Eastman Chemical (NYSE:EMN) Upgraded at Zacks Research

Zacks Research upgraded shares of Eastman Chemical (NYSE:EMN) from a strong sell rating to a hold rating in a research report report published on Wednesday morning,Zacks.com reports.

Several other brokerages also recently weighed in on EMN. Citigroup lifted their target price on Eastman Chemical from $75.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, February 3rd. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Eastman Chemical from $64.00 to $72.00 and gave the company a “hold” rating in a research note on Monday, February 2nd. Wells Fargo & Company restated an “equal weight” rating and issued a $70.00 target price on shares of Eastman Chemical in a research note on Friday, December 19th. JPMorgan Chase & Co. boosted their price target on shares of Eastman Chemical from $60.00 to $70.00 and gave the stock an “overweight” rating in a research note on Monday, February 2nd. Finally, Royal Bank Of Canada reissued a “sector perform” rating and set a $79.00 price target on shares of Eastman Chemical in a report on Wednesday, February 4th. Seven equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, Eastman Chemical has an average rating of “Hold” and a consensus target price of $79.21.

Eastman Chemical Stock Down 2.5%

EMN stock opened at $70.38 on Wednesday. Eastman Chemical has a 12 month low of $56.11 and a 12 month high of $99.89. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.37 and a quick ratio of 0.63. The company has a market cap of $8.03 billion, a price-to-earnings ratio of 17.21, a price-to-earnings-growth ratio of 1.59 and a beta of 1.20. The company has a fifty day moving average price of $72.20 and a 200 day moving average price of $66.33.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, January 29th. The basic materials company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. The business had revenue of $1.97 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the prior year, the firm posted $1.87 earnings per share. The company’s revenue for the quarter was down 12.1% compared to the same quarter last year. Sell-side analysts expect that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Investors of record on Friday, March 13th will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Friday, March 13th. Eastman Chemical’s dividend payout ratio (DPR) is presently 82.15%.

Institutional Trading of Eastman Chemical

Several large investors have recently bought and sold shares of EMN. Brighton Jones LLC purchased a new stake in shares of Eastman Chemical in the 4th quarter worth about $202,000. Integrated Wealth Concepts LLC increased its holdings in Eastman Chemical by 185.6% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,686 shares of the basic materials company’s stock valued at $589,000 after acquiring an additional 4,345 shares in the last quarter. Millennium Management LLC raised its position in Eastman Chemical by 69.2% during the first quarter. Millennium Management LLC now owns 194,052 shares of the basic materials company’s stock worth $17,098,000 after acquiring an additional 79,376 shares during the last quarter. NewEdge Advisors LLC raised its position in Eastman Chemical by 2.6% during the first quarter. NewEdge Advisors LLC now owns 7,310 shares of the basic materials company’s stock worth $644,000 after acquiring an additional 183 shares during the last quarter. Finally, United Services Automobile Association purchased a new stake in shares of Eastman Chemical in the first quarter valued at about $252,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Company Profile

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.