Eastman Chemical (EMN) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Eastman Chemical (NYSE:EMN) have been assigned a consensus rating of “Hold” from the fourteen research firms that are presently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $89.50.

EMN has been the subject of several analyst reports. Nomura upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $89.00 to $93.00 in a research note on Monday, April 15th. Morgan Stanley raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and set a $90.00 target price on the stock in a report on Thursday, January 17th. Standpoint Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Thursday, January 31st. Cowen lowered shares of Eastman Chemical from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $94.00 to $88.00 in a report on Wednesday, February 6th. Finally, ValuEngine lowered shares of Eastman Chemical from a “sell” rating to a “strong sell” rating in a report on Tuesday, May 7th.

A number of hedge funds have recently added to or reduced their stakes in EMN. Oregon Public Employees Retirement Fund increased its holdings in Eastman Chemical by 7,724.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,316,050 shares of the basic materials company’s stock valued at $45,000 after buying an additional 3,273,667 shares during the period. Ronna Sue Cohen bought a new position in Eastman Chemical in the 1st quarter valued at about $2,968,000. Norges Bank bought a new position in Eastman Chemical in the 4th quarter valued at about $135,037,000. Victory Capital Management Inc. increased its holdings in Eastman Chemical by 47.1% in the 4th quarter. Victory Capital Management Inc. now owns 3,260,797 shares of the basic materials company’s stock valued at $238,397,000 after buying an additional 1,043,805 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in Eastman Chemical by 15.3% in the 1st quarter. JPMorgan Chase & Co. now owns 6,896,610 shares of the basic materials company’s stock valued at $523,316,000 after buying an additional 916,979 shares during the period. 84.25% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Eastman Chemical stock opened at $72.38 on Thursday. Eastman Chemical has a twelve month low of $67.40 and a twelve month high of $110.17. The company has a quick ratio of 0.79, a current ratio of 1.51 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $10.11 billion, a price-to-earnings ratio of 8.83, a price-to-earnings-growth ratio of 0.97 and a beta of 1.14.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.77 earnings per share for the quarter, missing the consensus estimate of $1.91 by ($0.14). Eastman Chemical had a return on equity of 18.60% and a net margin of 10.07%. The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.61 billion. During the same quarter last year, the firm earned $2.23 EPS. Eastman Chemical’s revenue for the quarter was down 8.7% compared to the same quarter last year. As a group, equities research analysts expect that Eastman Chemical will post 8.57 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Monday, June 17th will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.43%. The ex-dividend date is Friday, June 14th. Eastman Chemical’s dividend payout ratio is currently 30.24%.

About Eastman Chemical

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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Analyst Recommendations for Eastman Chemical (NYSE:EMN)

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