Eastman Chemical Co. (EMN) Receives Consensus Recommendation of “Hold” from Analysts
Eastman Chemical Co. (NYSE:EMN) has been assigned a consensus rating of “Hold” from the seventeen analysts that are covering the firm. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $76.64.
EMN has been the topic of several research reports. Morgan Stanley restated a “hold” rating on shares of Eastman Chemical in a report on Thursday, June 16th. Royal Bank Of Canada lowered their price objective on shares of Eastman Chemical from $85.00 to $83.00 and set an “outperform” rating for the company in a research report on Monday, June 27th. Susquehanna started coverage on shares of Eastman Chemical in a research report on Friday, July 1st. They issued a “positive” rating and a $90.00 price objective for the company. Nomura lowered their price objective on shares of Eastman Chemical from $83.00 to $81.00 and set a “buy” rating for the company in a research report on Monday, July 11th. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $88.00 price objective on shares of Eastman Chemical in a research report on Friday, July 29th.
Shares of Eastman Chemical (NYSE:EMN) traded down 1.35% during mid-day trading on Thursday, hitting $63.50. 1,436,482 shares of the stock traded hands. The stock has a 50-day moving average of $66.23 and a 200 day moving average of $70.15. Eastman Chemical has a one year low of $56.03 and a one year high of $78.79. The stock has a market cap of $9.38 billion, a PE ratio of 10.70 and a beta of 1.53.
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Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, July 28th. The company reported $1.68 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.73 by $0.05. Eastman Chemical had a net margin of 9.63% and a return on equity of 24.40%. The business earned $2.30 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the previous year, the business posted $2.01 EPS. The company’s quarterly revenue was down 9.3% on a year-over-year basis. Equities analysts predict that Eastman Chemical will post $6.54 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date was Tuesday, September 13th. Eastman Chemical’s dividend payout ratio is presently 30.98%.
Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Eastman Chemical by 3.0% in the second quarter. Vanguard Group Inc. now owns 12,889,067 shares of the company’s stock worth $875,168,000 after buying an additional 374,294 shares during the last quarter. State Street Corp boosted its stake in Eastman Chemical by 0.6% in the second quarter. State Street Corp now owns 6,291,674 shares of the company’s stock worth $427,208,000 after buying an additional 35,862 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in Eastman Chemical by 2.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,305,733 shares of the company’s stock worth $292,359,000 after buying an additional 92,929 shares during the last quarter. LSV Asset Management boosted its stake in Eastman Chemical by 2.4% in the second quarter. LSV Asset Management now owns 3,318,129 shares of the company’s stock worth $225,300,000 after buying an additional 77,251 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in Eastman Chemical by 0.9% in the second quarter. Ameriprise Financial Inc. now owns 2,579,534 shares of the company’s stock worth $175,158,000 after buying an additional 21,970 shares during the last quarter. 84.06% of the stock is owned by hedge funds and other institutional investors.
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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