KeyCorp reaffirmed their buy rating on shares of Eastman Chemical Company (NYSE:EMN) in a report issued on Thursday. They currently have a $100.00 price target on the basic materials company’s stock.

EMN has been the topic of several other research reports. Zacks Investment Research cut shares of Eastman Chemical from a buy rating to a hold rating in a research note on Friday, June 30th. Citigroup Inc. boosted their price objective on shares of Eastman Chemical from $81.00 to $89.00 and gave the stock a neutral rating in a research note on Wednesday, July 12th. BidaskClub raised shares of Eastman Chemical from a hold rating to a buy rating in a research note on Thursday, June 15th. Jefferies Group LLC reissued a buy rating and issued a $90.00 price objective on shares of Eastman Chemical in a research note on Wednesday, July 5th. Finally, UBS AG reissued a buy rating and issued a $95.00 price objective (up previously from $90.00) on shares of Eastman Chemical in a research note on Sunday, June 25th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $90.90.

Eastman Chemical (NYSE EMN) opened at 84.87 on Thursday. The firm has a market cap of $12.29 billion, a price-to-earnings ratio of 13.62 and a beta of 1.28. The firm’s 50-day moving average price is $84.50 and its 200-day moving average price is $81.31. Eastman Chemical has a 12 month low of $62.70 and a 12 month high of $86.60.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the previous year, the firm posted $1.68 earnings per share. Eastman Chemical’s revenue for the quarter was up 5.3% on a year-over-year basis. Equities research analysts predict that Eastman Chemical will post $7.51 earnings per share for the current year.

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The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be given a dividend of $0.51 per share. The ex-dividend date is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a yield of 2.40%. Eastman Chemical’s dividend payout ratio (DPR) is currently 32.28%.

In other news, Director Lewis M. Kling sold 4,000 shares of the company’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $79.88, for a total transaction of $319,520.00. Following the transaction, the director now owns 15,693 shares in the company, valued at $1,253,556.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark K. Cox sold 1,400 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The disclosure for this sale can be found here. Insiders have sold 9,400 shares of company stock worth $775,176 in the last ninety days. Insiders own 1.14% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Retirement Systems of Alabama raised its position in shares of Eastman Chemical by 81.3% in the first quarter. Retirement Systems of Alabama now owns 129,826 shares of the basic materials company’s stock valued at $10,490,000 after buying an additional 58,237 shares in the last quarter. James Investment Research Inc. raised its position in shares of Eastman Chemical by 1,771.7% in the first quarter. James Investment Research Inc. now owns 3,968 shares of the basic materials company’s stock valued at $321,000 after buying an additional 3,756 shares in the last quarter. Candriam Luxembourg S.C.A. raised its position in shares of Eastman Chemical by 36.1% in the first quarter. Candriam Luxembourg S.C.A. now owns 12,329 shares of the basic materials company’s stock valued at $996,000 after buying an additional 3,270 shares in the last quarter. Mn Services Vermogensbeheer B.V. raised its position in shares of Eastman Chemical by 2.7% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,914 shares of the basic materials company’s stock valued at $296,000 after buying an additional 104 shares in the last quarter. Finally, Shell Asset Management Co. raised its position in shares of Eastman Chemical by 5.7% in the first quarter. Shell Asset Management Co. now owns 10,767 shares of the basic materials company’s stock valued at $870,000 after buying an additional 584 shares in the last quarter. Hedge funds and other institutional investors own 88.53% of the company’s stock.

About Eastman Chemical

Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.

Analyst Recommendations for Eastman Chemical (NYSE:EMN)

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