Eastman Chemical Co. (EMN) Rating Lowered to Sector Perform at Royal Bank Of Canada

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Eastman Chemical Co. (NYSE:EMN) was downgraded by investment analysts at Royal Bank Of Canada from an “outperform” rating to a “sector perform” rating in a report issued on Tuesday. They presently have a $70.00 price objective on the stock, down from their previous price objective of $83.00. Royal Bank Of Canada’s price target points to a potential upside of 8.21% from the company’s previous close.
A number of other analysts have also commented on EMN. Zacks Investment Research raised Eastman Chemical from a “sell” rating to a “hold” rating in a research report on Monday, April 4th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Eastman Chemical in a research report on Monday, April 4th. Jefferies Group reiterated a “buy” rating on shares of Eastman Chemical in a research note on Wednesday, April 13th. Citigroup Inc. lifted their price target on Eastman Chemical from $73.00 to $86.00 and gave the company a “buy” rating in a research note on Monday, April 18th. Finally, Morgan Stanley reiterated a “hold” rating and set a $65.00 price target on shares of Eastman Chemical in a research note on Friday, April 29th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $76.27.
Shares of Eastman Chemical (NYSE:EMN) traded down 1.78% during trading on Tuesday, hitting $64.69. The stock had a trading volume of 1,587,732 shares. Eastman Chemical has a 52 week low of $56.03 and a 52 week high of $78.79. The company’s 50 day moving average price is $66.86 and its 200 day moving average price is $70.75. The company has a market capitalization of $9.56 billion, a price-to-earnings ratio of 10.90 and a beta of 1.61.

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Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 28th. The company reported $1.68 EPS for the quarter, missing analysts’ consensus estimates of $1.73 by $0.05. Eastman Chemical had a net margin of 9.63% and a return on equity of 24.40%. The firm earned $2.30 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the previous year, the firm earned $2.01 earnings per share. The business’s quarterly revenue was down 9.3% on a year-over-year basis. Analysts predict that Eastman Chemical will post $6.54 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th will be issued a dividend of $0.46 per share. The ex-dividend date is Tuesday, September 13th. This represents a $1.84 dividend on an annualized basis and a yield of 2.84%. Eastman Chemical’s payout ratio is 30.98%.
A number of large investors have modified their holdings of EMN. Mizuho Trust & Banking Co. Ltd. boosted its stake in shares of Eastman Chemical by 0.8% in the fourth quarter. Mizuho Trust & Banking Co. Ltd. now owns 226,483 shares of the company’s stock worth $15,356,000 after buying an additional 1,860 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its stake in shares of Eastman Chemical by 2.7% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 934,001 shares of the company’s stock worth $63,054,000 after buying an additional 24,247 shares during the last quarter. Deutsche Bank AG boosted its stake in shares of Eastman Chemical by 103.4% in the fourth quarter. Deutsche Bank AG now owns 731,211 shares of the company’s stock worth $49,361,000 after buying an additional 371,805 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of Eastman Chemical by 13.6% in the fourth quarter. Bank of Montreal Can now owns 60,652 shares of the company’s stock worth $4,095,000 after buying an additional 7,243 shares during the last quarter. Finally, First National Bank of Mount Dora Trust Investment Services boosted its stake in shares of Eastman Chemical by 10.6% in the first quarter. First National Bank of Mount Dora Trust Investment Services now owns 18,401 shares of the company’s stock worth $1,329,000 after buying an additional 1,769 shares during the last quarter. 84.29% of the stock is currently owned by institutional investors and hedge funds.
About Eastman Chemical
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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