Eastman Chemical Company (NYSE:EMN) Receives $80.50 Consensus Target Price from Analysts

Eastman Chemical Company (NYSE:EMN) has been given a consensus recommendation of “Moderate Buy” by the fourteen ratings firms that are covering the firm, Marketbeat Ratings reports. Seven equities 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 objective among analysts that have covered the stock in the last year is $80.50.

A number of research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $82.00 price target on shares of Eastman Chemical in a research note on Tuesday, May 5th. Weiss Ratings reiterated a “hold (c)” rating on shares of Eastman Chemical in a research note on Monday, May 18th. Citigroup reduced their target price on Eastman Chemical from $88.00 to $85.00 and set a “buy” rating on the stock in a research report on Wednesday, June 24th. UBS Group raised their price target on Eastman Chemical from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Thursday, April 9th. Finally, Wells Fargo & Company upped their price objective on shares of Eastman Chemical from $70.00 to $80.00 and gave the company an “equal weight” rating in a research note on Monday, May 4th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. MUFG Securities EMEA plc acquired a new stake in shares of Eastman Chemical in the second quarter valued at about $25,000. Altshuler Shaham Ltd purchased a new position in Eastman Chemical in the 4th quarter worth approximately $25,000. Brown Lisle Cummings Inc. boosted its holdings in Eastman Chemical by 70.0% in the 4th quarter. Brown Lisle Cummings Inc. now owns 425 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 175 shares during the period. Garton & Associates Financial Advisors LLC acquired a new stake in Eastman Chemical in the fourth quarter valued at approximately $27,000. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Eastman Chemical during the fourth quarter valued at approximately $27,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $67.21 on Thursday. Eastman Chemical has a 12 month low of $56.11 and a 12 month high of $83.47. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.47 and a quick ratio of 0.71. The business has a 50 day simple moving average of $70.86 and a 200-day simple moving average of $72.15. The stock has a market capitalization of $7.69 billion, a PE ratio of 19.48, a price-to-earnings-growth ratio of 0.88 and a beta of 1.07.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, April 30th. The basic materials company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.02. The business had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.17 billion. Eastman Chemical had a net margin of 4.62% and a return on equity of 8.88%. The company’s revenue was down 4.9% on a year-over-year basis. During the same period last year, the company posted $1.91 EPS. Equities analysts predict that Eastman Chemical will post 6.3 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 8th. Investors of record on Monday, June 15th were given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date of this dividend was Monday, June 15th. Eastman Chemical’s dividend payout ratio is 97.39%.

About Eastman Chemical

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.