Shares of Eastman Chemical Company (NYSE:EMN) have earned a consensus rating of “Buy” from the fifteen brokerages that are currently covering the company, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $85.60.
A number of brokerages have recently weighed in on EMN. Cowen and Company reissued a “buy” rating and set a $88.00 price objective on shares of Eastman Chemical in a report on Friday. Citigroup Inc. upped their price target on shares of Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a report on Wednesday, July 12th. Jefferies Group LLC reaffirmed a “buy” rating on shares of Eastman Chemical in a report on Tuesday, July 11th. Zacks Investment Research raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a research note on Tuesday, July 4th. Finally, UBS AG reissued a “buy” rating and set a $95.00 target price (up from $90.00) on shares of Eastman Chemical in a research note on Sunday, June 25th.
Shares of Eastman Chemical (NYSE EMN) opened at 85.24 on Tuesday. Eastman Chemical has a one year low of $62.70 and a one year high of $86.28. The company has a market capitalization of $12.43 billion, a price-to-earnings ratio of 14.34 and a beta of 1.28. The company’s 50-day moving average price is $81.21 and its 200-day moving average price is $79.25.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, April 27th. The basic materials company reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.09. The firm had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.24 billion. Eastman Chemical had a net margin of 9.84% and a return on equity of 22.23%. On average, equities research analysts predict that Eastman Chemical will post $7.47 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 5th. Investors of record on Thursday, June 15th were given a dividend of $0.51 per share. The ex-dividend date of this dividend was Tuesday, June 13th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.39%. Eastman Chemical’s payout ratio is currently 33.83%.
In other Eastman Chemical news, Director Lewis M. Kling sold 4,000 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $1,253,556.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.14% of the company’s stock.
Large investors have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in shares of Eastman Chemical by 3,636.5% in the first quarter. BlackRock Inc. now owns 11,468,628 shares of the basic materials company’s stock worth $926,666,000 after buying an additional 11,161,689 shares during the last quarter. Blackstone Group L.P. purchased a new stake in shares of Eastman Chemical during the first quarter worth $102,065,000. Norges Bank purchased a new stake in shares of Eastman Chemical during the fourth quarter worth $115,997,000. Two Sigma Investments LP raised its stake in shares of Eastman Chemical by 19,045.8% in the fourth quarter. Two Sigma Investments LP now owns 947,290 shares of the basic materials company’s stock valued at $71,246,000 after buying an additional 952,290 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Eastman Chemical by 76.5% in the fourth quarter. AQR Capital Management LLC now owns 1,950,141 shares of the basic materials company’s stock valued at $146,670,000 after buying an additional 845,159 shares in the last quarter. Institutional investors and hedge funds own 87.89% of the company’s stock.
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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.
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