Brokerages Set Eastman Chemical Company (NYSE:EMN) Target Price at $79.31

Eastman Chemical Company (NYSE:EMN) has received an average rating of “Hold” from the fifteen ratings firms that are covering the company, MarketBeat Ratings reports. Eight research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $80.00.

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. upgraded Eastman Chemical from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $70.00 to $80.00 in a research report on Tuesday, April 14th. UBS Group increased their price objective on Eastman Chemical from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, April 9th. Deutsche Bank Aktiengesellschaft increased their price objective on Eastman Chemical from $64.00 to $72.00 and gave the stock a “hold” rating in a research report on Monday, February 2nd. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $79.00 price objective on shares of Eastman Chemical in a research report on Wednesday, February 4th. Finally, Evercore set a $75.00 target price on shares of Eastman Chemical in a research note on Wednesday, February 18th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp boosted its position in shares of Eastman Chemical by 24.3% during the third quarter. State Street Corp now owns 5,687,097 shares of the basic materials company’s stock worth $363,314,000 after buying an additional 1,112,391 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Eastman Chemical by 13.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,597,875 shares of the basic materials company’s stock worth $293,486,000 after buying an additional 545,219 shares during the period. Franklin Resources Inc. boosted its position in shares of Eastman Chemical by 0.6% during the fourth quarter. Franklin Resources Inc. now owns 3,722,964 shares of the basic materials company’s stock worth $237,637,000 after buying an additional 20,634 shares during the period. Bank of America Corp DE boosted its position in shares of Eastman Chemical by 6.1% during the second quarter. Bank of America Corp DE now owns 2,476,677 shares of the basic materials company’s stock worth $184,909,000 after buying an additional 143,323 shares during the period. Finally, Earnest Partners LLC boosted its position in shares of Eastman Chemical by 7.6% during the fourth quarter. Earnest Partners LLC now owns 2,405,649 shares of the basic materials company’s stock worth $153,553,000 after buying an additional 170,676 shares during the period. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Trading Up 0.2%

Shares of EMN traded up $0.16 during mid-day trading on Tuesday, reaching $73.80. The stock had a trading volume of 92,265 shares, compared to its average volume of 1,675,245. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.37 and a quick ratio of 0.63. Eastman Chemical has a 52-week low of $56.11 and a 52-week high of $84.18. The business’s fifty day moving average is $73.85 and its 200 day moving average is $67.52. The firm has a market cap of $8.42 billion, a price-to-earnings ratio of 18.01, a P/E/G ratio of 1.61 and a beta of 1.16.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). The firm had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. The company’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.87 EPS. On average, sell-side analysts predict that Eastman Chemical will post 5.9 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 8th. Shareholders of record on Friday, March 13th were paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend was Friday, March 13th. Eastman Chemical’s dividend payout ratio (DPR) is 82.15%.

Eastman Chemical Company Profile

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.