Eastman Chemical (NYSE:EMN) Shares Gap Down - Here's What Happened

Eastman Chemical (NYSE:EMN - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $80.82, but opened at $77.14. Eastman Chemical shares last traded at $76.84, with a volume of 273,836 shares trading hands.

Analyst Ratings Changes

Several brokerages have recently issued reports on EMN. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $76.00 price objective (down from $112.00) on shares of Eastman Chemical in a research note on Monday. Morgan Stanley cut their price target on Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a research note on Monday. Bank of America upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and cut their price target for the company from $115.00 to $109.00 in a research note on Tuesday, January 14th. Wells Fargo & Company cut their price target on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Finally, KeyCorp cut their price target on Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating on the stock in a research note on Monday. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $102.64.

Eastman Chemical Trading Down 0.2 %

The firm has a market cap of $8.72 billion, a PE ratio of 9.86, a PEG ratio of 1.22 and a beta of 1.38. The business has a 50-day moving average price of $86.87 and a two-hundred day moving average price of $94.64. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, topping analysts' consensus estimates of $1.89 by $0.02. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The firm had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.35 billion. During the same quarter last year, the business posted $1.61 EPS. The firm's quarterly revenue was down .9% compared to the same quarter last year. Analysts forecast that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Friday, March 14th were paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 4.39%. The ex-dividend date was Friday, March 14th. Eastman Chemical's dividend payout ratio is currently 42.24%.

Institutional Investors Weigh In On Eastman Chemical

Several hedge funds have recently modified their holdings of EMN. James J. Burns & Company LLC purchased a new position in shares of Eastman Chemical in the fourth quarter valued at $741,000. Goelzer Investment Management Inc. purchased a new position in shares of Eastman Chemical in the fourth quarter valued at $3,319,000. Dakota Wealth Management boosted its stake in shares of Eastman Chemical by 14.6% in the fourth quarter. Dakota Wealth Management now owns 44,675 shares of the basic materials company's stock valued at $4,081,000 after purchasing an additional 5,700 shares during the period. Franklin Resources Inc. boosted its stake in shares of Eastman Chemical by 5.7% in the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company's stock valued at $593,233,000 after purchasing an additional 282,458 shares during the period. Finally, Olstein Capital Management L.P. boosted its stake in shares of Eastman Chemical by 16.1% in the fourth quarter. Olstein Capital Management L.P. now owns 66,779 shares of the basic materials company's stock valued at $6,098,000 after purchasing an additional 9,279 shares during the period. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

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.