Eastman Chemical (NYSE:EMN) Price Target Raised to $90.00

Eastman Chemical (NYSE:EMN) had its price objective hoisted by Truist from $75.00 to $90.00 in a report issued on Friday, The Fly reports.

Several other research analysts have also weighed in on EMN. ValuEngine raised Eastman Chemical from a sell rating to a hold rating in a research report on Thursday, August 6th. Standpoint Research downgraded Eastman Chemical from a buy rating to a hold rating in a report on Tuesday, June 9th. BofA Securities cut shares of Eastman Chemical from a buy rating to a neutral rating and set a $75.00 target price for the company. in a research note on Wednesday, August 5th. KeyCorp increased their price target on shares of Eastman Chemical from $83.00 to $92.00 and gave the stock an overweight rating in a research note on Monday, July 13th. Finally, Morgan Stanley raised their price target on shares of Eastman Chemical from $70.00 to $80.00 and gave the company an overweight rating in a report on Wednesday, August 5th. Ten research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $74.22.

EMN stock opened at $83.83 on Friday. Eastman Chemical has a 12-month low of $34.44 and a 12-month high of $86.32. The company has a quick ratio of 1.12, a current ratio of 1.88 and a debt-to-equity ratio of 0.89. The company has a market cap of $11.35 billion, a price-to-earnings ratio of 19.91, a PEG ratio of 3.48 and a beta of 1.61. The company has a 50 day moving average of $75.43 and a two-hundred day moving average of $65.41.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Monday, August 3rd. The basic materials company reported $0.85 EPS for the quarter, missing the consensus estimate of $1.05 by ($0.20). Eastman Chemical had a net margin of 6.64% and a return on equity of 14.02%. The company had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.82 billion. During the same quarter in the prior year, the firm earned $1.99 earnings per share. The company’s revenue was down 18.6% on a year-over-year basis. On average, research analysts anticipate that Eastman Chemical will post 5.52 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 15th will be given a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 3.15%. The ex-dividend date is Monday, September 14th. Eastman Chemical’s dividend payout ratio is currently 37.03%.

In other news, SVP Mark K. Cox sold 3,290 shares of the stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $73.22, for a total value of $240,893.80. Following the completion of the sale, the senior vice president now directly owns 18,031 shares of the company’s stock, valued at $1,320,229.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.66% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in EMN. Smith Asset Management Group LP grew its position in Eastman Chemical by 60.5% during the second quarter. Smith Asset Management Group LP now owns 398 shares of the basic materials company’s stock worth $28,000 after buying an additional 150 shares in the last quarter. Sompo Asset Management Co. Ltd. raised its stake in shares of Eastman Chemical by 2.7% in the second quarter. Sompo Asset Management Co. Ltd. now owns 6,160 shares of the basic materials company’s stock valued at $429,000 after purchasing an additional 160 shares in the last quarter. CSat Investment Advisory L.P. lifted its position in Eastman Chemical by 22.9% in the second quarter. CSat Investment Advisory L.P. now owns 911 shares of the basic materials company’s stock worth $64,000 after purchasing an additional 170 shares during the period. CIBC Asset Management Inc boosted its stake in Eastman Chemical by 1.7% during the second quarter. CIBC Asset Management Inc now owns 11,619 shares of the basic materials company’s stock worth $809,000 after buying an additional 195 shares in the last quarter. Finally, National Asset Management Inc. increased its holdings in Eastman Chemical by 2.5% in the 2nd quarter. National Asset Management Inc. now owns 8,180 shares of the basic materials company’s stock valued at $572,000 after buying an additional 197 shares during the period. 82.43% of the stock is owned by institutional investors and hedge funds.

About Eastman Chemical

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

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