Cowen reissued their outperform rating on shares of Eastman Chemical (NYSE:EMN) in a research report report published on Friday morning. The firm currently has a $106.00 target price on the basic materials company’s stock, up from their prior target price of $92.00.
Other equities analysts have also issued reports about the company. Instinet lowered Eastman Chemical from a buy rating to a neutral rating and set a $91.00 target price for the company. in a research note on Tuesday, October 10th. Zacks Investment Research upgraded Eastman Chemical from a sell rating to a hold rating in a research note on Thursday, October 26th. UBS upped their target price on Eastman Chemical from $97.00 to $103.00 and gave the company a buy rating in a research note on Friday, October 27th. Nomura lowered Eastman Chemical from a buy rating to a neutral rating and set a $91.00 target price for the company. in a research note on Tuesday, October 10th. Finally, KeyCorp restated a buy rating and set a $100.00 price target on shares of Eastman Chemical in a research note on Thursday, August 24th. Ten analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Eastman Chemical has an average rating of Hold and an average target price of $96.93.
Eastman Chemical (EMN) traded up $0.68 during trading on Friday, reaching $92.18. The company had a trading volume of 1,010,806 shares, compared to its average volume of 978,402. The firm has a market capitalization of $13,151.70, a price-to-earnings ratio of 12.18, a P/E/G ratio of 1.56 and a beta of 1.31. Eastman Chemical has a 52-week low of $74.78 and a 52-week high of $94.96. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.83 and a quick ratio of 0.94.
Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, October 26th. The basic materials company reported $2.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.16. The firm had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a return on equity of 22.77% and a net margin of 10.89%. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.86 earnings per share. equities research analysts forecast that Eastman Chemical will post 7.13 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Monday, December 18th will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, December 15th. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.51. This represents a $2.24 annualized dividend and a yield of 2.43%. Eastman Chemical’s dividend payout ratio is currently 29.23%.
In other Eastman Chemical news, SVP Perry Stuckey sold 5,200 shares of the company’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $92.12, for a total transaction of $479,024.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.14% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Steward Partners Investment Advisory LLC purchased a new stake in shares of Eastman Chemical in the third quarter worth about $113,000. Advisors Asset Management Inc. boosted its position in shares of Eastman Chemical by 149.9% in the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock worth $116,000 after buying an additional 826 shares during the period. Acrospire Investment Management LLC boosted its position in shares of Eastman Chemical by 1,500.0% in the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock worth $134,000 after buying an additional 1,500 shares during the period. Psagot Investment House Ltd. boosted its position in shares of Eastman Chemical by 60.0% in the third quarter. Psagot Investment House Ltd. now owns 1,600 shares of the basic materials company’s stock worth $145,000 after buying an additional 600 shares during the period. Finally, M&R Capital Management Inc. boosted its position in shares of Eastman Chemical by 62.9% in the second quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock worth $150,000 after buying an additional 700 shares during the period. 82.66% of the stock is owned by institutional investors.
About Eastman Chemical
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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