Instinet lowered shares of Eastman Chemical Company (NYSE:EMN) from a buy rating to a neutral rating in a report published on Tuesday morning. The brokerage currently has $91.00 price target on the basic materials company’s stock.
Other equities research analysts have also issued research reports about the stock. Citigroup Inc. lifted their target price on shares of Eastman Chemical from $81.00 to $89.00 and gave the company a neutral rating in a research note on Wednesday, July 12th. UBS AG reissued a buy rating and set a $95.00 target price (up previously from $90.00) on shares of Eastman Chemical in a research note on Sunday, June 25th. Cowen and Company lifted their target price on shares of Eastman Chemical from $88.00 to $92.00 and gave the company an outperform rating in a research note on Monday, August 7th. Jefferies Group LLC reissued a buy rating on shares of Eastman Chemical in a research note on Tuesday, July 11th. Finally, Zacks Investment Research lowered shares of Eastman Chemical from a buy rating to a hold rating in a research note on Wednesday, August 2nd. Nine analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $93.00.
Shares of Eastman Chemical (NYSE:EMN) traded up 0.50% on Tuesday, hitting $88.80. The company’s stock had a trading volume of 296,386 shares. The stock’s 50 day moving average is $87.08 and its 200-day moving average is $83.21. The company has a market cap of $12.86 billion, a price-to-earnings ratio of 14.25 and a beta of 1.27. Eastman Chemical has a 52 week low of $63.28 and a 52 week high of $91.39.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.09. The company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the business posted $1.68 EPS. On average, equities research analysts anticipate that Eastman Chemical will post $7.35 earnings per share for the current year.
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The company also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 15th were issued a $0.51 dividend. The ex-dividend date was Thursday, September 14th. This represents a $2.04 annualized dividend and a yield of 2.31%. Eastman Chemical’s dividend payout ratio (DPR) is presently 32.28%.
In related news, insider Mark K. Cox sold 1,400 shares of Eastman Chemical stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total value of $117,936.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Renee J. Hornbaker sold 4,000 shares of Eastman Chemical stock in a transaction 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 completion of the transaction, the director now owns 21,858 shares in the company, valued at approximately $1,845,470.94. The disclosure for this sale can be found here. Company insiders own 1.14% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Achmea Investment Management B.V. raised its holdings in Eastman Chemical by 39.1% in the 2nd quarter. Achmea Investment Management B.V. now owns 36,885 shares of the basic materials company’s stock worth $3,096,000 after acquiring an additional 10,363 shares during the period. Lord Abbett & CO. LLC raised its holdings in Eastman Chemical by 4.1% in the 2nd quarter. Lord Abbett & CO. LLC now owns 1,388,156 shares of the basic materials company’s stock worth $116,591,000 after acquiring an additional 54,800 shares during the period. USA Financial Portformulas Corp bought a new position in Eastman Chemical in the 2nd quarter worth $3,687,000. RNC Capital Management LLC raised its holdings in Eastman Chemical by 0.5% in the 2nd quarter. RNC Capital Management LLC now owns 3,278 shares of the basic materials company’s stock worth $275,000 after acquiring an additional 15 shares during the period. Finally, Advisory Services Network LLC raised its holdings in Eastman Chemical by 105.3% in the 2nd quarter. Advisory Services Network LLC now owns 2,203 shares of the basic materials company’s stock worth $185,000 after acquiring an additional 1,130 shares during the period. 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.
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