Eastman Chemical (NYSE:EMN) Upgraded by Tudor Pickering to Buy

Tudor Pickering upgraded shares of Eastman Chemical (NYSE:EMN) from a hold rating to a buy rating in a report issued on Thursday, BenzingaRatingsTable reports. The firm currently has $79.00 price objective on the basic materials company’s stock.

A number of other analysts also recently issued reports on the stock. Citigroup set a $78.00 price objective on shares of Eastman Chemical and gave the company a hold rating in a report on Monday, July 15th. SunTrust Banks set a $80.00 price objective on shares of Eastman Chemical and gave the company a hold rating in a report on Monday, July 15th. Nomura cut their price objective on shares of Eastman Chemical from $88.00 to $85.00 and set a buy rating for the company in a report on Monday, July 29th. Cowen reissued a market perform rating and issued a $77.00 price objective (down previously from $83.00) on shares of Eastman Chemical in a report on Monday, August 5th. Finally, UBS Group set a $98.00 price objective on shares of Eastman Chemical and gave the company a buy rating in a report on Friday, April 26th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $85.38.

EMN traded up $1.32 on Thursday, reaching $65.57. The company had a trading volume of 20,657 shares, compared to its average volume of 1,173,061. Eastman Chemical has a fifty-two week low of $63.43 and a fifty-two week high of $100.52. The stock has a market cap of $8.90 billion, a P/E ratio of 7.97, a P/E/G ratio of 1.00 and a beta of 1.33. The company’s fifty day moving average is $74.78 and its 200 day moving average is $76.97. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.80 and a current ratio of 1.58.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, July 25th. The basic materials company reported $1.99 EPS for the quarter, missing the Zacks’ consensus estimate of $2.09 by ($0.10). Eastman Chemical had a net margin of 9.45% and a return on equity of 17.76%. The company had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same quarter last year, the company posted $2.22 EPS. The firm’s quarterly revenue was down 9.8% on a year-over-year basis. On average, sell-side analysts expect that Eastman Chemical will post 7.66 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend is Friday, September 13th. Eastman Chemical’s dividend payout ratio (DPR) is presently 30.24%.

Institutional investors have recently modified their holdings of the company. Zions Bancorporation N.A. bought a new stake in shares of Eastman Chemical during the 1st quarter worth approximately $27,000. Motco bought a new position in Eastman Chemical in the 2nd quarter valued at approximately $31,000. Berman Capital Advisors LLC lifted its stake in Eastman Chemical by 28.6% in the 2nd quarter. Berman Capital Advisors LLC now owns 639 shares of the basic materials company’s stock valued at $49,000 after purchasing an additional 142 shares during the last quarter. CSat Investment Advisory L.P. lifted its stake in Eastman Chemical by 97.0% in the 2nd quarter. CSat Investment Advisory L.P. now owns 652 shares of the basic materials company’s stock valued at $50,000 after purchasing an additional 321 shares during the last quarter. Finally, SevenBridge Financial Group LLC lifted its stake in Eastman Chemical by 62.6% in the 2nd quarter. SevenBridge Financial Group LLC now owns 709 shares of the basic materials company’s stock valued at $55,000 after purchasing an additional 273 shares during the last quarter. 82.07% of the stock is owned by institutional investors.

Eastman Chemical Company Profile

Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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Analyst Recommendations for Eastman Chemical (NYSE:EMN)

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