in a research note on Tuesday, July 2nd. Finally, Citigroup set a $78.00 price target on shares of Eastman Chemical and gave the stock a “hold” rating in a research note on Monday, July 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $85.38.

The company has a market cap of $9.00 billion, a PE ratio of 7.84, a PEG ratio of 0.98 and a beta of 1.33. The stock’s 50 day moving average price is $74.78 and its 200-day moving average price is $76.97. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.80 and a current ratio of 1.58.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, July 25th. The basic materials company reported $1.99 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.09 by ($0.10). Eastman Chemical had a net margin of 9.45% and a return on equity of 17.76%. The business had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same period last year, the company posted $2.22 EPS. Eastman Chemical’s revenue for the quarter was down 9.8% on a year-over-year basis. On average, analysts anticipate that Eastman Chemical will post 7.66 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Stockholders of record on Monday, September 16th will be paid a $0.62 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.86%. Eastman Chemical’s dividend payout ratio (DPR) is 30.24%.

Several institutional investors have recently made changes to their positions in the company. CWM Advisors LLC raised its holdings in Eastman Chemical by 8.1% in the 2nd quarter. CWM Advisors LLC now owns 6,422 shares of the basic materials company’s stock worth $500,000 after purchasing an additional 480 shares in the last quarter. IFM Investors Pty Ltd raised its holdings in Eastman Chemical by 28.8% in the 2nd quarter. IFM Investors Pty Ltd now owns 11,131 shares of the basic materials company’s stock worth $866,000 after purchasing an additional 2,490 shares in the last quarter. Norinchukin Bank The raised its holdings in Eastman Chemical by 3.3% in the 1st quarter. Norinchukin Bank The now owns 26,500 shares of the basic materials company’s stock worth $2,011,000 after purchasing an additional 845 shares in the last quarter. Canandaigua National Bank & Trust Co. raised its holdings in Eastman Chemical by 11.7% in the 1st quarter. Canandaigua National Bank & Trust Co. now owns 21,151 shares of the basic materials company’s stock worth $1,605,000 after purchasing an additional 2,212 shares in the last quarter. Finally, Martin Capital Partners LLC bought a new position in Eastman Chemical in the 1st quarter worth $155,000. 82.07% of the stock is owned by institutional investors.

Eastman Chemical Company Profile (NYSE:EMN)

Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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