Eastman Chemical (NYSE:EMN) Receives Average Rating of "Moderate Buy" from Analysts

Shares of Eastman Chemical (NYSE:EMN - Get Free Report) have earned an average rating of "Moderate Buy" from the twelve brokerages that are presently covering the stock, MarketBeat reports. Six research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $114.08.

Several research firms recently commented on EMN. Bank of America raised Eastman Chemical from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $115.00 to $109.00 in a report on Tuesday, January 14th. Piper Sandler raised their target price on Eastman Chemical from $102.00 to $105.00 and gave the stock a "neutral" rating in a report on Thursday. KeyCorp raised their target price on Eastman Chemical from $121.00 to $128.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. JPMorgan Chase & Co. raised their target price on Eastman Chemical from $110.00 to $112.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Finally, Citigroup lowered Eastman Chemical from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $118.00 to $104.00 in a report on Wednesday, December 18th.

Insider Activity

In related news, EVP Stephen Glenn Crawford sold 10,504 shares of Eastman Chemical stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the transaction, the executive vice president now owns 47,287 shares in the company, valued at approximately $4,965,135. This trade represents a 18.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Julie A. Mcalindon sold 4,456 shares of Eastman Chemical stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total value of $471,623.04. Following the transaction, the senior vice president now owns 4,403 shares in the company, valued at approximately $466,013.52. The trade was a 50.30 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.93% of the company's stock.

Hedge Funds Weigh In On Eastman Chemical

Institutional investors have recently added to or reduced their stakes in the stock. Crews Bank & Trust purchased a new position in Eastman Chemical during the fourth quarter worth approximately $27,000. Picton Mahoney Asset Management lifted its position in Eastman Chemical by 62.3% during the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock worth $29,000 after buying an additional 124 shares in the last quarter. Wolff Wiese Magana LLC lifted its position in Eastman Chemical by 238.1% during the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company's stock worth $32,000 after buying an additional 200 shares in the last quarter. Assetmark Inc. raised its position in Eastman Chemical by 384.4% in the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock valued at $34,000 after purchasing an additional 296 shares during the period. Finally, Bradley & Co. Private Wealth Management LLC acquired a new position in shares of Eastman Chemical in the 4th quarter valued at $35,000. Hedge funds and other institutional investors own 83.65% of the company's stock.

Eastman Chemical Stock Performance

Shares of NYSE:EMN traded down $0.59 during trading on Thursday, hitting $100.99. The stock had a trading volume of 829,322 shares, compared to its average volume of 1,167,509. Eastman Chemical has a 12-month low of $83.38 and a 12-month high of $114.50. The stock has a market capitalization of $11.71 billion, a price-to-earnings ratio of 13.15, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. The stock has a 50-day simple moving average of $94.26 and a two-hundred day simple moving average of $100.13.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.40% and a net margin of 9.65%. On average, equities research analysts expect that Eastman Chemical will post 8.47 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be given a $0.83 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.29%. Eastman Chemical's dividend payout ratio (DPR) is presently 43.23%.

Eastman Chemical Company Profile

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.