Eastman Chemical (EMN) Upgraded by JPMorgan Chase & Co. to “Overweight”

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JPMorgan Chase & Co. upgraded shares of Eastman Chemical (NYSE:EMN) from a neutral rating to an overweight rating in a report released on Friday, The Fly reports.

A number of other brokerages have also recently weighed in on EMN. ValuEngine cut shares of Eastman Chemical from a buy rating to a hold rating in a research note on Wednesday, June 20th. Morgan Stanley boosted their price objective on shares of Eastman Chemical from $98.00 to $107.00 and gave the stock an equal weight rating in a research note on Tuesday, July 31st. Finally, Zacks Investment Research cut shares of Eastman Chemical from a buy rating to a hold rating in a research note on Wednesday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $108.18.

Shares of Eastman Chemical stock traded up $0.44 on Friday, reaching $82.49. The stock had a trading volume of 1,796,412 shares, compared to its average volume of 1,092,938. The company has a current ratio of 1.69, a quick ratio of 0.95 and a debt-to-equity ratio of 1.04. Eastman Chemical has a fifty-two week low of $81.89 and a fifty-two week high of $112.45. The stock has a market capitalization of $13.52 billion, a price-to-earnings ratio of 10.84, a PEG ratio of 1.28 and a beta of 1.07.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, July 26th. The basic materials company reported $2.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.20 by $0.02. Eastman Chemical had a net margin of 15.30% and a return on equity of 21.79%. The business had revenue of $2.62 billion during the quarter, compared to analysts’ expectations of $2.59 billion. During the same period in the previous year, the company earned $1.98 earnings per share. Eastman Chemical’s revenue for the quarter was up 8.4% on a year-over-year basis. As a group, research analysts predict that Eastman Chemical will post 8.57 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, October 5th. Investors of record on Friday, September 14th were paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 2.72%. The ex-dividend date was Thursday, September 13th. Eastman Chemical’s payout ratio is currently 29.43%.

In related news, insider Lucian Boldea sold 3,523 shares of the company’s stock in a transaction on Tuesday, July 31st. The shares were sold at an average price of $103.58, for a total transaction of $364,912.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark J. Costa sold 20,000 shares of the company’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the transaction, the chief executive officer now owns 190,584 shares of the company’s stock, valued at $19,058,400. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 39,715 shares of company stock valued at $4,005,972. Corporate insiders own 1.18% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. increased its holdings in Eastman Chemical by 10.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 902,335 shares of the basic materials company’s stock valued at $90,200,000 after buying an additional 86,706 shares during the period. Cumberland Partners Ltd bought a new stake in Eastman Chemical in the 2nd quarter valued at $700,000. Worldquant Millennium Quantitative Strategies LLC bought a new stake in Eastman Chemical in the 2nd quarter valued at $19,597,000. Neuburgh Advisers LLC increased its holdings in Eastman Chemical by 27.9% in the 2nd quarter. Neuburgh Advisers LLC now owns 89,712 shares of the basic materials company’s stock valued at $8,968,000 after buying an additional 19,552 shares during the period. Finally, Paragon Capital Management Ltd bought a new stake in Eastman Chemical in the 2nd quarter valued at $264,000. Hedge funds and other institutional investors own 83.05% of the company’s stock.

About Eastman Chemical

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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Analyst Recommendations for Eastman Chemical (NYSE:EMN)

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