Eastman Chemical (NYSE:EMN) Reaches New 1-Year Low After Analyst Downgrade

Eastman Chemical (NYSE:EMNGet Rating) shares hit a new 52-week low during mid-day trading on Tuesday after UBS Group lowered their price target on the stock from $118.00 to $108.00. UBS Group currently has a buy rating on the stock. Eastman Chemical traded as low as $77.00 and last traded at $77.24, with a volume of 8546 shares trading hands. The stock had previously closed at $79.70.

Several other research firms also recently weighed in on EMN. Credit Suisse Group assumed coverage on shares of Eastman Chemical in a report on Tuesday, May 31st. They set an “outperform” rating and a $130.00 target price for the company. Barclays decreased their price target on shares of Eastman Chemical from $120.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 2nd. StockNews.com cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, September 14th. Bank of America reduced their price target on shares of Eastman Chemical from $123.00 to $115.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 13th. Finally, Wells Fargo & Company lowered shares of Eastman Chemical from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $110.00 to $95.00 in a research note on Tuesday, September 13th. Ten analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $112.53.

Institutional Investors Weigh In On Eastman Chemical

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Equitable Holdings Inc. bought a new stake in shares of Eastman Chemical during the 4th quarter valued at $232,000. Fiduciary Trust Co. acquired a new position in Eastman Chemical in the 4th quarter worth about $220,000. Gotham Asset Management LLC grew its position in shares of Eastman Chemical by 28.9% in the 4th quarter. Gotham Asset Management LLC now owns 26,014 shares of the basic materials company’s stock valued at $3,145,000 after buying an additional 5,838 shares during the last quarter. Rockefeller Capital Management L.P. grew its position in shares of Eastman Chemical by 20.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 2,721 shares of the basic materials company’s stock valued at $329,000 after buying an additional 459 shares during the last quarter. Finally, Nissay Asset Management Corp Japan ADV boosted its position in shares of Eastman Chemical by 3.4% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 14,222 shares of the basic materials company’s stock valued at $1,720,000 after purchasing an additional 473 shares in the last quarter. Institutional investors and hedge funds own 85.41% of the company’s stock.

Eastman Chemical Trading Down 3.0 %

The company has a current ratio of 1.27, a quick ratio of 0.69 and a debt-to-equity ratio of 0.74. The firm has a 50-day moving average of $92.68 and a 200 day moving average of $99.64. The company has a market cap of $9.50 billion, a P/E ratio of 8.40, a price-to-earnings-growth ratio of 1.65 and a beta of 1.43.

Eastman Chemical (NYSE:EMNGet Rating) last announced its quarterly earnings results on Thursday, July 28th. The basic materials company reported $2.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.69 by $0.14. The business had revenue of $2.78 billion for the quarter, compared to analyst estimates of $2.79 billion. Eastman Chemical had a return on equity of 20.67% and a net margin of 11.18%. The company’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.46 earnings per share. On average, analysts predict that Eastman Chemical will post 9.04 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 7th. Investors of record on Thursday, September 15th will be paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.93%. The ex-dividend date of this dividend is Wednesday, September 14th. Eastman Chemical’s dividend payout ratio is 33.01%.

Eastman Chemical Company Profile

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Eastman Chemical Company operates as a specialty materials company in the United States and internationally. 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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