Cowen and Company reissued their buy rating on shares of Eastman Chemical Company (NYSE:EMN) in a report released on Friday. The firm currently has a $88.00 price objective on the basic materials company’s stock.
Several other analysts also recently weighed in on EMN. UBS AG reissued a buy rating and issued a $95.00 price target (up from $90.00) on shares of Eastman Chemical in a research note on Sunday, June 25th. Jefferies Group LLC reissued a buy rating on shares of Eastman Chemical in a research note on Tuesday, July 11th. Zacks Investment Research downgraded shares of Eastman Chemical from a buy rating to a hold rating in a research note on Friday, June 30th. Royal Bank Of Canada reissued a hold rating and issued a $85.00 price target on shares of Eastman Chemical in a research note on Monday, June 5th. Finally, Citigroup Inc. boosted their price target on shares of Eastman Chemical from $81.00 to $89.00 and gave the stock a neutral rating in a research note on Wednesday, July 12th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Eastman Chemical presently has an average rating of Buy and an average price target of $86.00.
Eastman Chemical (NYSE EMN) traded down 0.19% during mid-day trading on Friday, reaching $85.24. The company had a trading volume of 505,943 shares. The firm has a 50-day moving average price of $81.21 and a 200 day moving average price of $79.25. The firm has a market capitalization of $12.43 billion, a price-to-earnings ratio of 14.34 and a beta of 1.28. Eastman Chemical has a 12-month low of $62.70 and a 12-month high of $86.28.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, April 27th. The basic materials company reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.09. The business had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.24 billion. Eastman Chemical had a net margin of 12.11% and a return on equity of 24.29%. Analysts expect that Eastman Chemical will post $7.47 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 5th. Shareholders of record on Thursday, June 15th were given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend was Tuesday, June 13th. Eastman Chemical’s payout ratio is 33.83%.
In related news, Director Lewis M. Kling sold 4,000 shares of the business’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $79.88, for a total transaction of $319,520.00. Following the transaction, the director now owns 15,693 shares in the company, valued at $1,253,556.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.14% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in EMN. Harbour Capital Advisors LLC bought a new position in shares of Eastman Chemical during the first quarter valued at about $100,000. FTB Advisors Inc. boosted its position in shares of Eastman Chemical by 17.4% in the first quarter. FTB Advisors Inc. now owns 1,342 shares of the basic materials company’s stock valued at $107,000 after buying an additional 199 shares in the last quarter. Whittier Trust Co. boosted its position in shares of Eastman Chemical by 8.2% in the first quarter. Whittier Trust Co. now owns 1,768 shares of the basic materials company’s stock valued at $143,000 after buying an additional 134 shares in the last quarter. Pathstone Family Office LLC bought a new position in shares of Eastman Chemical during the first quarter valued at about $158,000. Finally, Argent Trust Co bought a new position in shares of Eastman Chemical during the first quarter valued at about $209,000. Institutional investors own 87.89% of the company’s stock.
About Eastman Chemical
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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