Eastman Chemical Co. (EMN) Trading Up 1.8%
Shares of Eastman Chemical Co. (NYSE:EMN) were up 1.8% during trading on Friday . The stock traded as high as $66.24 and last traded at $66.04, with a volume of 493,089 shares trading hands. The stock had previously closed at $64.88.
Several analysts have recently commented on EMN shares. Jefferies Group upped their price objective on shares of Eastman Chemical from $85.00 to $88.00 and gave the company a “buy” rating in a report on Monday, May 2nd. Deutsche Bank AG upped their price objective on shares of Eastman Chemical from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, May 2nd. Nomura reaffirmed a “buy” rating on shares of Eastman Chemical in a report on Monday, July 11th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Eastman Chemical in a report on Friday, July 29th. Finally, Morgan Stanley reaffirmed a “hold” rating on shares of Eastman Chemical in a report on Thursday, June 16th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. Eastman Chemical presently has an average rating of “Hold” and a consensus price target of $76.93.
The company’s 50 day moving average price is $67.86 and its 200 day moving average price is $70.07. The firm has a market capitalization of $9.80 billion and a price-to-earnings ratio of 11.18.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, July 28th. The company reported $1.68 earnings per share for the quarter, missing analysts’ consensus estimates of $1.73 by $0.05. The company had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical’s revenue was down 9.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.01 EPS. On average, equities analysts anticipate that Eastman Chemical Co. will post $6.54 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be given a $0.46 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $1.84 dividend on an annualized basis and a yield of 2.77%.
Other institutional investors have recently bought and sold shares of the company. RS Investment Management Co. LLC raised its position in Eastman Chemical by 17.7% in the fourth quarter. RS Investment Management Co. LLC now owns 266,682 shares of the company’s stock worth $18,004,000 after buying an additional 40,021 shares during the period. BlackRock Advisors LLC raised its position in Eastman Chemical by 216.0% in the fourth quarter. BlackRock Advisors LLC now owns 1,242,160 shares of the company’s stock worth $83,858,000 after buying an additional 849,113 shares during the period. Airain ltd raised its position in Eastman Chemical by 365.1% in the fourth quarter. Airain ltd now owns 51,017 shares of the company’s stock worth $3,444,000 after buying an additional 40,048 shares during the period. BNP Paribas Arbitrage SA raised its position in Eastman Chemical by 92.4% in the fourth quarter. BNP Paribas Arbitrage SA now owns 118,194 shares of the company’s stock worth $7,979,000 after buying an additional 56,766 shares during the period. Finally, Stephens Inc. AR purchased a new position in Eastman Chemical during the fourth quarter worth $1,152,000.
Eastman Chemical Company (Eastman) is a specialty chemicals company that produces a range of advanced materials, chemicals and fibers. The Company operates through five segments: Additives & Functional Products (AFP), Adhesives & Plasticizers (A&P), Advanced Materials (AM), Fibers, and Specialty Fluids & Intermediates (SFI).
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.