Eastman Chemical Company (NYSE:EMN) Receives Consensus Rating of “Hold” from Brokerages

Eastman Chemical Company (NYSE:EMN) has been given a consensus recommendation of “Hold” by the sixteen brokerages that are currently covering the firm, Marketbeat.com reports. Nine research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $79.6429.

EMN has been the subject of several recent research reports. Weiss Ratings upgraded Eastman Chemical from a “sell (d+)” rating to a “hold (c)” rating in a research report on Wednesday, February 18th. Deutsche Bank Aktiengesellschaft upped their price objective on Eastman Chemical from $64.00 to $72.00 and gave the stock a “hold” rating in a research report on Monday, February 2nd. Citigroup lifted their target price on shares of Eastman Chemical from $78.00 to $84.00 and gave the company a “buy” rating in a report on Thursday, March 12th. KeyCorp reiterated an “overweight” rating on shares of Eastman Chemical in a research note on Monday, February 2nd. Finally, Royal Bank Of Canada reissued a “sector perform” rating and set a $79.00 price target on shares of Eastman Chemical in a report on Wednesday, February 4th.

Hedge Funds Weigh In On Eastman Chemical

Several institutional investors and hedge funds have recently modified their holdings of the business. MUFG Securities EMEA plc purchased a new position in Eastman Chemical during the second quarter worth approximately $25,000. Altshuler Shaham Ltd acquired a new stake in Eastman Chemical in the fourth quarter valued at approximately $25,000. Brown Lisle Cummings Inc. increased 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 valued at $27,000 after buying an additional 175 shares in the last quarter. Garton & Associates Financial Advisors LLC acquired a new position in shares of Eastman Chemical during the 4th quarter worth approximately $27,000. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Eastman Chemical during the 4th quarter valued at approximately $27,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Price Performance

Shares of EMN opened at $68.82 on Friday. The business’s 50-day moving average is $72.92 and its two-hundred day moving average is $66.41. The company has a market capitalization of $7.85 billion, a P/E ratio of 16.83, a P/E/G ratio of 1.53 and a beta of 1.20. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.63 and a current ratio of 1.37. Eastman Chemical has a fifty-two week low of $56.11 and a fifty-two week high of $91.27.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.01). Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. The company had revenue of $1.97 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same period last year, the firm earned $1.87 EPS. The business’s quarterly revenue was down 12.1% compared to the same quarter last year. Research analysts predict that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 8th. Stockholders of record on Friday, March 13th will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend is Friday, March 13th. Eastman Chemical’s dividend payout ratio is presently 82.15%.

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.