Eastman Chemical Co. (EMN) Given “Buy” Rating at Jefferies Group
Jefferies Group reissued their buy rating on shares of Eastman Chemical Co. (NYSE:EMN) in a research report report published on Monday morning. Jefferies Group currently has a $88.00 price objective on the stock.
A number of other research firms have also recently commented on EMN. Cowen and Company decreased their price objective on Eastman Chemical from $96.00 to $80.00 and set an outperform rating on the stock in a report on Tuesday, August 23rd. Zacks Investment Research cut Eastman Chemical from a hold rating to a strong sell rating in a report on Wednesday, August 3rd. TheStreet cut Eastman Chemical from a buy rating to a hold rating in a report on Friday, July 29th. JPMorgan Chase & Co. reiterated a buy rating on shares of Eastman Chemical in a report on Tuesday, August 16th. Finally, Royal Bank Of Canada decreased their price objective on Eastman Chemical from $85.00 to $83.00 and set an outperform rating on the stock in a report on Monday, June 27th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $76.29.
Shares of Eastman Chemical (NYSE:EMN) opened at 67.81 on Monday. Eastman Chemical has a 12 month low of $56.03 and a 12 month high of $78.79. The firm’s 50-day moving average price is $66.16 and its 200 day moving average price is $70.45. The company has a market cap of $10.02 billion, a PE ratio of 11.42 and a beta of 1.53.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 28th. The company reported $1.68 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.73 by $0.05. The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.36 billion. Eastman Chemical had a return on equity of 24.40% and a net margin of 9.63%. The company’s revenue for the quarter was down 9.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.01 earnings per share. Equities research analysts anticipate that Eastman Chemical will post $6.54 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 2.74%. The ex-dividend date of this dividend was Tuesday, September 13th. Eastman Chemical’s dividend payout ratio (DPR) is presently 30.98%.
A number of institutional investors have recently bought and sold shares of the stock. Acrospire Investment Management LLC acquired a new position in Eastman Chemical during the first quarter valued at approximately $108,000. Financial Architects Inc raised its position in Eastman Chemical by 8,181.8% in the second quarter. Financial Architects Inc now owns 1,822 shares of the company’s stock valued at $123,000 after buying an additional 1,800 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in Eastman Chemical by 22.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,965 shares of the company’s stock valued at $133,000 after buying an additional 361 shares during the period. Mizuho Asset Management Co. Ltd. raised its position in Eastman Chemical by 127.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,022 shares of the company’s stock valued at $137,000 after buying an additional 1,133 shares during the period. Finally, Evercore Wealth Management LLC raised its position in Eastman Chemical by 0.3% in the second quarter. Evercore Wealth Management LLC now owns 2,321 shares of the company’s stock valued at $158,000 after buying an additional 7 shares during the period. 84.06% of the stock is currently owned by hedge funds and other institutional investors.
Eastman Chemical Company Profile
Eastman Chemical Company (Eastman) is a specialty chemicals company that produces a range of advanced materials, chemicals and fibers. The Company operates through five segments: Additives & Functional Products (AFP), Adhesives & Plasticizers (A&P), Advanced Materials (AM), Fibers, and Specialty Fluids & Intermediates (SFI).
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