Eastman Chemical (EMN) Receives $97.45 Average PT from Analysts

Shares of Eastman Chemical (NYSE:EMN) have been assigned a consensus recommendation of “Hold” from the fifteen analysts that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $97.45.

A number of equities analysts have recently issued reports on EMN shares. KeyCorp dropped their price target on Eastman Chemical from $122.00 to $110.00 and set an “overweight” rating on the stock in a research report on Monday, October 29th. Standpoint Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Wednesday, December 26th. Stifel Nicolaus began coverage on Eastman Chemical in a research note on Monday, December 10th. They set a “buy” rating and a $95.00 price objective for the company. Zacks Investment Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $109.00 price objective for the company in a research note on Wednesday, October 3rd. Finally, JPMorgan Chase & Co. upgraded Eastman Chemical from a “neutral” rating to an “overweight” rating in a research note on Friday, October 12th.

In related news, Director David W. Raisbeck acquired 13,500 shares of the firm’s stock in a transaction that occurred on Friday, December 7th. The stock was purchased at an average cost of $73.21 per share, for a total transaction of $988,335.00. Following the purchase, the director now directly owns 35,418 shares of the company’s stock, valued at approximately $2,592,951.78. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.18% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in EMN. Massachusetts Financial Services Co. MA raised its stake in Eastman Chemical by 108.1% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,783,518 shares of the basic materials company’s stock valued at $170,718,000 after buying an additional 926,293 shares during the last quarter. Morgan Stanley raised its stake in Eastman Chemical by 158.3% in the second quarter. Morgan Stanley now owns 1,215,942 shares of the basic materials company’s stock valued at $121,546,000 after buying an additional 745,156 shares during the last quarter. LSV Asset Management raised its stake in Eastman Chemical by 9.4% in the third quarter. LSV Asset Management now owns 5,504,697 shares of the basic materials company’s stock valued at $526,909,000 after buying an additional 471,527 shares during the last quarter. Deutsche Bank AG raised its stake in Eastman Chemical by 41.0% in the third quarter. Deutsche Bank AG now owns 1,194,697 shares of the basic materials company’s stock valued at $114,352,000 after buying an additional 347,574 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its stake in shares of Eastman Chemical by 146.7% in the third quarter. Canada Pension Plan Investment Board now owns 564,850 shares of the basic materials company’s stock worth $54,067,000 after purchasing an additional 335,897 shares during the last quarter. Institutional investors own 82.44% of the company’s stock.

Shares of Eastman Chemical stock opened at $76.70 on Friday. The firm has a market capitalization of $10.69 billion, a price-to-earnings ratio of 10.08, a price-to-earnings-growth ratio of 0.96 and a beta of 1.17. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.94 and a current ratio of 1.69. Eastman Chemical has a 52 week low of $67.40 and a 52 week high of $112.45.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, October 25th. The basic materials company reported $2.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.29 by $0.05. Eastman Chemical had a return on equity of 21.18% and a net margin of 16.05%. The company had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.53 billion. On average, equities analysts expect that Eastman Chemical will post 8.42 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 4th. Investors of record on Monday, December 17th were paid a dividend of $0.62 per share. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.56. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend was Friday, December 14th. Eastman Chemical’s dividend payout ratio is 32.59%.

Eastman Chemical Company Profile

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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