Eastman Chemical (NYSE:EMN) Given Average Rating of “Hold” by Analysts

Eastman Chemical (NYSE:EMN) has been given an average rating of “Hold” by the seventeen analysts that are currently covering the company, MarketBeat reports. Nine equities research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $94.87.

EMN has been the topic of a number of recent analyst reports. Morgan Stanley reiterated an “overweight” rating and set a $115.00 price target on shares of Eastman Chemical in a research report on Monday, July 31st. Bank of America lowered their price target on Eastman Chemical from $109.00 to $102.00 in a research report on Thursday, June 22nd. Piper Sandler downgraded Eastman Chemical from an “overweight” rating to a “neutral” rating and set a $96.00 price target on the stock. in a research report on Tuesday, August 1st. Credit Suisse Group increased their target price on Eastman Chemical from $95.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, July 28th. Finally, StockNews.com began coverage on Eastman Chemical in a report on Thursday, August 17th. They set a “hold” rating for the company.

Eastman Chemical Stock Up 1.1 %

Shares of EMN opened at $82.72 on Thursday. Eastman Chemical has a 52 week low of $69.91 and a 52 week high of $96.19. The company has a quick ratio of 0.61, a current ratio of 1.32 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $9.81 billion, a price-to-earnings ratio of 14.12, a PEG ratio of 1.58 and a beta of 1.51. The stock’s 50-day moving average price is $84.85 and its 200-day moving average price is $82.83.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 27th. The basic materials company reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.95 by $0.04. Eastman Chemical had a return on equity of 14.82% and a net margin of 7.21%. The firm had revenue of $2.32 billion for the quarter, compared to the consensus estimate of $2.59 billion. During the same quarter in the prior year, the business earned $2.83 earnings per share. The company’s revenue was down 16.5% compared to the same quarter last year. On average, sell-side analysts predict that Eastman Chemical will post 6.71 EPS for the current year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 6th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.79 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $3.16 annualized dividend and a yield of 3.82%. Eastman Chemical’s dividend payout ratio (DPR) is 53.93%.

Institutional Investors Weigh In On Eastman Chemical

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Blair William & Co. IL increased its stake in Eastman Chemical by 2.5% during the first quarter. Blair William & Co. IL now owns 4,380 shares of the basic materials company’s stock worth $491,000 after acquiring an additional 105 shares during the last quarter. Sunbelt Securities Inc. increased its stake in Eastman Chemical by 4.1% during the second quarter. Sunbelt Securities Inc. now owns 3,107 shares of the basic materials company’s stock worth $260,000 after acquiring an additional 122 shares during the last quarter. Lcnb Corp increased its stake in Eastman Chemical by 3.0% during the first quarter. Lcnb Corp now owns 4,613 shares of the basic materials company’s stock worth $389,000 after acquiring an additional 136 shares during the last quarter. Lindbrook Capital LLC increased its stake in Eastman Chemical by 42.6% during the second quarter. Lindbrook Capital LLC now owns 465 shares of the basic materials company’s stock worth $39,000 after acquiring an additional 139 shares during the last quarter. Finally, Sentry Investment Management LLC increased its stake in Eastman Chemical by 21.8% during the fourth quarter. Sentry Investment Management LLC now owns 816 shares of the basic materials company’s stock worth $66,000 after acquiring an additional 146 shares during the last quarter. Institutional investors and hedge funds own 82.29% of the company’s stock.

Eastman Chemical Company Profile

Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Advanced Material (AM), Additives and Functional Products (AFP), Chemical Intermediates (CI), and Fibers. The AM segment produces and markets its polymers, films, and plastics with differentiated performance properties for value-added end uses in transportation, consumables, building and construction, durable goods, and health and wellness markets.