Eastman Chemical Company (EMN) Receives “Buy” Rating from Citigroup Inc

Citigroup Inc reaffirmed their buy rating on shares of Eastman Chemical Company (NYSE:EMN) in a research note published on Friday, April 14th. The firm currently has a $81.00 price objective on the basic materials company’s stock, up from their prior price objective of $79.00.

A number of other brokerages also recently commented on EMN. Royal Bank of Canada reiterated a hold rating and issued a $74.00 target price on shares of Eastman Chemical Company in a report on Wednesday, January 4th. Standpoint Research downgraded shares of Eastman Chemical Company from a buy rating to a hold rating in a report on Tuesday, January 24th. Zacks Investment Research upgraded shares of Eastman Chemical Company from a hold rating to a buy rating and set a $91.00 price objective on the stock in a report on Monday, April 3rd. Instinet upped their price objective on shares of Eastman Chemical Company from $77.00 to $87.00 and gave the company a buy rating in a report on Wednesday, February 1st. Finally, Cowen and Company upped their price objective on shares of Eastman Chemical Company from $80.00 to $88.00 and gave the company an outperform rating in a report on Saturday, December 31st. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of Buy and an average target price of $82.09.

Shares of Eastman Chemical Company (NYSE:EMN) traded up 1.85% on Friday, reaching $78.68. 687,024 shares of the company’s stock traded hands. The stock has a 50-day moving average of $79.45 and a 200 day moving average of $77.67. The firm has a market cap of $11.47 billion, a P/E ratio of 13.23 and a beta of 1.36. Eastman Chemical Company has a 12-month low of $62.70 and a 12-month high of $82.39.

Eastman Chemical Company (NYSE:EMN) last announced its earnings results on Thursday, April 27th. The basic materials company reported $1.83 EPS for the quarter, topping the Zacks’ consensus estimate of $1.74 by $0.09. The business had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.24 billion. Eastman Chemical Company had a net margin of 9.61% and a return on equity of 22.70%. On average, equities research analysts expect that Eastman Chemical Company will post $7.45 earnings per share for the current year.

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The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 5th. Investors of record on Thursday, June 15th will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 2.64%. The ex-dividend date of this dividend is Tuesday, June 13th. Eastman Chemical Company’s dividend payout ratio is currently 34.99%.

In related news, SVP Michael Hk Chung sold 10,968 shares of the stock in a transaction on Wednesday, February 22nd. The stock was sold at an average price of $81.26, for a total value of $891,259.68. Following the completion of the transaction, the senior vice president now directly owns 34,067 shares of the company’s stock, valued at approximately $2,768,284.42. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David W. Raisbeck sold 4,000 shares of the firm’s stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $79.18, for a total value of $316,720.00. Following the completion of the sale, the director now directly owns 24,002 shares of the company’s stock, valued at $1,900,478.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,589 shares of company stock valued at $2,216,979. 1.10% of the stock is owned by corporate insiders.

Hedge funds have recently modified their holdings of the company. Toronto Dominion Bank increased its stake in shares of Eastman Chemical Company by 74,232.3% in the third quarter. Toronto Dominion Bank now owns 604,322 shares of the basic materials company’s stock worth $40,901,000 after buying an additional 603,509 shares during the last quarter. Quantitative Systematic Strategies LLC acquired a new stake in shares of Eastman Chemical Company during the third quarter worth about $610,000. Bank of Montreal Can increased its stake in shares of Eastman Chemical Company by 120.4% in the third quarter. Bank of Montreal Can now owns 169,221 shares of the basic materials company’s stock worth $11,451,000 after buying an additional 92,446 shares during the last quarter. California State Teachers Retirement System increased its stake in shares of Eastman Chemical Company by 0.9% in the third quarter. California State Teachers Retirement System now owns 324,476 shares of the basic materials company’s stock worth $21,961,000 after buying an additional 2,800 shares during the last quarter. Finally, Edgemoor Investment Advisors Inc. increased its stake in shares of Eastman Chemical Company by 6.9% in the third quarter. Edgemoor Investment Advisors Inc. now owns 92,737 shares of the basic materials company’s stock worth $6,277,000 after buying an additional 5,953 shares during the last quarter. 81.27% of the stock is owned by hedge funds and other institutional investors.

About Eastman Chemical Company

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.

5 Day Chart for NYSE:EMN

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