Eastman Chemical (NYSE:EMN) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Eastman Chemical (NYSE:EMN) have been assigned an average rating of “Moderate Buy” from the fifteen research firms that are presently covering the company, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $108.07.

A number of equities research analysts have recently commented on the company. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $100.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Mizuho increased their target price on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Piper Sandler reaffirmed a “neutral” rating and issued a $105.00 price target on shares of Eastman Chemical in a report on Tuesday, July 30th. Finally, Citigroup reduced their price objective on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a report on Thursday, June 27th.

Eastman Chemical Trading Up 3.5 %

Shares of EMN stock opened at $103.10 on Monday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. The company has a market capitalization of $12.05 billion, a price-to-earnings ratio of 13.29, a PEG ratio of 0.75 and a beta of 1.44. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $105.98. The company has a 50-day simple moving average of $98.48 and a two-hundred day simple moving average of $97.86.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.01 by $0.14. The firm had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The company’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.99 EPS. Research analysts anticipate that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be given a $0.81 dividend. The ex-dividend date is Monday, September 16th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.14%. Eastman Chemical’s dividend payout ratio (DPR) is currently 41.75%.

Institutional Trading of Eastman Chemical

Several institutional investors and hedge funds have recently bought and sold shares of the company. Cultivar Capital Inc. bought a new position in shares of Eastman Chemical in the second quarter worth $29,000. Northwest Investment Counselors LLC bought a new position in Eastman Chemical in the 1st quarter worth about $34,000. EntryPoint Capital LLC purchased a new stake in shares of Eastman Chemical in the 1st quarter valued at about $38,000. Rothschild Investment LLC bought a new stake in shares of Eastman Chemical during the 2nd quarter valued at about $38,000. Finally, Friedenthal Financial purchased a new position in shares of Eastman Chemical during the second quarter worth about $49,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

About Eastman Chemical

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.