Shares of Eastman Chemical (NYSE:EMN) have earned an average rating of “Buy” from the fourteen analysts that are covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $125.54.
EMN has been the topic of several analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and set a $109.44 price target (down from $119.00) on shares of Eastman Chemical in a research report on Tuesday, July 27th. Wolfe Research initiated coverage on Eastman Chemical in a research report on Wednesday, June 9th. They set an “outperform” rating on the stock. TheStreet cut Eastman Chemical from a “b-” rating to a “c+” rating in a research report on Monday, August 23rd. Deutsche Bank Aktiengesellschaft boosted their price objective on Eastman Chemical from $132.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, June 14th. Finally, Scotiabank raised Eastman Chemical from a “sector perform” rating to a “sector outperform” rating and set a $145.00 price objective for the company in a report on Monday, June 21st.
Shares of Eastman Chemical stock opened at $104.50 on Friday. Eastman Chemical has a 52-week low of $74.84 and a 52-week high of $130.47. The stock’s 50-day simple moving average is $111.92 and its 200 day simple moving average is $115.87. The stock has a market capitalization of $14.19 billion, a P/E ratio of 44.85, a P/E/G ratio of 0.62 and a beta of 1.50. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.41 and a current ratio of 2.06.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Shareholders of record on Wednesday, September 15th will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 2.64%. The ex-dividend date is Tuesday, September 14th. Eastman Chemical’s dividend payout ratio is currently 44.88%.
In other Eastman Chemical news, CEO Mark J. Costa sold 45,000 shares of the business’s stock in a transaction that occurred on Thursday, August 12th. The stock was sold at an average price of $115.30, for a total value of $5,188,500.00. Following the completion of the sale, the chief executive officer now owns 265,381 shares in the company, valued at $30,598,429.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Brad A. Lich sold 26,496 shares of the business’s stock in a transaction that occurred on Thursday, August 26th. The shares were sold at an average price of $113.19, for a total value of $2,999,082.24. The disclosure for this sale can be found here. 1.93% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the business. Pitcairn Co. lifted its position in Eastman Chemical by 47.4% in the first quarter. Pitcairn Co. now owns 14,948 shares of the basic materials company’s stock valued at $1,646,000 after purchasing an additional 4,804 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Eastman Chemical by 2.5% during the first quarter. Envestnet Asset Management Inc. now owns 263,507 shares of the basic materials company’s stock valued at $29,017,000 after acquiring an additional 6,321 shares in the last quarter. Advisory Services Network LLC raised its holdings in shares of Eastman Chemical by 25.7% during the first quarter. Advisory Services Network LLC now owns 7,486 shares of the basic materials company’s stock valued at $825,000 after acquiring an additional 1,529 shares in the last quarter. Prudential Financial Inc. raised its holdings in shares of Eastman Chemical by 6.8% during the first quarter. Prudential Financial Inc. now owns 149,968 shares of the basic materials company’s stock valued at $16,515,000 after acquiring an additional 9,533 shares in the last quarter. Finally, Ninety One UK Ltd raised its holdings in shares of Eastman Chemical by 11.9% during the first quarter. Ninety One UK Ltd now owns 2,159,381 shares of the basic materials company’s stock valued at $237,791,000 after acquiring an additional 229,348 shares in the last quarter. Hedge funds and other institutional investors own 83.59% of the company’s stock.
Eastman Chemical Company Profile
Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Additives and Functional Products, Advanced Materials, Chemical Intermediates and Fibers. The Additives and Functional Products segment includes chemicals for products in the transportation, consumables, building and construction, animal nutrition, crop protection, energy, personal and home care, and other markets.
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