Eastman Chemical Co. (EMN) Stock Price Up 1.8%
Eastman Chemical Co. (NYSE:EMN)’s share price rose 1.8% on Friday . The company traded as high as $66.24 and last traded at $66.04, with a volume of 493,089 shares traded. The stock had previously closed at $64.88.
EMN has been the subject of a number of recent analyst reports. Zacks Investment Research lowered Eastman Chemical from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 3rd. TheStreet lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Friday, July 29th. Royal Bank Of Canada boosted their price target on Eastman Chemical from $83.00 to $85.00 and gave the company an “outperform” rating in a research note on Monday, May 2nd. JPMorgan Chase & Co. restated a “buy” rating on shares of Eastman Chemical in a research note on Tuesday, August 16th. Finally, Credit Agricole SA downgraded Eastman Chemical from a “buy” rating to an “underperform” rating in a research note on Monday, May 2nd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company. Eastman Chemical has a consensus rating of “Hold” and an average target price of $76.93.
The firm has a market capitalization of $9.80 billion and a price-to-earnings ratio of 11.18. The firm has a 50-day moving average of $67.82 and a 200-day moving average of $70.11.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, July 28th. The company reported $1.68 EPS for the quarter, missing analysts’ consensus estimates of $1.73 by $0.05. During the same period in the previous year, the business posted $2.01 EPS. The business earned $2.30 billion during the quarter, compared to the consensus estimate of $2.36 billion. The business’s revenue was down 9.3% compared to the same quarter last year. Analysts anticipate that Eastman Chemical Co. will post $6.54 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date of this dividend is Tuesday, September 13th.
A number of large investors have added to or reduced their stakes in the stock. RS Investment Management Co. LLC boosted its stake 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 boosted its stake 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 boosted its stake 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 boosted its stake 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 acquired a new stake in Eastman Chemical during the fourth quarter worth approximately $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).
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