Eastman Chemical Company (NYSE:EMN) shares reached a new 52-week high on Friday . The stock traded as high as $87.18 and last traded at $87.21, with a volume of 578,160 shares. The stock had previously closed at $86.20.

Several research analysts have weighed in on the company. Cowen and Company reaffirmed a “buy” rating and set a $88.00 price target on shares of Eastman Chemical in a research report on Friday, July 14th. Deutsche Bank AG reaffirmed a “buy” rating and set a $92.00 price target on shares of Eastman Chemical in a research report on Wednesday, June 21st. Zacks Investment Research lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st. BidaskClub lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Finally, Citigroup Inc. boosted their price target on Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 12th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Eastman Chemical currently has an average rating of “Buy” and a consensus price target of $90.90.

The firm has a 50-day moving average price of $84.63 and a 200-day moving average price of $81.56. The firm has a market cap of $12.64 billion, a price-to-earnings ratio of 14.01 and a beta of 1.26.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, beating the Zacks’ consensus estimate of $1.89 by $0.09. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. Eastman Chemical’s revenue was up 5.3% on a year-over-year basis. During the same period last year, the business posted $1.68 earnings per share. On average, equities research analysts anticipate that Eastman Chemical Company will post $7.51 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is Thursday, September 14th. Eastman Chemical’s payout ratio is 32.28%.

In related news, Director Renee J. Hornbaker sold 4,000 shares of the stock in a transaction that occurred 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 sale, the director now directly owns 21,858 shares of the company’s stock, valued at $1,845,470.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark K. Cox sold 1,400 shares of the stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total value of $117,936.00. The disclosure for this sale can be found here. Company insiders own 1.14% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. RNC Capital Management LLC increased its stake in shares of Eastman Chemical by 0.5% in the second quarter. RNC Capital Management LLC now owns 3,278 shares of the basic materials company’s stock worth $275,000 after buying an additional 15 shares during the last quarter. Veritable L.P. increased its stake in shares of Eastman Chemical by 1.0% in the second quarter. Veritable L.P. now owns 2,776 shares of the basic materials company’s stock worth $233,000 after buying an additional 27 shares during the last quarter. Jaffetilchin Investment Partners LLC increased its stake in shares of Eastman Chemical by 0.7% in the first quarter. Jaffetilchin Investment Partners LLC now owns 5,431 shares of the basic materials company’s stock worth $439,000 after buying an additional 40 shares during the last quarter. Cleararc Capital Inc. increased its stake in shares of Eastman Chemical by 1.3% in the first quarter. Cleararc Capital Inc. now owns 3,595 shares of the basic materials company’s stock worth $290,000 after buying an additional 46 shares during the last quarter. Finally, HL Financial Services LLC increased its stake in shares of Eastman Chemical by 0.4% in the second quarter. HL Financial Services LLC now owns 11,253 shares of the basic materials company’s stock worth $945,000 after buying an additional 49 shares during the last quarter. 82.08% of the stock is owned by institutional investors.

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Eastman Chemical Company Profile

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.