Eastman Chemical (NYSE:EMN) Given Average Recommendation of “Moderate Buy” by Brokerages

Eastman Chemical (NYSE:EMN) has earned an average rating of “Moderate Buy” from the fourteen ratings firms that are presently covering the company, Marketbeat.com reports. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $97.13.

Several equities analysts recently issued reports on EMN shares. UBS Group boosted their price target on Eastman Chemical from $91.00 to $93.00 and gave the company a “neutral” rating in a research report on Friday, February 2nd. Citigroup increased their price target on Eastman Chemical from $95.00 to $114.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Stifel Nicolaus dropped their price objective on shares of Eastman Chemical from $102.00 to $101.00 and set a “buy” rating on the stock in a research note on Monday, February 5th. Royal Bank of Canada reduced their target price on shares of Eastman Chemical from $91.00 to $89.00 and set a “sector perform” rating for the company in a research note on Tuesday, February 6th. Finally, Wells Fargo & Company boosted their price target on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 11th.

Eastman Chemical Stock Performance

Shares of EMN opened at $96.01 on Friday. The company’s 50 day simple moving average is $92.43 and its 200-day simple moving average is $85.47. The firm has a market cap of $11.29 billion, a PE ratio of 12.82, a price-to-earnings-growth ratio of 1.07 and a beta of 1.54. Eastman Chemical has a 12-month low of $68.89 and a 12-month high of $102.71. The company has a current ratio of 1.35, a quick ratio of 0.70 and a debt-to-equity ratio of 0.78.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Friday, February 2nd. The basic materials company reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.03. Eastman Chemical had a net margin of 9.71% and a return on equity of 14.15%. The firm had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.21 billion. During the same quarter in the prior year, the business earned $0.89 EPS. Eastman Chemical’s quarterly revenue was down 7.0% compared to the same quarter last year. As a group, equities analysts predict that Eastman Chemical will post 7.7 EPS for the current year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were issued a $0.81 dividend. The ex-dividend date was Thursday, March 14th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.37%. Eastman Chemical’s dividend payout ratio is presently 43.26%.

Insider Activity

In other news, SVP Adrian James Holt sold 4,735 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.93% of the company’s stock.

Institutional Investors Weigh In On Eastman Chemical

A number of large investors have recently added to or reduced their stakes in the business. Iams Wealth Management LLC grew its stake in Eastman Chemical by 3.9% in the 1st quarter. Iams Wealth Management LLC now owns 7,308 shares of the basic materials company’s stock valued at $732,000 after acquiring an additional 272 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Eastman Chemical by 17.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,886 shares of the basic materials company’s stock valued at $991,000 after acquiring an additional 1,462 shares during the last quarter. Stewart & Patten Co. LLC grew its stake in Eastman Chemical by 3.8% in the 1st quarter. Stewart & Patten Co. LLC now owns 185,323 shares of the basic materials company’s stock valued at $18,573,000 after acquiring an additional 6,769 shares during the last quarter. Miracle Mile Advisors LLC acquired a new stake in Eastman Chemical in the 1st quarter valued at about $276,000. Finally, Atlantic Union Bankshares Corp acquired a new stake in Eastman Chemical in the 1st quarter valued at about $219,000. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Company Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.