Eastman Chemical Company (EMN) Cut to Neutral at Nomura

Nomura downgraded shares of Eastman Chemical Company (NYSE:EMN) from a buy rating to a neutral rating in a report published on Tuesday, MarketBeat reports. Nomura currently has $91.00 price target on the basic materials company’s stock.

EMN has been the subject of several other reports. Jefferies Group LLC reiterated a buy rating and issued a $96.00 target price on shares of Eastman Chemical in a report on Tuesday, October 3rd. Deutsche Bank AG reiterated a buy rating and issued a $92.00 target price on shares of Eastman Chemical in a report on Wednesday, June 21st. Goldman Sachs Group, Inc. (The) upgraded Eastman Chemical from a neutral rating to a buy rating and upped their target price for the stock from $81.00 to $101.00 in a report on Thursday, September 28th. KeyCorp reiterated a buy rating and issued a $100.00 target price on shares of Eastman Chemical in a report on Wednesday, October 4th. Finally, BidaskClub upgraded Eastman Chemical from a hold rating to a buy rating in a report on Thursday, June 15th. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $93.00.

Shares of Eastman Chemical (NYSE EMN) traded up 0.50% during mid-day trading on Tuesday, reaching $88.80. The company had a trading volume of 296,386 shares. The firm has a 50-day moving average price of $87.08 and a 200-day moving average price of $83.21. Eastman Chemical has a 1-year low of $63.28 and a 1-year high of $91.39. The stock has a market capitalization of $12.86 billion, a price-to-earnings ratio of 14.25 and a beta of 1.27.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.89 by $0.09. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The business had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the prior year, the business earned $1.68 EPS. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. Equities analysts expect that Eastman Chemical will post $7.35 earnings per share for the current year.

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The business also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 15th were paid a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend was Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is currently 32.28%.

In related news, insider Mark K. Cox sold 1,400 shares of the company’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total transaction of $117,936.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Renee J. Hornbaker sold 4,000 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total value of $337,720.00. Following the transaction, the director now directly owns 21,858 shares in the company, valued at $1,845,470.94. The disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.

A number of large investors have recently made changes to their positions in EMN. BlackRock Inc. increased its position in Eastman Chemical by 3,636.5% during the 1st quarter. BlackRock Inc. now owns 11,468,628 shares of the basic materials company’s stock valued at $926,666,000 after buying an additional 11,161,689 shares in the last quarter. Blackstone Group L.P. acquired a new position in Eastman Chemical during the 1st quarter valued at about $102,065,000. Vanguard Group Inc. increased its position in Eastman Chemical by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock valued at $1,138,298,000 after buying an additional 557,858 shares in the last quarter. Parametric Portfolio Associates LLC increased its position in Eastman Chemical by 249.2% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 759,967 shares of the basic materials company’s stock valued at $63,830,000 after buying an additional 542,349 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in Eastman Chemical by 18.7% during the 1st quarter. AQR Capital Management LLC now owns 2,315,608 shares of the basic materials company’s stock valued at $187,102,000 after buying an additional 365,467 shares in the last quarter. 82.13% of the stock is currently owned by institutional investors.

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.

Analyst Recommendations for Eastman Chemical (NYSE:EMN)

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