UBS Group set a $89.00 price target on Eastman Chemical (NYSE:EMN) in a research note published on Friday, TipRanks reports. The brokerage currently has a buy rating on the basic materials company’s stock.
Other equities analysts have also issued reports about the company. Zacks Investment Research lowered Eastman Chemical from a hold rating to a sell rating and set a $78.00 price objective on the stock. in a research note on Tuesday, October 1st. Nomura cut their price objective on Eastman Chemical from $88.00 to $85.00 and set a buy rating on the stock in a research note on Monday, July 29th. ValuEngine raised Eastman Chemical from a sell rating to a hold rating in a research note on Wednesday, October 2nd. Bank of America assumed coverage on Eastman Chemical in a research note on Thursday, September 26th. They issued a buy rating and a $84.00 price objective on the stock. Finally, Tudor Pickering raised Eastman Chemical from a hold rating to a buy rating and set a $79.00 price objective on the stock in a research note on Thursday, August 15th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $83.93.
Eastman Chemical stock opened at $78.15 on Friday. The stock’s 50 day moving average is $72.89 and its 200 day moving average is $73.35. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.58 and a quick ratio of 0.80. The firm has a market cap of $10.28 billion, a P/E ratio of 9.53, a P/E/G ratio of 1.13 and a beta of 1.39. Eastman Chemical has a one year low of $61.22 and a one year high of $86.18.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.94 EPS for the quarter, missing the Zacks’ consensus estimate of $1.98 by ($0.04). The company had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.36 billion. Eastman Chemical had a return on equity of 16.70% and a net margin of 8.12%. Eastman Chemical’s revenue was down 8.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.34 earnings per share. Equities analysts anticipate that Eastman Chemical will post 7.1 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 16th were paid a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.17%. The ex-dividend date was Friday, September 13th. Eastman Chemical’s dividend payout ratio (DPR) is presently 30.24%.
A number of institutional investors and hedge funds have recently modified their holdings of EMN. Invesco Ltd. lifted its stake in Eastman Chemical by 166.8% in the second quarter. Invesco Ltd. now owns 3,284,054 shares of the basic materials company’s stock valued at $255,599,000 after buying an additional 2,053,378 shares during the period. Victory Capital Management Inc. lifted its stake in Eastman Chemical by 25.7% in the second quarter. Victory Capital Management Inc. now owns 4,477,400 shares of the basic materials company’s stock valued at $348,476,000 after buying an additional 916,232 shares during the period. JPMorgan Chase & Co. lifted its stake in Eastman Chemical by 6.7% in the second quarter. JPMorgan Chase & Co. now owns 7,357,122 shares of the basic materials company’s stock valued at $566,794,000 after buying an additional 460,512 shares during the period. Nuveen Asset Management LLC lifted its stake in Eastman Chemical by 2,295.3% in the second quarter. Nuveen Asset Management LLC now owns 334,386 shares of the basic materials company’s stock valued at $26,026,000 after buying an additional 320,426 shares during the period. Finally, Clark Capital Management Group Inc. bought a new stake in shares of Eastman Chemical during the second quarter valued at approximately $20,847,000. 81.12% of the stock is currently owned by hedge funds and other institutional investors.
About Eastman Chemical
Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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