Eastman Chemical Co. (NYSE:EMN)‘s stock had its “buy” rating reaffirmed by equities research analysts at Jefferies Group in a research note issued on Monday. They presently have a $88.00 target price on the stock. Jefferies Group’s price target indicates a potential upside of 32.37% from the stock’s previous close.
Other equities research analysts also recently issued reports about the stock. Cowen and Company lowered their price objective on shares of Eastman Chemical from $96.00 to $80.00 and set an “outperform” rating for the company in a research note on Tuesday, August 23rd. Morgan Stanley reiterated a “hold” rating on shares of Eastman Chemical in a research note on Thursday, June 16th. Royal Bank Of Canada downgraded shares of Eastman Chemical from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $83.00 to $70.00 in a research note on Tuesday, August 2nd. TheStreet downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, July 29th. Finally, Nomura reiterated a “buy” rating on shares of Eastman Chemical in a research note on Monday, July 11th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $76.29.
Shares of Eastman Chemical (NYSE:EMN) opened at 66.48 on Monday. The firm has a 50-day moving average price of $66.18 and a 200-day moving average price of $70.40. Eastman Chemical has a 52 week low of $56.03 and a 52 week high of $78.79. The stock has a market cap of $9.82 billion, a price-to-earnings ratio of 11.20 and a beta of 1.53.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, July 28th. The company reported $1.68 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.73 by $0.05. Eastman Chemical had a return on equity of 24.40% and a net margin of 9.63%. The firm earned $2.30 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same period in the prior year, the firm posted $2.01 earnings per share. Eastman Chemical’s revenue for the quarter was down 9.3% compared to the same quarter last year. On average, equities analysts anticipate that Eastman Chemical will post $6.54 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were given a $0.46 dividend. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.77%. Eastman Chemical’s dividend payout ratio (DPR) is currently 30.98%.
Hedge funds and other institutional investors have recently modified their holdings of the company. Washington Trust Bank increased its position in shares of Eastman Chemical by 3.6% in the third quarter. Washington Trust Bank now owns 18,252 shares of the company’s stock worth $1,235,000 after buying an additional 631 shares during the period. Evercore Wealth Management LLC boosted its stake in Eastman Chemical by 0.3% in the second quarter. Evercore Wealth Management LLC now owns 2,321 shares of the company’s stock worth $158,000 after buying an additional 7 shares in the last quarter. Macquarie Group Ltd. boosted its stake in Eastman Chemical by 7.0% in the second quarter. Macquarie Group Ltd. now owns 165,482 shares of the company’s stock worth $11,237,000 after buying an additional 10,866 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Eastman Chemical during the second quarter worth approximately $408,000. Finally, Kentucky Retirement Systems bought a new stake in Eastman Chemical during the second quarter worth approximately $858,000. Institutional investors and hedge funds own 84.06% of the company’s stock.
Eastman Chemical Company Profile
Eastman Chemical Company (Eastman) is a specialty chemicals company that produces a range of advanced materials, chemicals and fibers. The Company operates through five segments: Additives & Functional Products (AFP), Adhesives & Plasticizers (A&P), Advanced Materials (AM), Fibers, and Specialty Fluids & Intermediates (SFI).
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