ValuEngine downgraded shares of Eastman Chemical (NYSE:EMN) from a buy rating to a hold rating in a research report report published on Wednesday, June 20th.
EMN has been the subject of several other reports. Royal Bank of Canada raised their target price on Eastman Chemical to $107.00 and gave the stock a sector perform rating in a research report on Monday, April 30th. They noted that the move was a valuation call. Zacks Investment Research cut Eastman Chemical from a buy rating to a hold rating in a report on Tuesday, May 1st. KeyCorp lifted their price target on Eastman Chemical from $118.00 to $122.00 and gave the company an overweight rating in a report on Monday, April 30th. Citigroup lifted their price target on Eastman Chemical from $103.00 to $108.00 and gave the company a neutral rating in a report on Monday, April 30th. Finally, Jefferies Financial Group reiterated a buy rating on shares of Eastman Chemical in a research report on Friday, March 9th. Nine research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock has an average rating of Buy and an average target price of $105.40.
Eastman Chemical opened at $99.96 on Wednesday, Marketbeat reports. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.72 and a quick ratio of 0.99. Eastman Chemical has a twelve month low of $81.91 and a twelve month high of $112.45. The stock has a market cap of $14.22 billion, a PE ratio of 13.14, a price-to-earnings-growth ratio of 1.24 and a beta of 1.21.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, April 26th. The basic materials company reported $2.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.09 by $0.14. Eastman Chemical had a net margin of 15.08% and a return on equity of 22.14%. The business had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same period in the prior year, the firm earned $1.83 earnings per share. The firm’s revenue was up 13.2% compared to the same quarter last year. equities research analysts expect that Eastman Chemical will post 8.57 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 6th. Investors of record on Friday, June 15th will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $2.24 annualized dividend and a yield of 2.24%. Eastman Chemical’s dividend payout ratio is currently 29.43%.
In related news, SVP David A. Golden sold 8,600 shares of Eastman Chemical stock in a transaction on Monday, April 2nd. The stock was sold at an average price of $105.38, for a total transaction of $906,268.00. Following the sale, the senior vice president now directly owns 20,682 shares in the company, valued at $2,179,469.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Brad A. Lich sold 12,066 shares of Eastman Chemical stock in a transaction on Wednesday, May 9th. The stock was sold at an average price of $105.75, for a total value of $1,275,979.50. Following the sale, the executive vice president now owns 18,997 shares in the company, valued at $2,008,932.75. The disclosure for this sale can be found here. Insiders sold 33,766 shares of company stock valued at $3,560,237 in the last three months. Insiders own 1.14% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Howard Capital Management Inc. boosted its holdings in shares of Eastman Chemical by 10.6% in the 1st quarter. Howard Capital Management Inc. now owns 98,783 shares of the basic materials company’s stock worth $10,426,000 after purchasing an additional 9,470 shares in the last quarter. Vestpro Financial Partners Inc. dba CPF Texas bought a new stake in shares of Eastman Chemical in the 1st quarter valued at about $704,000. WINTON GROUP Ltd lifted its stake in shares of Eastman Chemical by 39.0% in the 1st quarter. WINTON GROUP Ltd now owns 65,722 shares of the basic materials company’s stock valued at $6,939,000 after acquiring an additional 18,444 shares during the last quarter. CIBC World Markets Inc. lifted its stake in shares of Eastman Chemical by 85.1% in the 1st quarter. CIBC World Markets Inc. now owns 51,840 shares of the basic materials company’s stock valued at $5,473,000 after acquiring an additional 23,830 shares during the last quarter. Finally, Xact Kapitalforvaltning AB lifted its stake in shares of Eastman Chemical by 9.8% in the 1st quarter. Xact Kapitalforvaltning AB now owns 15,014 shares of the basic materials company’s stock valued at $1,585,000 after acquiring an additional 1,343 shares during the last quarter. Institutional investors and hedge funds own 83.80% of the company’s stock.
About Eastman Chemical
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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