Eastman Chemical Co. (EMN) Receives Consensus Recommendation of “Hold” from Analysts
Shares of Eastman Chemical Co. (NYSE:EMN) have been assigned a consensus recommendation of “Hold” from the seventeen research firms that are presently covering the company. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $76.64.
EMN has been the topic of several analyst reports. Citigroup Inc. lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and dropped their price target for the company from $74.00 to $73.00 in a research report on Wednesday, September 7th. JPMorgan Chase & Co. restated a “buy” rating on shares of Eastman Chemical in a research report on Friday, July 29th. RBC Capital Markets lowered shares of Eastman Chemical from an “outperform” rating to a “sector perform” rating and dropped their price target for the company from $83.00 to $70.00 in a research report on Tuesday, August 2nd. Royal Bank Of Canada dropped their price target on shares of Eastman Chemical from $85.00 to $83.00 and set an “outperform” rating on the stock in a research report on Monday, June 27th. Finally, Jefferies Group restated a “buy” rating and set a $88.00 price target on shares of Eastman Chemical in a research report on Friday, July 29th.
A number of institutional investors have recently modified their holdings of the company. Teachers Advisors Inc. increased its position in shares of Eastman Chemical by 6.7% in the first quarter. Teachers Advisors Inc. now owns 283,456 shares of the company’s stock worth $20,474,000 after buying an additional 17,842 shares during the period. Franklin Resources Inc. increased its position in shares of Eastman Chemical by 3.5% in the first quarter. Franklin Resources Inc. now owns 1,022,126 shares of the company’s stock worth $73,832,000 after buying an additional 34,137 shares during the period. Acrospire Investment Management LLC purchased a new position in shares of Eastman Chemical during the first quarter worth approximately $108,000. NN Investment Partners Holdings N.V. purchased a new position in shares of Eastman Chemical during the first quarter worth approximately $708,000. Finally, Investec Asset Management LTD purchased a new position in shares of Eastman Chemical during the first quarter worth approximately $246,000. 84.06% of the stock is currently owned by institutional investors.
Eastman Chemical (NYSE:EMN) traded down 1.35% on Thursday, hitting $63.50. 1,436,482 shares of the company were exchanged. The company has a market capitalization of $9.38 billion, a P/E ratio of 10.70 and a beta of 1.53. The firm’s 50 day moving average is $66.23 and its 200 day moving average is $70.15. Eastman Chemical has a 52 week low of $56.03 and a 52 week high of $78.79.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, July 28th. The company reported $1.68 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.73 by $0.05. The business earned $2.30 billion during 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 firm’s revenue was down 9.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.01 EPS. On average, equities research analysts forecast that Eastman Chemical will post $6.54 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date was Tuesday, September 13th. Eastman Chemical’s dividend payout ratio (DPR) is presently 30.98%.
About Eastman Chemical
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).
Receive News & Stock Ratings for Eastman Chemical Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastman Chemical Co. and related stocks with our FREE daily email newsletter.