Instinet lowered shares of Eastman Chemical Company (NYSE:EMN) from a buy rating to a neutral rating in a research report sent to investors on Tuesday morning. Instinet currently has $91.00 price objective on the basic materials company’s stock.

Several other brokerages have also recently weighed in on EMN. Jefferies Group LLC reaffirmed a buy rating and issued a $96.00 price target on shares of Eastman Chemical in a research report on Tuesday, October 3rd. KeyCorp reaffirmed a buy rating and issued a $100.00 price target on shares of Eastman Chemical in a research report on Wednesday, October 4th. Deutsche Bank AG upped their price target on shares of Eastman Chemical from $95.00 to $100.00 and gave the stock a buy rating in a research report on Tuesday. Nomura cut shares of Eastman Chemical from a buy rating to a neutral rating and set a $91.00 price target for the company. in a research report on Tuesday. Finally, Goldman Sachs Group, Inc. (The) raised shares of Eastman Chemical from a neutral rating to a buy rating and upped their price target for the stock from $81.00 to $101.00 in a research report on Thursday, September 28th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Eastman Chemical presently has an average rating of Hold and a consensus target price of $93.25.

Shares of Eastman Chemical (NYSE:EMN) traded down 1.166% during trading on Tuesday, hitting $87.745. 250,625 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $86.85 and a 200-day moving average price of $83.14. The stock has a market cap of $12.71 billion, a P/E ratio of 14.062 and a beta of 1.27. Eastman Chemical has a one year low of $62.70 and a one year high of $91.39.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the prior year, the company earned $1.68 EPS. The company’s revenue was up 5.3% compared to the same quarter last year. Equities research analysts expect that Eastman Chemical will post $7.43 EPS for the current fiscal year.

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The company 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. The ex-dividend date was Thursday, September 14th. This represents a $2.04 annualized dividend and a dividend yield of 2.30%. Eastman Chemical’s dividend payout ratio (DPR) is presently 32.28%.

In related news, insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Renee J. Hornbaker sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total transaction of $337,720.00. Following the transaction, the director now owns 21,858 shares of the company’s stock, valued at approximately $1,845,470.94. The disclosure for this sale can be found here. Insiders own 1.14% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Spot Trading L.L.C. increased its stake in Eastman Chemical by 122.8% during the 1st quarter. Spot Trading L.L.C. now owns 9,367 shares of the basic materials company’s stock valued at $757,000 after purchasing an additional 50,467 shares in the last quarter. UBS Asset Management Americas Inc. increased its stake in Eastman Chemical by 10.5% during the 1st quarter. UBS Asset Management Americas Inc. now owns 438,572 shares of the basic materials company’s stock valued at $35,437,000 after purchasing an additional 41,786 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in Eastman Chemical by 13.8% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 6,221 shares of the basic materials company’s stock valued at $503,000 after purchasing an additional 755 shares in the last quarter. Pacer Advisors Inc. increased its stake in Eastman Chemical by 3.2% during the 1st quarter. Pacer Advisors Inc. now owns 2,868 shares of the basic materials company’s stock valued at $232,000 after purchasing an additional 88 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in Eastman Chemical by 20.3% during the 1st quarter. Victory Capital Management Inc. now owns 18,525 shares of the basic materials company’s stock valued at $1,497,000 after purchasing an additional 3,121 shares in the last quarter. Hedge funds and other institutional investors own 82.13% of the company’s stock.

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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