Eastman Chemical (NYSE:EMN) has earned a consensus recommendation of “Hold” from the fourteen ratings firms that are presently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $85.92.
A number of equities research analysts recently weighed in on the stock. Zacks Investment Research lowered shares of Eastman Chemical from a “hold” rating to a “sell” rating and set a $84.00 target price on the stock. in a report on Tuesday, July 2nd. UBS Group set a $98.00 price objective on shares of Eastman Chemical and gave the stock a “buy” rating in a research report on Friday, April 26th. JPMorgan Chase & Co. downgraded shares of Eastman Chemical from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $88.00 to $80.00 in a research report on Monday, July 29th. Nomura reduced their price objective on shares of Eastman Chemical from $88.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, July 29th. Finally, KeyCorp reduced their price objective on shares of Eastman Chemical from $95.00 to $94.00 and set an “overweight” rating for the company in a research report on Friday, April 12th.
A number of hedge funds have recently modified their holdings of EMN. Ronna Sue Cohen bought a new position in shares of Eastman Chemical during the 1st quarter valued at approximately $2,968,000. Norges Bank bought a new position in shares of Eastman Chemical during the 4th quarter valued at approximately $135,037,000. JPMorgan Chase & Co. grew its position in shares of 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 valued at $523,316,000 after acquiring an additional 916,979 shares during the period. Deutsche Bank AG grew its position in shares of Eastman Chemical by 25.2% during the 4th quarter. Deutsche Bank AG now owns 1,496,168 shares of the basic materials company’s stock valued at $109,379,000 after acquiring an additional 301,471 shares during the period. Finally, Victory Capital Management Inc. grew its position in shares of 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 valued at $270,222,000 after acquiring an additional 300,371 shares during the period. 82.44% of the stock is owned by institutional investors and hedge funds.
Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, July 25th. The basic materials company reported $1.99 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.09 by ($0.10). Eastman Chemical had a return on equity of 17.77% and a net margin of 9.45%. The business had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same quarter in the prior year, the company earned $2.22 EPS. The company’s revenue was down 9.8% on a year-over-year basis. Equities research analysts forecast that Eastman Chemical will post 7.68 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Monday, September 16th will be given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date of this dividend is Friday, September 13th. Eastman Chemical’s payout ratio is 30.24%.
About Eastman Chemical
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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