Eastman Chemical (NYSE:EMN) has been given an average rating of “Buy” by the nineteen ratings firms that are presently covering the company, Marketbeat Ratings reports. Eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $103.79.
Several research firms have issued reports on EMN. Cowen reaffirmed an “outperform” rating and issued a $106.00 price target (up previously from $92.00) on shares of Eastman Chemical in a report on Friday, December 8th. Zacks Investment Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Tuesday, February 6th. Jefferies Group reissued a “buy” rating on shares of Eastman Chemical in a research note on Friday, March 9th. Wells Fargo reissued an “outperform” rating and set a $115.00 target price (up from $108.00) on shares of Eastman Chemical in a research note on Tuesday, February 20th. Finally, ValuEngine raised shares of Eastman Chemical from a “buy” rating to a “strong-buy” rating in a research note on Thursday, March 1st.
Eastman Chemical (EMN) opened at $107.79 on Friday. The stock has a market capitalization of $15,367.49, a price-to-earnings ratio of 10.65, a price-to-earnings-growth ratio of 1.42 and a beta of 1.25. Eastman Chemical has a twelve month low of $76.02 and a twelve month high of $112.45. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.59 and a quick ratio of 0.82.
The business also recently declared a quarterly dividend, which will be paid on Friday, April 6th. Stockholders of record on Thursday, March 15th will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 2.08%. The ex-dividend date is Wednesday, March 14th. Eastman Chemical’s dividend payout ratio is currently 22.13%.
In other news, CFO Curtis E. Espeland sold 47,000 shares of the business’s stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $100.00, for a total transaction of $4,700,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Damon Cary Warmack sold 4,417 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $98.60, for a total transaction of $435,516.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 134,335 shares of company stock worth $13,334,831. 1.14% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of the company. Chemical Bank grew its holdings in shares of Eastman Chemical by 20.0% during the 4th quarter. Chemical Bank now owns 12,010 shares of the basic materials company’s stock valued at $1,113,000 after acquiring an additional 2,000 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in Eastman Chemical by 3.2% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 17,330 shares of the basic materials company’s stock worth $1,605,000 after purchasing an additional 534 shares in the last quarter. Xact Kapitalforvaltning AB boosted its holdings in Eastman Chemical by 7.6% in the fourth quarter. Xact Kapitalforvaltning AB now owns 13,671 shares of the basic materials company’s stock worth $1,266,000 after purchasing an additional 970 shares in the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. boosted its holdings in Eastman Chemical by 50.8% in the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 8,900 shares of the basic materials company’s stock worth $824,000 after purchasing an additional 3,000 shares in the last quarter. Finally, HighPoint Advisor Group LLC boosted its holdings in Eastman Chemical by 69.6% in the fourth quarter. HighPoint Advisor Group LLC now owns 13,139 shares of the basic materials company’s stock worth $1,286,000 after purchasing an additional 5,394 shares in the last quarter. Institutional investors and hedge funds own 85.59% of the company’s stock.
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About Eastman Chemical
Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.
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