Eastman Chemical Company (NYSE:EMN) Receives Consensus Recommendation of “Hold” from Analysts

Eastman Chemical Company (NYSE:EMN) has been given an average recommendation of “Hold” by the fifteen analysts that are covering the company, MarketBeat reports. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $78.8571.

A number of brokerages have weighed in on EMN. KeyCorp reaffirmed an “overweight” rating on shares of Eastman Chemical in a research report on Monday. Weiss Ratings reissued a “hold (c-)” rating on shares of Eastman Chemical in a research note on Wednesday, January 21st. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $70.00 price target on shares of Eastman Chemical in a research report on Friday, December 19th. Deutsche Bank Aktiengesellschaft raised their price objective on Eastman Chemical from $64.00 to $72.00 and gave the company a “hold” rating in a research report on Monday. Finally, Citigroup upped their target price on Eastman Chemical from $75.00 to $78.00 and gave the stock a “buy” rating in a research report on Tuesday.

Eastman Chemical Trading Down 2.1%

Shares of NYSE EMN traded down $1.61 during trading on Thursday, hitting $76.88. 189,642 shares of the company traded hands, compared to its average volume of 1,838,175. The company has a quick ratio of 0.86, a current ratio of 1.76 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $8.77 billion, a P/E ratio of 18.92, a P/E/G ratio of 7.67 and a beta of 1.23. The company has a 50-day moving average price of $65.90 and a 200-day moving average price of $65.03. Eastman Chemical has a 1 year low of $56.11 and a 1 year high of $103.82.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). The firm had revenue of $1.97 billion during the quarter, compared to analyst estimates of $2.03 billion. Eastman Chemical had a net margin of 5.42% and a return on equity of 10.63%. Eastman Chemical’s revenue was down 12.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.87 EPS. On average, equities analysts predict that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Monday, December 15th were given a dividend of $0.84 per share. The ex-dividend date of this dividend was Monday, December 15th. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.83. This represents a $3.36 dividend on an annualized basis and a dividend yield of 4.4%. Eastman Chemical’s dividend payout ratio is presently 82.15%.

Institutional Investors Weigh In On Eastman Chemical

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans grew its stake in shares of Eastman Chemical by 18.1% during the fourth quarter. Thrivent Financial for Lutherans now owns 617,870 shares of the basic materials company’s stock valued at $39,439,000 after acquiring an additional 94,679 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in Eastman Chemical by 99.1% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 26,100 shares of the basic materials company’s stock valued at $1,666,000 after purchasing an additional 12,989 shares during the last quarter. Independent Advisor Alliance grew its stake in Eastman Chemical by 5.3% during the 4th quarter. Independent Advisor Alliance now owns 26,094 shares of the basic materials company’s stock valued at $1,666,000 after purchasing an additional 1,318 shares in the last quarter. Legacy Financial Advisors Inc. purchased a new stake in Eastman Chemical during the 4th quarter worth approximately $386,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al raised its position in shares of Eastman Chemical by 14.5% in the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 19,800 shares of the basic materials company’s stock valued at $1,264,000 after purchasing an additional 2,500 shares in the last quarter. Hedge funds and other institutional investors 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.