Eastman Chemical (NYSE:EMN – Get Free Report) 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 %
Eastman Chemical (NYSE:EMN – Get Free Report) 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.
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