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.

Several other brokerages also recently weighed in on EMN. Zacks Investment Research upgraded shares of Eastman Chemical from a hold rating to a buy rating and set a $109.00 price objective on the stock in a research report on Wednesday, October 3rd. ValuEngine downgraded shares of Eastman Chemical from a buy rating to a hold rating in a research report on Wednesday, June 20th. Finally, Morgan Stanley lifted their price objective on shares of Eastman Chemical from $98.00 to $107.00 and gave the company an equal weight rating in a research report on Tuesday, July 31st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $108.18.

NYSE:EMN traded up $0.44 during mid-day trading on Friday, hitting $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 market cap of $13.52 billion, a PE ratio of 10.84, a P/E/G ratio of 1.28 and a beta of 1.07. Eastman Chemical has a 52 week low of $81.89 and a 52 week high of $112.45. The company has a quick ratio of 0.95, a current ratio of 1.69 and a debt-to-equity ratio of 1.04.

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, beating the Thomson Reuters’ consensus estimate of $2.20 by $0.02. The firm had revenue of $2.62 billion for the quarter, compared to the consensus estimate of $2.59 billion. Eastman Chemical had a net margin of 15.30% and a return on equity of 21.79%. Eastman Chemical’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period last year, the firm posted $1.98 EPS. As a group, equities analysts anticipate that Eastman Chemical will post 8.57 EPS for the current year.

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

In other Eastman Chemical news, CEO Mark J. Costa sold 20,000 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 190,584 shares in the company, valued at approximately $19,058,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Scott V. King sold 16,192 shares of the business’s stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $101.35, for a total transaction of $1,641,059.20. Following the completion of the sale, the chief accounting officer now owns 5,898 shares in the company, valued at $597,762.30. The disclosure for this sale can be found here. Insiders have sold a total of 39,715 shares of company stock worth $4,005,972 over the last 90 days. 1.18% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Mercantile Trust Co. purchased a new position in Eastman Chemical during the second quarter valued at approximately $113,000. Fort L.P. purchased a new position in Eastman Chemical during the second quarter valued at approximately $116,000. Point72 Asset Management L.P. purchased a new position in Eastman Chemical during the second quarter valued at approximately $120,000. Cornerstone Wealth Management LLC purchased a new position in Eastman Chemical during the second quarter valued at approximately $177,000. Finally, Acadian Asset Management LLC purchased a new position in Eastman Chemical during the second quarter valued at approximately $218,000. Institutional investors and hedge funds 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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