Eastman Chemical Company (NYSE:EMN) has been given an average recommendation of “Buy” by the thirteen analysts that are covering the stock, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $90.63.

Several research firms have weighed in on EMN. Cowen and Company reissued a “buy” rating and set a $88.00 price target on shares of Eastman Chemical in a research report on Friday, July 14th. Zacks Investment Research downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st. Deutsche Bank AG reissued a “buy” rating and set a $92.00 price target on shares of Eastman Chemical in a research report on Wednesday, June 21st. BidaskClub downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Finally, Citigroup Inc. raised their price target on Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 12th.

Eastman Chemical (EMN) opened at 85.43 on Tuesday. Eastman Chemical has a 52-week low of $62.70 and a 52-week high of $86.60. The company has a market capitalization of $12.37 billion, a P/E ratio of 13.71 and a beta of 1.28. The stock’s 50 day moving average price is $84.50 and its 200-day moving average price is $81.31.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.09. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. Eastman Chemical’s revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.68 earnings per share. Analysts predict that Eastman Chemical will post $7.51 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date is Thursday, September 14th. Eastman Chemical’s payout ratio is currently 32.28%.

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In related news, Director Lewis M. Kling sold 4,000 shares of Eastman Chemical stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $79.88, for a total value 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark K. Cox sold 1,400 shares of Eastman Chemical stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total value of $117,936.00. The disclosure for this sale can be found here. Insiders sold 9,400 shares of company stock worth $775,176 in the last quarter. 1.14% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Harbour Capital Advisors LLC purchased a new position in shares of Eastman Chemical during the first quarter worth $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 worth $107,000 after buying an additional 199 shares during the last quarter. Advisors Asset Management Inc. boosted its position in shares of Eastman Chemical by 149.9% in the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock worth $116,000 after buying an additional 826 shares during the last quarter. Acrospire Investment Management LLC boosted its position in shares of Eastman Chemical by 1,500.0% in the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock worth $134,000 after buying an additional 1,500 shares during the last quarter. Finally, 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 worth $143,000 after buying an additional 134 shares during the last quarter. Hedge funds and other institutional investors own 82.08% 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.

Analyst Recommendations for Eastman Chemical (NYSE:EMN)

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