Brokerages Set Eastman Chemical Company (EMN) Price Target at $92.92
Shares of Eastman Chemical Company (NYSE:EMN) have been assigned an average rating of “Hold” from the sixteen analysts that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $92.92.
EMN has been the subject of a number of analyst reports. Citigroup Inc. boosted their price target on Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a report on Wednesday, July 12th. Jefferies Group LLC reissued a “buy” rating and issued a $90.00 price target on shares of Eastman Chemical in a report on Wednesday, July 5th. Cowen and Company reissued a “buy” rating and issued a $88.00 price target on shares of Eastman Chemical in a report on Friday, July 14th. BidaskClub downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Finally, Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $94.00 price target for the company in a report on Tuesday, July 4th.
In related news, Director Renee J. Hornbaker sold 4,000 shares of the business’s 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 in the company, valued at $1,845,470.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The stock was 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. 1.14% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Eastman Chemical by 4.1% during the first quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock worth $1,138,298,000 after purchasing an additional 557,858 shares in the last quarter. BlackRock Inc. increased its position in shares of Eastman Chemical by 6.3% during the second quarter. BlackRock Inc. now owns 12,186,134 shares of the basic materials company’s stock worth $1,023,514,000 after purchasing an additional 717,506 shares in the last quarter. Blackstone Group L.P. purchased a new stake in shares of Eastman Chemical during the first quarter worth approximately $102,065,000. State Street Corp increased its position in shares of Eastman Chemical by 3.6% during the first quarter. State Street Corp now owns 7,321,031 shares of the basic materials company’s stock worth $591,539,000 after purchasing an additional 257,030 shares in the last quarter. Finally, LSV Asset Management increased its position in shares of Eastman Chemical by 4.2% during the second quarter. LSV Asset Management now owns 3,973,068 shares of the basic materials company’s stock worth $333,697,000 after purchasing an additional 160,101 shares in the last quarter. Hedge funds and other institutional investors own 82.12% of the company’s stock.
Eastman Chemical (EMN) traded up 0.03% during midday trading on Wednesday, reaching $88.82. 1,195,035 shares of the company traded hands. The firm has a 50-day moving average of $87.59 and a 200-day moving average of $83.56. Eastman Chemical has a 1-year low of $66.10 and a 1-year high of $91.39. The stock has a market capitalization of $12.86 billion, a P/E ratio of 14.25 and a beta of 1.27.
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 the Zacks’ consensus estimate of $1.89 by $0.09. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the company posted $1.68 earnings per share. Eastman Chemical’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, analysts predict that Eastman Chemical will post $7.34 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 15th were given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend was Thursday, September 14th. Eastman Chemical’s payout ratio is 32.28%.
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.
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