Eastman Chemical (NYSE:EMN) Rating Increased to Sell at ValuEngine

ValuEngine upgraded shares of Eastman Chemical (NYSE:EMN) from a strong sell rating to a sell rating in a research note published on Friday morning, ValuEngine reports.

Other research analysts have also recently issued reports about the company. UBS Group set a $98.00 price target on Eastman Chemical and gave the company a buy rating in a report on Friday, April 26th. Nomura raised Eastman Chemical from a neutral rating to a buy rating and lifted their price target for the company from $89.00 to $93.00 in a report on Monday, April 15th. Zacks Investment Research raised Eastman Chemical from a sell rating to a hold rating in a report on Tuesday, March 26th. Citigroup set a $83.00 price target on Eastman Chemical and gave the company a hold rating in a report on Friday, May 10th. Finally, Cowen reaffirmed a market perform rating and issued a $84.00 price target (down from $88.00) on shares of Eastman Chemical in a report on Tuesday, April 30th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. Eastman Chemical has an average rating of Hold and a consensus target price of $91.27.

Eastman Chemical stock opened at $75.88 on Friday. The firm has a 50-day simple moving average of $71.90. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.51 and a quick ratio of 0.79. Eastman Chemical has a 12-month low of $64.84 and a 12-month high of $103.92. The company has a market capitalization of $10.58 billion, a PE ratio of 9.25, a price-to-earnings-growth ratio of 1.03 and a beta of 1.24.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.77 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.91 by ($0.14). Eastman Chemical had a net margin of 10.07% and a return on equity of 18.60%. The business had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.61 billion. During the same period in the prior year, the firm earned $2.23 earnings per share. The business’s quarterly revenue was down 8.7% compared to the same quarter last year. Equities analysts predict that Eastman Chemical will post 8.47 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Monday, June 17th will be issued a dividend of $0.62 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.48 annualized dividend and a yield of 3.27%. Eastman Chemical’s dividend payout ratio is currently 30.24%.

A number of large investors have recently made changes to their positions in the business. BlackRock Inc. raised its holdings in Eastman Chemical by 1.3% during the 1st quarter. BlackRock Inc. now owns 10,623,525 shares of the basic materials company’s stock worth $806,114,000 after purchasing an additional 134,439 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Eastman Chemical by 15.3% during the 1st quarter. JPMorgan Chase & Co. now owns 6,896,610 shares of the basic materials company’s stock worth $523,316,000 after purchasing an additional 916,979 shares during the last quarter. LSV Asset Management raised its holdings in Eastman Chemical by 0.6% during the 1st quarter. LSV Asset Management now owns 5,592,843 shares of the basic materials company’s stock worth $424,384,000 after purchasing an additional 33,840 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Eastman Chemical by 9.2% during the 1st quarter. Victory Capital Management Inc. now owns 3,561,168 shares of the basic materials company’s stock worth $270,222,000 after purchasing an additional 300,371 shares during the last quarter. Finally, Ronna Sue Cohen bought a new stake in Eastman Chemical during the 1st quarter worth about $2,968,000. 82.43% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Eastman Chemical (NYSE:EMN)

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