Shares of Eastman Chemical (NYSE:EMN) have earned a consensus recommendation of “Hold” from the fourteen brokerages that are presently covering the stock, MarketBeat reports. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $82.38.
Several research firms recently issued reports on EMN. Wells Fargo & Co lifted their price objective on shares of Eastman Chemical from $84.00 to $85.00 and gave the company an “overweight” rating in a research note on Wednesday, January 15th. SunTrust Banks lifted their price objective on shares of Eastman Chemical to $80.00 and gave the company a “hold” rating in a research note on Tuesday, October 29th. They noted that the move was a valuation call. Royal Bank of Canada reaffirmed a “hold” rating and issued a $80.00 price objective on shares of Eastman Chemical in a research note on Sunday, December 22nd. Barclays reduced their price objective on shares of Eastman Chemical from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Thursday, February 6th. Finally, Citigroup reduced their price objective on shares of Eastman Chemical from $80.00 to $74.00 and set a “neutral” rating for the company in a research note on Monday, February 3rd.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Dupont Capital Management Corp raised its holdings in Eastman Chemical by 14.7% in the 3rd quarter. Dupont Capital Management Corp now owns 45,316 shares of the basic materials company’s stock worth $3,346,000 after acquiring an additional 5,821 shares during the period. Squarepoint Ops LLC raised its holdings in Eastman Chemical by 49.1% in the 3rd quarter. Squarepoint Ops LLC now owns 158,376 shares of the basic materials company’s stock worth $11,693,000 after acquiring an additional 52,190 shares during the period. Wealthfront Advisers LLC bought a new position in Eastman Chemical in the 4th quarter worth $203,000. DNB Asset Management AS raised its holdings in Eastman Chemical by 18.5% in the 3rd quarter. DNB Asset Management AS now owns 28,374 shares of the basic materials company’s stock worth $2,095,000 after acquiring an additional 4,430 shares during the period. Finally, Commerzbank Aktiengesellschaft FI increased its holdings in shares of Eastman Chemical by 8.8% during the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 26,997 shares of the basic materials company’s stock worth $2,140,000 after purchasing an additional 2,189 shares during the period. Hedge funds and other institutional investors own 79.49% of the company’s stock.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.09. Eastman Chemical had a net margin of 8.19% and a return on equity of 16.50%. The business had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.20 billion. During the same quarter in the previous year, the business earned $1.39 EPS. Eastman Chemical’s quarterly revenue was down 7.2% compared to the same quarter last year. As a group, research analysts anticipate that Eastman Chemical will post 7.42 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 3rd. Investors of record on Monday, March 16th will be issued a $0.66 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $2.64 annualized dividend and a yield of 3.59%. Eastman Chemical’s dividend payout ratio (DPR) is presently 37.03%.
Eastman Chemical Company Profile
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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