Eastman Chemical (NYSE:EMN) Receives Average Recommendation of “Moderate Buy” from Brokerages

Eastman Chemical (NYSE:EMNGet Free Report) has earned a consensus rating of “Moderate Buy” from the sixteen brokerages that are covering the firm, Marketbeat reports. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $107.31.

Several research firms recently commented on EMN. UBS Group raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and raised their price target for the stock from $106.00 to $128.00 in a research note on Thursday, May 23rd. Wells Fargo & Company raised their price target on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 11th. Jefferies Financial Group upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and increased their target price for the stock from $102.00 to $125.00 in a report on Monday, April 29th. StockNews.com cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Thursday, June 20th. Finally, Barclays increased their target price on shares of Eastman Chemical from $85.00 to $103.00 and gave the stock an “equal weight” rating in a report on Monday, May 6th.

View Our Latest Stock Analysis on Eastman Chemical

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $99.22, for a total value of $195,959.50. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, SVP Adrian James Holt sold 1,975 shares of the stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $99.22, for a total value of $195,959.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Mark J. Costa sold 102,390 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of the transaction, the chief executive officer now directly owns 395,699 shares in the company, valued at $39,878,545.22. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,027 shares of company stock valued at $10,885,638. Insiders own 2.28% of the company’s stock.

Institutional Trading of Eastman Chemical

Hedge funds have recently made changes to their positions in the company. Capital Research Global Investors lifted its stake in shares of Eastman Chemical by 649.8% in the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after purchasing an additional 3,909,740 shares during the period. Norges Bank acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at about $121,847,000. DekaBank Deutsche Girozentrale lifted its stake in shares of Eastman Chemical by 318.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock valued at $69,516,000 after purchasing an additional 534,081 shares during the period. Mackenzie Financial Corp lifted its stake in shares of Eastman Chemical by 274.5% in the fourth quarter. Mackenzie Financial Corp now owns 249,104 shares of the basic materials company’s stock valued at $22,375,000 after purchasing an additional 391,848 shares during the period. Finally, Earnest Partners LLC lifted its stake in shares of Eastman Chemical by 11.0% in the first quarter. Earnest Partners LLC now owns 2,199,943 shares of the basic materials company’s stock valued at $220,478,000 after purchasing an additional 217,720 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Stock Performance

Shares of NYSE EMN opened at $94.66 on Wednesday. The firm has a 50 day moving average of $99.18 and a 200 day moving average of $93.63. The company has a current ratio of 1.39, a quick ratio of 0.71 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $11.14 billion, a price-to-earnings ratio of 12.20, a price-to-earnings-growth ratio of 1.04 and a beta of 1.46. Eastman Chemical has a 12-month low of $68.89 and a 12-month high of $105.98.

Eastman Chemical (NYSE:EMNGet Free Report) last announced its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The business had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.29 billion. During the same quarter in the prior year, the firm posted $1.63 earnings per share. The business’s revenue for the quarter was down 4.2% on a year-over-year basis. On average, research analysts anticipate that Eastman Chemical will post 7.69 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 9th. Shareholders of record on Monday, June 17th were issued a dividend of $0.81 per share. The ex-dividend date of this dividend was Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a yield of 3.42%. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

About Eastman Chemical

(Get Free Report

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.

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Analyst Recommendations for Eastman Chemical (NYSE:EMN)

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