Deutsche Bank AG Boosts Eastman Chemical Company (EMN) Price Target to $100.00
Eastman Chemical Company (NYSE:EMN) had its price objective upped by Deutsche Bank AG from $95.00 to $100.00 in a research note published on Tuesday morning. Deutsche Bank AG currently has a buy rating on the basic materials company’s stock.
Other equities research analysts also recently issued reports about the stock. UBS AG reissued a buy rating and set a $95.00 price target (up from $90.00) on shares of Eastman Chemical in a research note on Sunday, June 25th. Citigroup Inc. boosted their price target on shares of Eastman Chemical from $81.00 to $89.00 and gave the stock a neutral rating in a research note on Wednesday, July 12th. Cowen and Company boosted their price target on shares of Eastman Chemical from $88.00 to $92.00 and gave the stock an outperform rating in a research note on Monday, August 7th. Jefferies Group LLC reaffirmed a buy rating on shares of Eastman Chemical in a research note on Tuesday, July 11th. Finally, Zacks Investment Research downgraded shares of Eastman Chemical from a buy rating to a hold rating in a research note on Wednesday, August 2nd. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $93.00.
Eastman Chemical (EMN) traded up 0.50% on Tuesday, hitting $88.80. 296,386 shares of the company were exchanged. Eastman Chemical has a one year low of $63.28 and a one year high of $91.39. The firm has a market cap of $12.86 billion, a price-to-earnings ratio of 14.25 and a beta of 1.27. The stock has a 50 day moving average price of $87.08 and a 200 day moving average price of $83.21.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.89 by $0.09. The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. Eastman Chemical’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.68 earnings per share. On average, equities research analysts forecast that Eastman Chemical will post $7.35 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.31%. The ex-dividend date was Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 32.28%.
In other news, Director Renee J. Hornbaker sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total value of $337,720.00. Following the completion of the transaction, the director now owns 21,858 shares in the company, valued at $1,845,470.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark K. Cox sold 1,400 shares of the company’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 disclosure for this sale can be found here. 1.14% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Harbour Capital Advisors LLC acquired a new position in Eastman Chemical during the first quarter worth $100,000. Advisors Asset Management Inc. boosted its holdings in Eastman Chemical by 149.9% during the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock worth $116,000 after purchasing an additional 826 shares during the last quarter. Acrospire Investment Management LLC boosted its holdings in Eastman Chemical by 1,500.0% during the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock worth $134,000 after purchasing an additional 1,500 shares during the last quarter. M&R Capital Management Inc. boosted its holdings in Eastman Chemical by 62.9% during the second quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock worth $150,000 after purchasing an additional 700 shares during the last quarter. Finally, Fiduciary Trust Co. acquired a new position in Eastman Chemical during the second quarter worth $160,000. Institutional investors own 82.13% of the company’s stock.
Eastman Chemical Company Profile
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.
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