Eastman Chemical (NYSE:EMN) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Eastman Chemical (NYSE:EMN) have been assigned an average recommendation of “Moderate Buy” from the fifteen analysts that are covering the firm, Marketbeat reports. Seven equities research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $108.07.

EMN has been the subject of several research analyst reports. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Piper Sandler reiterated a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a report on Tuesday, July 30th. Citigroup dropped their target price on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a report on Thursday, June 27th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $100.00 target price on shares of Eastman Chemical in a report on Tuesday, July 30th. Finally, Mizuho lifted their target price on Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a report on Friday, July 26th.

Eastman Chemical Stock Up 0.4 %

NYSE EMN opened at $110.11 on Friday. The stock’s 50-day moving average price is $102.43 and its 200-day moving average price is $100.16. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $114.50. The company has a market capitalization of $12.95 billion, a P/E ratio of 14.19, a price-to-earnings-growth ratio of 0.82 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $2.36 billion. During the same quarter last year, the company earned $1.99 earnings per share. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. On average, equities research analysts predict that Eastman Chemical will post 7.66 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Monday, September 16th were paid a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date was Monday, September 16th. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Institutional Investors Weigh In On Eastman Chemical

Institutional investors and hedge funds have recently bought and sold shares of the company. Bessemer Group Inc. raised its position in Eastman Chemical by 321.2% during the 1st quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock valued at $1,628,000 after purchasing an additional 12,392 shares in the last quarter. CHURCHILL MANAGEMENT Corp bought a new stake in Eastman Chemical during the 1st quarter valued at $1,681,000. Empowered Funds LLC bought a new stake in Eastman Chemical during the 1st quarter valued at $594,000. Dakota Wealth Management raised its position in Eastman Chemical by 13.5% during the 2nd quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock valued at $2,183,000 after purchasing an additional 2,655 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its position in Eastman Chemical by 11.1% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 76,969 shares of the basic materials company’s stock valued at $7,714,000 after purchasing an additional 7,717 shares in the last quarter. 83.65% of the stock is owned by 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.