Eastman Chemical (NYSE:EMN) Sets New 12-Month High at $102.97

Eastman Chemical (NYSE:EMNGet Free Report) hit a new 52-week high on Friday . The stock traded as high as $102.97 and last traded at $102.97, with a volume of 625759 shares trading hands. The stock had previously closed at $101.01.

Wall Street Analysts Forecast Growth

Several research firms have commented on EMN. UBS Group upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and increased their price objective for the company from $106.00 to $128.00 in a research note on Thursday, May 23rd. Bank of America decreased their price objective on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating for the company in a research note on Monday, April 29th. Mizuho increased their price objective on shares of Eastman Chemical from $91.00 to $102.00 and gave the company a “neutral” rating in a research note on Friday, April 26th. Piper Sandler increased their price objective on shares of Eastman Chemical from $90.00 to $105.00 and gave the company a “neutral” rating in a research note on Tuesday, April 30th. Finally, Redburn Atlantic started coverage on shares of Eastman Chemical in a research note on Thursday, February 15th. They set a “buy” rating and a $110.00 price target for the company. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Eastman Chemical currently has an average rating of “Moderate Buy” and a consensus target price of $106.24.

Get Our Latest Stock Analysis on Eastman Chemical

Eastman Chemical Price Performance

The business’s 50 day moving average is $99.05 and its two-hundred day moving average is $91.49. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39. The firm has a market capitalization of $12.15 billion, a PE ratio of 13.31, a price-to-earnings-growth ratio of 1.12 and a beta of 1.51.

Eastman Chemical (NYSE:EMNGet Free Report) last announced its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, beating the consensus estimate of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.29 billion. During the same period last year, the firm earned $1.63 EPS. The business’s quarterly revenue was down 4.2% compared to the same quarter last year. Equities research analysts anticipate that Eastman Chemical will post 7.75 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 17th will be given a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend is Monday, June 17th. Eastman Chemical’s payout ratio is presently 41.75%.

Insider Buying and Selling at Eastman Chemical

In other news, SVP Adrian James Holt sold 3,662 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $101.26, for a total transaction of $370,814.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Mark J. Costa sold 102,390 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of the transaction, the chief executive officer now directly owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Adrian James Holt sold 3,662 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $101.26, for a total transaction of $370,814.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 108,027 shares of company stock worth $10,885,638. 1.93% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Eastman Chemical

A number of institutional investors have recently bought and sold shares of the stock. Lcnb Corp raised its stake in Eastman Chemical by 1.7% in the first quarter. Lcnb Corp now owns 6,275 shares of the basic materials company’s stock worth $629,000 after buying an additional 103 shares in the last quarter. Quadrant Capital Group LLC grew its holdings in Eastman Chemical by 8.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,639 shares of the basic materials company’s stock worth $147,000 after purchasing an additional 128 shares during the period. Tucker Asset Management LLC grew its holdings in shares of Eastman Chemical by 19.5% during the third quarter. Tucker Asset Management LLC now owns 870 shares of the basic materials company’s stock valued at $67,000 after buying an additional 142 shares during the last quarter. Empirical Finance LLC grew its holdings in shares of Eastman Chemical by 3.3% during the first quarter. Empirical Finance LLC now owns 4,525 shares of the basic materials company’s stock valued at $453,000 after buying an additional 145 shares during the last quarter. Finally, Atria Wealth Solutions Inc. boosted its holdings in Eastman Chemical by 4.6% in the fourth quarter. Atria Wealth Solutions Inc. now owns 3,452 shares of the basic materials company’s stock worth $310,000 after purchasing an additional 151 shares during the last quarter. 83.65% of the stock is owned by institutional investors.

About Eastman Chemical

(Get Free Report)

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.

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