Shares of Eastman Chemical (NYSE:EMN) have earned an average recommendation of “Buy” from the fourteen research firms that are presently covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $133.08.
A number of equities research analysts have issued reports on EMN shares. JPMorgan Chase & Co. downgraded shares of Eastman Chemical from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $130.00 to $110.00 in a research report on Monday, November 1st. Royal Bank of Canada decreased their price target on shares of Eastman Chemical from $115.00 to $113.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 4th. TheStreet raised shares of Eastman Chemical from a “c+” rating to a “b” rating in a report on Monday, November 29th. Wells Fargo & Company raised their price objective on shares of Eastman Chemical from $130.00 to $138.00 and gave the stock an “overweight” rating in a report on Wednesday, December 8th. Finally, KeyCorp raised their price objective on shares of Eastman Chemical from $119.00 to $150.00 and gave the stock an “overweight” rating in a report on Wednesday, December 8th.
A number of hedge funds and other institutional investors have recently bought and sold shares of EMN. Covington Capital Management increased its holdings in shares of Eastman Chemical by 2,016.7% in the second quarter. Covington Capital Management now owns 254 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 242 shares during the last quarter. Farmers & Merchants Investments Inc. grew its stake in shares of Eastman Chemical by 292.5% in the fourth quarter. Farmers & Merchants Investments Inc. now owns 263 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 196 shares in the last quarter. Penserra Capital Management LLC grew its stake in shares of Eastman Chemical by 60.0% in the third quarter. Penserra Capital Management LLC now owns 264 shares of the basic materials company’s stock valued at $26,000 after acquiring an additional 99 shares in the last quarter. Nvwm LLC acquired a new position in shares of Eastman Chemical in the third quarter valued at about $36,000. Finally, Tobam acquired a new position in shares of Eastman Chemical in the second quarter valued at about $49,000. 82.90% of the stock is currently owned by hedge funds and other institutional investors.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, October 28th. The basic materials company reported $2.46 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $2.46. The firm had revenue of $2.72 billion during the quarter, compared to analysts’ expectations of $2.61 billion. Eastman Chemical had a net margin of 5.13% and a return on equity of 19.50%. The firm’s revenue for the quarter was up 28.2% compared to the same quarter last year. During the same period last year, the firm posted $1.57 earnings per share. As a group, equities research analysts expect that Eastman Chemical will post 8.96 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, January 7th. Shareholders of record on Wednesday, December 15th were given a dividend of $0.76 per share. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a yield of 2.38%. The ex-dividend date was Tuesday, December 14th. Eastman Chemical’s dividend payout ratio is 81.72%.
Eastman Chemical Company Profile
Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Additives and Functional Products, Advanced Materials, Chemical Intermediates and Fibers. The Additives and Functional Products segment includes chemicals for products in the transportation, consumables, building and construction, animal nutrition, crop protection, energy, personal and home care, and other markets.
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