Deutsche Bank AG Reaffirms Buy Rating for Eastman Chemical Company (EMN)

Deutsche Bank AG reissued their buy rating on shares of Eastman Chemical Company (NYSE:EMN) in a research report sent to investors on Thursday, May 25th. The brokerage currently has a $92.00 price objective on the basic materials company’s stock.

Other equities analysts have also recently issued research reports about the company. Citigroup Inc. reaffirmed a buy rating and issued a $81.00 price target (up previously from $79.00) on shares of Eastman Chemical Company in a report on Friday, April 14th. Zacks Investment Research raised Eastman Chemical Company from a hold rating to a buy rating and set a $91.00 price target for the company in a report on Monday, April 3rd. Instinet increased their target price on Eastman Chemical Company from $77.00 to $87.00 and gave the company a buy rating in a report on Wednesday, February 1st. TheStreet cut Eastman Chemical Company from a b rating to a c+ rating in a report on Thursday, March 30th. Finally, Barclays PLC upped their price target on Eastman Chemical Company from $80.00 to $85.00 and gave the company an equal weight rating in a research report on Monday, January 30th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $84.45.

Eastman Chemical Company (NYSE:EMN) traded down 1.01% during mid-day trading on Thursday, reaching $85.13. 1,741,915 shares of the company traded hands. The stock has a market capitalization of $12.41 billion, a price-to-earnings ratio of 14.32 and a beta of 1.32. The company’s 50-day moving average is $80.18 and its 200-day moving average is $78.85. Eastman Chemical Company has a 12-month low of $62.70 and a 12-month high of $86.28.

Eastman Chemical Company (NYSE:EMN) last posted its quarterly earnings results on Thursday, April 27th. The basic materials company reported $1.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.74 by $0.09. The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.24 billion. Eastman Chemical Company had a return on equity of 22.23% and a net margin of 9.84%. Equities analysts predict that Eastman Chemical Company will post $7.47 earnings per share for the current fiscal year.

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The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 5th. Shareholders of record on Thursday, June 15th will be given a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend is Tuesday, June 13th. Eastman Chemical Company’s dividend payout ratio (DPR) is 33.83%.

In other Eastman Chemical Company news, Director Lewis M. Kling sold 4,000 shares of the company’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $79.88, for a total value of $319,520.00. Following the completion of the transaction, the director now owns 15,693 shares in the company, valued at approximately $1,253,556.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.14% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of the stock. Park National Corp OH increased its stake in shares of Eastman Chemical Company by 1.1% in the first quarter. Park National Corp OH now owns 3,113 shares of the basic materials company’s stock valued at $251,000 after buying an additional 35 shares during the period. Jaffetilchin Investment Partners LLC increased its stake in Eastman Chemical Company by 0.7% in the first quarter. Jaffetilchin Investment Partners LLC now owns 5,431 shares of the basic materials company’s stock worth $439,000 after buying an additional 40 shares during the last quarter. LVW Advisors LLC increased its stake in Eastman Chemical Company by 0.7% in the fourth quarter. LVW Advisors LLC now owns 6,072 shares of the basic materials company’s stock worth $457,000 after buying an additional 41 shares during the last quarter. Cleararc Capital Inc. increased its stake in Eastman Chemical Company by 1.3% in the first quarter. Cleararc Capital Inc. now owns 3,595 shares of the basic materials company’s stock worth $290,000 after buying an additional 46 shares during the last quarter. Finally, Pacer Advisors Inc. raised its position in shares of Eastman Chemical Company by 3.2% in the first quarter. Pacer Advisors Inc. now owns 2,868 shares of the basic materials company’s stock valued at $232,000 after buying an additional 88 shares during the period. Institutional investors and hedge funds own 88.55% of the company’s stock.

Eastman Chemical Company Company Profile

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.

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