Eastman Chemical (NYSE:EMN) had its target price trimmed by Nomura from $99.00 to $93.00 in a research report sent to investors on Monday. The brokerage currently has a neutral rating on the basic materials company’s stock.
EMN has been the topic of a number of other research reports. JPMorgan Chase & Co. lowered Eastman Chemical from an overweight rating to a neutral rating in a research note on Friday, October 5th. Citigroup reduced their target price on Eastman Chemical from $108.00 to $94.00 and set a neutral rating on the stock in a research note on Thursday, October 11th. Zacks Investment Research lowered Eastman Chemical from a buy rating to a hold rating in a research note on Monday, October 8th. ValuEngine lowered Eastman Chemical from a hold rating to a sell rating in a research note on Saturday, October 6th. Finally, Morgan Stanley upped their target price on Eastman Chemical from $98.00 to $107.00 and gave the company an equal weight rating in a research note on Tuesday, July 31st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $100.91.
EMN stock traded up $1.01 on Monday, reaching $77.40. The company had a trading volume of 42,288 shares, compared to its average volume of 1,615,581. Eastman Chemical has a 1 year low of $73.95 and a 1 year high of $112.45. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.95 and a current ratio of 1.69. The firm has a market cap of $11.04 billion, a P/E ratio of 10.15, a PEG ratio of 1.06 and a beta of 1.07.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 5th. Shareholders of record on Friday, September 14th were issued a $0.56 dividend. The ex-dividend date of this dividend was Thursday, September 13th. This represents a $2.24 annualized dividend and a yield of 2.89%. Eastman Chemical’s dividend payout ratio (DPR) is presently 29.43%.
In other Eastman Chemical news, CEO Mark J. Costa sold 20,000 shares of the business’s stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $100.00, for a total value of $2,000,000.00. Following the completion of the transaction, the chief executive officer now directly owns 190,584 shares in the company, valued at approximately $19,058,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Scott V. King sold 16,192 shares of the business’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $101.35, for a total value of $1,641,059.20. Following the completion of the transaction, the chief accounting officer now owns 5,898 shares of the company’s stock, valued at $597,762.30. The disclosure for this sale can be found here. Insiders own 1.18% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Palladium Partners LLC raised its holdings in Eastman Chemical by 2.3% in the 3rd quarter. Palladium Partners LLC now owns 172,983 shares of the basic materials company’s stock valued at $16,558,000 after acquiring an additional 3,891 shares during the last quarter. Intact Investment Management Inc. acquired a new stake in shares of Eastman Chemical during the 3rd quarter worth $5,208,000. Assenagon Asset Management S.A. increased its holdings in shares of Eastman Chemical by 161.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 7,859 shares of the basic materials company’s stock worth $752,000 after buying an additional 4,856 shares during the last quarter. Telos Capital Management Inc. increased its holdings in shares of Eastman Chemical by 2.9% during the 3rd quarter. Telos Capital Management Inc. now owns 26,996 shares of the basic materials company’s stock worth $2,584,000 after buying an additional 763 shares during the last quarter. Finally, Hallmark Capital Management Inc. increased its holdings in shares of Eastman Chemical by 2.1% during the 3rd quarter. Hallmark Capital Management Inc. now owns 170,170 shares of the basic materials company’s stock worth $16,289,000 after buying an additional 3,457 shares during the last quarter. Institutional investors own 82.71% of the company’s stock.
Eastman Chemical Company Profile
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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