Jefferies Group LLC Reaffirms Buy Rating for Eastman Chemical Company (EMN)
Jefferies Group LLC reiterated their buy rating on shares of Eastman Chemical Company (NYSE:EMN) in a research report released on Tuesday morning. The brokerage currently has a $96.00 target price on the basic materials company’s stock.
EMN has been the subject of a number of other reports. Citigroup Inc. lifted their price target on shares of Eastman Chemical from $81.00 to $89.00 and gave the stock a neutral rating in a research note on Wednesday, July 12th. Cowen and Company reaffirmed a buy rating and set a $88.00 price target on shares of Eastman Chemical in a research note on Friday, July 14th. BidaskClub cut shares of Eastman Chemical from a buy rating to a hold rating in a research note on Friday, July 28th. Zacks Investment Research raised shares of Eastman Chemical from a hold rating to a buy rating and set a $94.00 price target for the company in a research note on Tuesday, July 4th. Finally, Deutsche Bank AG reaffirmed a buy rating and set a $92.00 price target on shares of Eastman Chemical in a research note on Wednesday, June 21st. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Eastman Chemical has an average rating of Buy and a consensus target price of $92.36.
Shares of Eastman Chemical (EMN) traded up 0.19% during trading on Tuesday, hitting $91.00. 971,675 shares of the stock traded hands. The firm’s 50-day moving average price is $86.50 and its 200-day moving average price is $82.89. Eastman Chemical has a 12 month low of $62.70 and a 12 month high of $91.39. The stock has a market cap of $13.18 billion, a PE ratio of 14.60 and a beta of 1.27.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The business had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period last year, the company posted $1.68 EPS. The business’s revenue was up 5.3% on a year-over-year basis. Analysts anticipate that Eastman Chemical will post $7.52 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 15th were given a $0.51 dividend. The ex-dividend date was Thursday, September 14th. This represents a $2.04 annualized dividend and a yield of 2.24%. Eastman Chemical’s dividend payout ratio (DPR) is 32.28%.
In other Eastman Chemical news, Director Renee J. Hornbaker sold 4,000 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total value of $337,720.00. Following the completion of the sale, the director now directly owns 21,858 shares of the company’s stock, valued at approximately $1,845,470.94. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The disclosure for this sale can be found here. 1.14% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Eastman Chemical by 4.1% in the 1st quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock valued at $1,138,298,000 after buying an additional 557,858 shares during the period. BlackRock Inc. boosted its position in Eastman Chemical by 6.3% in the 2nd quarter. BlackRock Inc. now owns 12,186,134 shares of the basic materials company’s stock valued at $1,023,514,000 after buying an additional 717,506 shares during the period. Blackstone Group L.P. purchased a new stake in Eastman Chemical in the 1st quarter valued at about $102,065,000. State Street Corp boosted its position in Eastman Chemical by 3.6% in the 1st quarter. State Street Corp now owns 7,321,031 shares of the basic materials company’s stock valued at $591,539,000 after buying an additional 257,030 shares during the period. Finally, LSV Asset Management boosted its position in Eastman Chemical by 4.2% in the 2nd quarter. LSV Asset Management now owns 3,973,068 shares of the basic materials company’s stock valued at $333,697,000 after buying an additional 160,101 shares during the period. 82.13% 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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