Analysts Set Eastman Chemical Company (NYSE:EMN) Target Price at $98.54

Shares of Eastman Chemical Company (NYSE:EMN) have been assigned a consensus rating of “Moderate Buy” from the thirteen analysts that are covering the company, Marketbeat reports. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $98.54.

EMN has been the topic of several research reports. Mizuho raised Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a research report on Thursday, April 3rd. UBS Group dropped their price target on Eastman Chemical from $111.00 to $107.00 and set a “buy” rating on the stock in a research report on Wednesday, May 28th. Piper Sandler decreased their price objective on Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating for the company in a report on Monday, April 7th. Royal Bank Of Canada raised shares of Eastman Chemical from a “sector perform” rating to an “outperform” rating and set a $91.00 target price on the stock in a research report on Wednesday, April 9th. Finally, KeyCorp lowered their price target on shares of Eastman Chemical from $120.00 to $106.00 and set an “overweight” rating for the company in a research report on Monday, April 28th.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $76.49 on Wednesday. The company has a market cap of $8.83 billion, a PE ratio of 9.73, a P/E/G ratio of 1.75 and a beta of 1.25. The business has a 50 day moving average of $78.60 and a 200 day moving average of $87.46. Eastman Chemical has a 52 week low of $70.90 and a 52 week high of $114.50. The company has a quick ratio of 0.79, a current ratio of 1.72 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, topping the consensus estimate of $1.89 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a net margin of 9.85% and a return on equity of 16.59%. The company’s revenue for the quarter was down .9% on a year-over-year basis. During the same period in the prior year, the business earned $1.61 EPS. As a group, equities research analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be given a $0.83 dividend. The ex-dividend date is Friday, June 13th. This represents a $3.32 annualized dividend and a yield of 4.34%. Eastman Chemical’s dividend payout ratio (DPR) is presently 42.24%.

Institutional Trading of Eastman Chemical

A number of institutional investors and hedge funds have recently modified their holdings of the business. Voya Investment Management LLC boosted its position in shares of Eastman Chemical by 5.6% during the first quarter. Voya Investment Management LLC now owns 44,710 shares of the basic materials company’s stock valued at $3,939,000 after buying an additional 2,379 shares during the last quarter. Strs Ohio bought a new position in Eastman Chemical during the 1st quarter valued at about $1,918,000. Ellsworth Advisors LLC purchased a new stake in shares of Eastman Chemical during the 1st quarter valued at about $4,588,000. Belpointe Asset Management LLC grew its stake in shares of Eastman Chemical by 20.3% in the first quarter. Belpointe Asset Management LLC now owns 5,111 shares of the basic materials company’s stock worth $450,000 after acquiring an additional 862 shares during the period. Finally, Focus Partners Wealth raised its holdings in shares of Eastman Chemical by 28.4% during the first quarter. Focus Partners Wealth now owns 6,403 shares of the basic materials company’s stock valued at $564,000 after purchasing an additional 1,415 shares during the last quarter. Institutional investors 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.