Eastman Chemical (NYSE:EMN) Price Target Cut to $112.00

Eastman Chemical (NYSE:EMN) had its price objective reduced by Bank of America from $113.00 to $112.00 in a research report sent to investors on Monday, Benzinga reports. They currently have a buy rating on the basic materials company’s stock.

Other analysts also recently issued reports about the company. KeyCorp raised their target price on Eastman Chemical from $101.00 to $121.00 and gave the company an overweight rating in a research note on Tuesday, April 9th. Citigroup raised their price objective on Eastman Chemical from $95.00 to $114.00 and gave the company a buy rating in a research note on Wednesday, April 10th. Royal Bank of Canada increased their target price on Eastman Chemical from $89.00 to $100.00 and gave the stock a sector perform rating in a report on Friday, April 19th. UBS Group upped their price objective on shares of Eastman Chemical from $91.00 to $93.00 and gave the stock a neutral rating in a report on Friday, February 2nd. Finally, Mizuho upped their target price on shares of Eastman Chemical from $91.00 to $102.00 and gave the stock a neutral rating in a report on Friday. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $101.41.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $97.34 on Monday. The stock has a market capitalization of $11.45 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 1.06 and a beta of 1.54. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $102.71. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.70 and a current ratio of 1.35. The stock’s 50 day moving average price is $93.98 and its two-hundred day moving average price is $86.56.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.95%. Eastman Chemical’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.63 EPS. On average, equities analysts predict that Eastman Chemical will post 7.71 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were issued a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 3.33%. The ex-dividend date of this dividend was Thursday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is 41.75%.

Insider Buying and Selling at Eastman Chemical

In related news, SVP Adrian James Holt sold 4,735 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.28% of the company’s stock.

Hedge Funds Weigh In On Eastman Chemical

Several hedge funds have recently made changes to their positions in EMN. Principal Financial Group Inc. raised its position in shares of Eastman Chemical by 5.6% in the first quarter. Principal Financial Group Inc. now owns 141,195 shares of the basic materials company’s stock worth $14,151,000 after buying an additional 7,540 shares in the last quarter. New York State Teachers Retirement System increased its position in shares of Eastman Chemical by 5.8% in the first quarter. New York State Teachers Retirement System now owns 136,715 shares of the basic materials company’s stock worth $13,702,000 after purchasing an additional 7,494 shares during the last quarter. Equitable Trust Co. bought a new stake in Eastman Chemical during the first quarter valued at approximately $386,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Eastman Chemical by 3.0% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 58,269 shares of the basic materials company’s stock worth $5,840,000 after buying an additional 1,692 shares during the last quarter. Finally, Dakota Wealth Management purchased a new position in Eastman Chemical in the first quarter worth $1,967,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

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.