Eastman Chemical (NYSE:EMN) Receives $100.92 Consensus PT from Analysts

Eastman Chemical (NYSE:EMN) has been assigned a consensus rating of “Moderate Buy” from the thirteen research firms that are currently covering the stock, MarketBeat reports. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $99.15.

A number of analysts recently weighed in on EMN shares. StockNews.com lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday, April 28th. Wells Fargo & Company decreased their price objective on shares of Eastman Chemical from $125.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, April 9th. The Goldman Sachs Group dropped their target price on Eastman Chemical from $112.00 to $87.00 and set a “neutral” rating on the stock in a report on Monday, April 28th. Bank of America raised Eastman Chemical from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $115.00 to $109.00 in a report on Tuesday, January 14th. Finally, Royal Bank of Canada upgraded Eastman Chemical from a “sector perform” rating to an “outperform” rating and set a $91.00 price objective on the stock in a report on Wednesday, April 9th.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $77.98 on Tuesday. The company’s 50 day moving average is $85.09 and its two-hundred day moving average is $93.83. The firm has a market cap of $9.00 billion, a PE ratio of 10.15, a price-to-earnings-growth ratio of 1.22 and a beta of 1.29. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. Eastman Chemical has a 52-week low of $70.90 and a 52-week high of $114.50.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.02. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the business posted $1.61 earnings per share. Eastman Chemical’s revenue was down .9% compared to the same quarter last year. On average, research analysts expect that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 4.26%. The ex-dividend date of this dividend is Friday, June 13th. Eastman Chemical’s payout ratio is currently 42.24%.

Institutional Investors Weigh In On Eastman Chemical

Several hedge funds have recently made changes to their positions in EMN. Crews Bank & Trust acquired a new stake in Eastman Chemical during the 4th quarter worth approximately $27,000. Picton Mahoney Asset Management lifted its holdings in shares of Eastman Chemical by 62.3% during the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 124 shares during the period. Assetmark Inc. grew its position in Eastman Chemical by 384.4% in the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock valued at $34,000 after buying an additional 296 shares during the last quarter. Bradley & Co. Private Wealth Management LLC acquired a new position in Eastman Chemical in the 4th quarter valued at $35,000. Finally, Stonebridge Financial Group LLC purchased a new position in Eastman Chemical during the 4th quarter worth $37,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

About Eastman Chemical

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.