Eastman Chemical Co. (NYSE:EMN) was downgraded by TheStreet from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
Other equities research analysts have also issued research reports about the company. Jefferies Group raised Eastman Chemical to a “buy” rating and set a $88.00 price objective for the company in a research note on Saturday, June 4th. Zacks Investment Research upgraded Eastman Chemical from a “sell” rating to a “hold” rating in a research report on Tuesday, May 3rd. Royal Bank Of Canada raised their price target on Eastman Chemical from $83.00 to $85.00 and gave the company an “outperform” rating in a research report on Monday, May 2nd. Morgan Stanley restated a “hold” rating and set a $65.00 price target on shares of Eastman Chemical in a research report on Friday, April 29th. Finally, Credit Agricole SA downgraded Eastman Chemical from a “buy” rating to an “underperform” rating in a research report on Monday, May 2nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Eastman Chemical presently has an average rating of “Hold” and an average target price of $76.27.
Shares of Eastman Chemical (NYSE:EMN) traded down 1.78% during trading on Friday, reaching $64.69. The company’s stock had a trading volume of 1,587,732 shares. The stock’s 50-day moving average is $66.86 and its 200-day moving average is $70.75. Eastman Chemical has a 12-month low of $56.03 and a 12-month high of $78.79. The stock has a market cap of $9.56 billion, a P/E ratio of 10.90 and a beta of 1.61.
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Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, July 28th. The company reported $1.68 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.73 by $0.05. The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a net margin of 9.63% and a return on equity of 24.40%. Eastman Chemical’s quarterly revenue was down 9.3% on a year-over-year basis. During the same period in the prior year, the business posted $2.01 EPS. Equities research analysts anticipate that Eastman Chemical will post $6.54 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th will be paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.84%. Eastman Chemical’s dividend payout ratio is currently 30.98%.
Several hedge funds recently added to or reduced their stakes in EMN. ING Groep NV boosted its stake in Eastman Chemical by 6.1% in the second quarter. ING Groep NV now owns 32,206 shares of the company’s stock worth $2,187,000 after buying an additional 1,855 shares in the last quarter. Garrison Financial Corp raised its position in Eastman Chemical by 6.7% in the second quarter. Garrison Financial Corp now owns 38,941 shares of the company’s stock worth $2,644,000 after buying an additional 2,437 shares during the last quarter. First Midwest Bank Trust Division raised its position in Eastman Chemical by 237.4% in the second quarter. First Midwest Bank Trust Division now owns 14,848 shares of the company’s stock worth $1,008,000 after buying an additional 10,447 shares during the last quarter. American Century Companies Inc. raised its position in Eastman Chemical by 2.4% in the second quarter. American Century Companies Inc. now owns 255,346 shares of the company’s stock worth $17,338,000 after buying an additional 6,018 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. acquired a new position in Eastman Chemical during the second quarter worth $525,000. 84.29% of the stock is owned by institutional investors and hedge funds.
Eastman Chemical Company Profile
Eastman Chemical Company (Eastman) is a specialty chemicals company that produces a range of advanced materials, chemicals and fibers. The Company operates through five segments: Additives & Functional Products (AFP), Adhesives & Plasticizers (A&P), Advanced Materials (AM), Fibers, and Specialty Fluids & Intermediates (SFI).
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