Eastman Chemical Company (NYSE:EMN) Given Average Recommendation of “Hold” by Analysts

Eastman Chemical Company (NYSE:EMN) has been given a consensus recommendation of “Hold” by the fifteen research firms that are presently covering the stock, MarketBeat Ratings reports. Eight analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $78.00.

Several brokerages have weighed in on EMN. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Eastman Chemical from $64.00 to $72.00 and gave the company a “hold” rating in a report on Monday. Weiss Ratings restated a “hold (c-)” rating on shares of Eastman Chemical in a research report on Wednesday, January 21st. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $70.00 target price on shares of Eastman Chemical in a report on Friday, December 19th. Bank of America raised their price target on Eastman Chemical from $74.00 to $79.00 and gave the company a “buy” rating in a report on Monday. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Eastman Chemical in a research note on Monday.

Eastman Chemical Price Performance

NYSE EMN opened at $71.48 on Thursday. The business’s fifty day moving average is $65.25 and its 200 day moving average is $64.95. Eastman Chemical has a fifty-two week low of $56.11 and a fifty-two week high of $103.82. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.86 and a current ratio of 1.76. The company has a market capitalization of $8.15 billion, a PE ratio of 17.48, a price-to-earnings-growth ratio of 6.81 and a beta of 1.23.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, January 29th. The basic materials company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.01). Eastman Chemical had a return on equity of 10.63% and a net margin of 5.42%.The company had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period last year, the business earned $1.87 EPS. The firm’s quarterly revenue was down 12.1% compared to the same quarter last year. Sell-side analysts predict that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Monday, December 15th were issued a dividend of $0.84 per share. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Monday, December 15th. This represents a $3.36 dividend on an annualized basis and a yield of 4.7%. Eastman Chemical’s payout ratio is 82.15%.

Hedge Funds Weigh In On Eastman Chemical

Several hedge funds have recently modified their holdings of the stock. MUFG Securities EMEA plc bought a new stake in Eastman Chemical in the 2nd quarter valued at $25,000. Ameritas Advisory Services LLC bought a new stake in shares of Eastman Chemical in the second quarter worth about $32,000. Brown Lisle Cummings Inc. lifted its position in shares of Eastman Chemical by 70.0% in the fourth quarter. Brown Lisle Cummings Inc. now owns 425 shares of the basic materials company’s stock worth $27,000 after buying an additional 175 shares in the last quarter. Loomis Sayles & Co. L P bought a new position in Eastman Chemical during the second quarter valued at approximately $33,000. Finally, Lodestone Wealth Management LLC purchased a new position in Eastman Chemical during the 4th quarter valued at approximately $33,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

About Eastman Chemical

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.