Eastman Chemical (NYSE:EMN) Sets New 52-Week High After Analyst Upgrade


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Eastman Chemical (NYSE:EMN) shares reached a new 52-week high on Monday after KeyCorp raised their price target on the stock from $126.00 to $135.00. KeyCorp currently has an overweight rating on the stock. Eastman Chemical traded as high as $119.30 and last traded at $119.15, with a volume of 9782 shares trading hands. The stock had previously closed at $115.39.

Several other equities analysts also recently commented on EMN. Morgan Stanley boosted their price objective on Eastman Chemical from $120.00 to $130.00 and gave the company an “overweight” rating in a research report on Monday, April 19th. Deutsche Bank Aktiengesellschaft boosted their price target on Eastman Chemical from $115.00 to $126.00 and gave the stock a “buy” rating in a report on Monday, March 22nd. Zacks Investment Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating and set a $105.00 price objective for the company. in a report on Thursday, January 28th. Finally, Wells Fargo & Company boosted their target price on shares of Eastman Chemical from $114.00 to $120.00 and gave the stock an “overweight” rating in a report on Tuesday, February 2nd. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $102.15.

In other news, CEO Mark J. Costa sold 74,301 shares of the stock in a transaction on Wednesday, February 24th. The shares were sold at an average price of $113.75, for a total value of $8,451,738.75. Following the sale, the chief executive officer now owns 310,881 shares of the company’s stock, valued at $35,362,713.75. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Mark K. Cox sold 20,280 shares of the firm’s stock in a transaction dated Tuesday, February 23rd. The stock was sold at an average price of $111.58, for a total transaction of $2,262,842.40. Following the completion of the sale, the senior vice president now owns 4,170 shares of the company’s stock, valued at approximately $465,288.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 177,103 shares of company stock worth $19,656,550. Company insiders own 1.66% of the company’s stock.

Several hedge funds have recently modified their holdings of the stock. San Francisco Sentry Investment Group CA increased its stake in Eastman Chemical by 351.9% in the first quarter. San Francisco Sentry Investment Group CA now owns 244 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 190 shares during the period. West Oak Capital LLC increased its stake in Eastman Chemical by 71.4% in the 4th quarter. West Oak Capital LLC now owns 300 shares of the basic materials company’s stock worth $30,000 after buying an additional 125 shares during the period. Arkadios Wealth Advisors bought a new stake in Eastman Chemical during the 1st quarter valued at about $35,000. Alpha DNA Investment Management LLC purchased a new stake in Eastman Chemical in the 4th quarter valued at about $32,000. Finally, Northwest Investment Counselors LLC bought a new position in Eastman Chemical in the 1st quarter worth about $36,000. 84.43% of the stock is owned by hedge funds and other institutional investors.

The stock has a market cap of $16.54 billion, a P/E ratio of 35.01, a P/E/G ratio of 3.97 and a beta of 1.53. The company’s 50 day moving average price is $112.79 and its two-hundred day moving average price is $104.11. The company has a quick ratio of 1.23, a current ratio of 1.98 and a debt-to-equity ratio of 0.89.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, April 29th. The basic materials company reported $2.13 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.03 by $0.10. Eastman Chemical had a return on equity of 13.12% and a net margin of 5.56%. As a group, equities research analysts forecast that Eastman Chemical will post 5.93 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, April 5th. Shareholders of record on Monday, March 15th were issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend was Friday, March 12th. Eastman Chemical’s payout ratio is 38.71%.

About Eastman Chemical (NYSE:EMN)

Eastman Chemical Company operates as a specialty materials company worldwide. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.

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