Eastman Chemical (NYSE:EMN) Reaches New 1-Year High at $106.64

Shares of Eastman Chemical (NYSE:EMN) hit a new 52-week high on Tuesday . The company traded as high as $106.64 and last traded at $106.61, with a volume of 26249 shares trading hands. The stock had previously closed at $105.38.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft lifted their target price on Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Royal Bank of Canada reiterated a “sector perform” rating and set a $100.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Citigroup lowered their target price on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a research note on Thursday, June 27th. Mizuho upped their price target on Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Finally, Piper Sandler reiterated a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $108.07.

Eastman Chemical Trading Up 0.4 %

The firm has a market cap of $12.52 billion, a PE ratio of 13.71, a P/E/G ratio of 0.75 and a beta of 1.44. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. The company has a 50 day simple moving average of $99.10 and a two-hundred day simple moving average of $98.17.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The firm had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the prior year, the firm earned $1.99 earnings per share. Eastman Chemical’s revenue for the quarter was up 1.7% on a year-over-year basis. Analysts expect that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 16th will be issued a dividend of $0.81 per share. The ex-dividend date is Monday, September 16th. This represents a $3.24 annualized dividend and a dividend yield of 3.05%. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

Institutional Investors Weigh In On Eastman Chemical

Several hedge funds have recently added to or reduced their stakes in EMN. Lcnb Corp lifted its holdings in shares of Eastman Chemical by 1.7% in the 1st quarter. Lcnb Corp now owns 6,275 shares of the basic materials company’s stock valued at $629,000 after buying an additional 103 shares during the period. Kingswood Wealth Advisors LLC lifted its holdings in Eastman Chemical by 2.8% in the second quarter. Kingswood Wealth Advisors LLC now owns 4,026 shares of the basic materials company’s stock valued at $394,000 after acquiring an additional 111 shares during the period. Prosperity Consulting Group LLC lifted its holdings in Eastman Chemical by 4.8% in the second quarter. Prosperity Consulting Group LLC now owns 2,662 shares of the basic materials company’s stock valued at $261,000 after acquiring an additional 123 shares during the period. Quadrant Capital Group LLC boosted its position in Eastman Chemical by 8.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,639 shares of the basic materials company’s stock worth $147,000 after purchasing an additional 128 shares in the last quarter. Finally, IFG Advisory LLC increased its holdings in shares of Eastman Chemical by 0.9% during the 2nd quarter. IFG Advisory LLC now owns 15,438 shares of the basic materials company’s stock valued at $1,513,000 after purchasing an additional 137 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

About Eastman Chemical

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.