BidaskClub Downgrades Eastman Chemical Company (NYSE:EMN) to Hold
BidaskClub cut shares of Eastman Chemical Company (NYSE:EMN) from a buy rating to a hold rating in a report published on Friday morning.
Other equities analysts also recently issued research reports about the stock. Zacks Investment Research downgraded shares of Eastman Chemical from a buy rating to a hold rating in a report on Friday, May 19th. UBS AG reissued a buy rating and issued a $95.00 price objective (up previously from $90.00) on shares of Eastman Chemical in a report on Sunday, June 25th. Citigroup Inc. raised their price objective on shares of Eastman Chemical from $81.00 to $89.00 and gave the stock a neutral rating in a report on Wednesday, July 12th. TheStreet raised shares of Eastman Chemical from a c+ rating to a b rating in a report on Monday, April 17th. Finally, Royal Bank Of Canada reissued a hold rating and issued a $85.00 price objective on shares of Eastman Chemical in a report on Monday, June 5th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Eastman Chemical currently has an average rating of Buy and a consensus target price of $86.00.
Shares of Eastman Chemical (NYSE EMN) opened at 83.16 on Friday. Eastman Chemical has a 52-week low of $62.70 and a 52-week high of $86.60. The stock has a 50 day moving average of $84.34 and a 200 day moving average of $80.52. The company has a market cap of $12.05 billion, a price-to-earnings ratio of 13.35 and a beta of 1.28.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.09. The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.87%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.68 EPS. On average, equities research analysts expect that Eastman Chemical will post $7.48 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, July 5th. Shareholders of record on Thursday, June 15th were paid a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend was Tuesday, June 13th. Eastman Chemical’s payout ratio is 32.28%.
In other Eastman Chemical news, Director Lewis M. Kling sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $79.88, for a total transaction of $319,520.00. Following the sale, the director now owns 15,693 shares in the company, valued at approximately $1,253,556.84. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.14% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the company. Park National Corp OH increased its stake in Eastman Chemical by 1.1% in the first quarter. Park National Corp OH now owns 3,113 shares of the basic materials company’s stock worth $251,000 after buying an additional 35 shares during the period. Jaffetilchin Investment Partners LLC increased its stake in 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 period. Cleararc Capital Inc. increased its stake in 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 period. Daiwa Securities Group Inc. increased its stake in Eastman Chemical by 1.2% in the second quarter. Daiwa Securities Group Inc. now owns 4,150 shares of the basic materials company’s stock worth $349,000 after buying an additional 50 shares during the period. Finally, Contravisory Investment Management Inc. increased its stake in Eastman Chemical by 1.6% in the second quarter. Contravisory Investment Management Inc. now owns 3,293 shares of the basic materials company’s stock worth $277,000 after buying an additional 52 shares during the period. Institutional investors own 88.14% of the company’s stock.
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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