Eastman Chemical Company (EMN) Upgraded at BidaskClub
BidaskClub upgraded shares of Eastman Chemical Company (NYSE:EMN) from a hold rating to a buy rating in a report published on Thursday morning.
A number of other brokerages have also recently weighed in on EMN. Zacks Investment Research raised shares of Eastman Chemical Company from a hold rating to a buy rating and set a $90.00 price target for the company in a research report on Wednesday, June 7th. Royal Bank Of Canada reaffirmed a hold rating and set a $85.00 price target on shares of Eastman Chemical Company in a research report on Monday, June 5th. Deutsche Bank AG reaffirmed a buy rating and set a $92.00 price target on shares of Eastman Chemical Company in a research report on Thursday, May 25th. TheStreet raised shares of Eastman Chemical Company from a c+ rating to a b rating in a research report on Monday, April 17th. Finally, Citigroup Inc. reaffirmed a buy rating and set a $81.00 price target (up from $79.00) on shares of Eastman Chemical Company in a research report on Friday, April 14th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Eastman Chemical Company currently has an average rating of Buy and an average price target of $84.45.
Shares of Eastman Chemical Company (NYSE:EMN) opened at 86.00 on Thursday. The stock has a 50 day moving average price of $80.18 and a 200-day moving average price of $78.85. The stock has a market capitalization of $12.54 billion, a price-to-earnings ratio of 14.46 and a beta of 1.32. Eastman Chemical Company has a 52-week low of $62.70 and a 52-week high of $86.28.
Eastman Chemical Company (NYSE:EMN) last announced its quarterly earnings data on Thursday, April 27th. The basic materials company reported $1.83 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.74 by $0.09. Eastman Chemical Company had a net margin of 9.84% and a return on equity of 22.23%. The company had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.24 billion. On average, equities research analysts predict that Eastman Chemical Company will post $7.47 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 5th. Shareholders of record on Thursday, June 15th will be issued a $0.51 dividend. The ex-dividend date is Tuesday, June 13th. This represents a $2.04 dividend on an annualized basis and a yield of 2.37%. Eastman Chemical Company’s dividend payout ratio is currently 33.83%.
In other Eastman Chemical Company news, Director Lewis M. Kling sold 4,000 shares of the business’s stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $79.88, for a total value of $319,520.00. Following the transaction, the director now owns 15,693 shares in the company, valued at approximately $1,253,556.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.14% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Ameriprise Financial Inc. raised its position in shares of Eastman Chemical Company by 17.9% in the first quarter. Ameriprise Financial Inc. now owns 2,664,199 shares of the basic materials company’s stock worth $215,277,000 after buying an additional 404,626 shares in the last quarter. TD Asset Management Inc. raised its position in shares of Eastman Chemical Company by 107.6% in the first quarter. TD Asset Management Inc. now owns 535,998 shares of the basic materials company’s stock worth $43,309,000 after buying an additional 277,810 shares in the last quarter. Asset Management One Co. Ltd. raised its position in shares of Eastman Chemical Company by 1,555.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 252,788 shares of the basic materials company’s stock worth $19,018,000 after buying an additional 237,516 shares in the last quarter. Aldebaran Financial Inc. raised its position in shares of Eastman Chemical Company by 3.0% in the fourth quarter. Aldebaran Financial Inc. now owns 35,668 shares of the basic materials company’s stock worth $2,683,000 after buying an additional 1,024 shares in the last quarter. Finally, Engineers Gate Manager LP purchased a new position in shares of Eastman Chemical Company during the first quarter worth approximately $2,429,000. Hedge funds and other institutional investors own 88.55% of the company’s stock.
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.
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