Eastman Chemical (NYSE:EMN) Reaches New 1-Year High at $110.47

Eastman Chemical (NYSE:EMN) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $110.47 and last traded at $110.16, with a volume of 76347 shares changing hands. The stock had previously closed at $108.01.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on EMN. Mizuho upped their target price on shares of Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Piper Sandler reissued a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Barclays raised their price target on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $108.07.

Eastman Chemical Price Performance

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 market capitalization of $13.00 billion, a PE ratio of 13.92, a P/E/G ratio of 0.75 and a beta of 1.44. The company’s 50-day simple moving average is $99.67 and its 200-day simple moving average is $98.66.

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

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be paid a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend is Monday, September 16th. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

Institutional Trading of Eastman Chemical

Several hedge funds have recently made changes to their positions in EMN. Capital Research Global Investors lifted its stake in shares of Eastman Chemical by 649.8% in the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after purchasing an additional 3,909,740 shares during the period. Truist Financial Corp increased its position in shares of Eastman Chemical by 201.5% in the second quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock valued at $90,572,000 after buying an additional 617,889 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of Eastman Chemical by 318.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock worth $69,516,000 after buying an additional 534,081 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Eastman Chemical by 34.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock worth $83,524,000 after buying an additional 218,531 shares in the last quarter. Finally, Earnest Partners LLC grew its stake in Eastman Chemical by 11.0% in the 1st quarter. Earnest Partners LLC now owns 2,199,943 shares of the basic materials company’s stock valued at $220,478,000 after acquiring an additional 217,720 shares during the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Company Profile

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.