Eastman Chemical (NYSE:EMN) Downgraded by Royal Bank Of Canada to Sector Perform

Royal Bank Of Canada downgraded shares of Eastman Chemical (NYSE:EMN) from a moderate buy rating to a sector perform rating in a research report released on Friday morning, MarketBeat.com reports. Royal Bank Of Canada currently has $70.00 price objective on the basic materials company’s stock.

A number of other analysts also recently issued reports on the stock. Mizuho lowered their price target on shares of Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating on the stock in a report on Friday, October 3rd. Wells Fargo & Company reiterated an “equal weight” rating and issued a $70.00 price objective on shares of Eastman Chemical in a research report on Friday, December 19th. Bank of America dropped their target price on Eastman Chemical from $78.00 to $74.00 and set a “buy” rating on the stock in a research report on Tuesday, October 14th. Citigroup lifted their price target on Eastman Chemical from $72.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Weiss Ratings upgraded Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, October 24th. Six investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $78.54.

Eastman Chemical Stock Down 2.2%

Shares of EMN opened at $68.67 on Friday. The company has a market capitalization of $7.83 billion, a price-to-earnings ratio of 11.46, a PEG ratio of 6.83 and a beta of 1.23. Eastman Chemical has a 52 week low of $56.11 and a 52 week high of $103.82. The stock’s 50-day moving average price is $63.18 and its 200-day moving average price is $65.95. The company has a quick ratio of 0.86, a current ratio of 1.76 and a debt-to-equity ratio of 0.82.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Monday, November 3rd. The basic materials company reported $1.14 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.04). Eastman Chemical had a net margin of 7.75% and a return on equity of 12.89%. The company had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.28 billion. During the same quarter in the prior year, the business posted $2.26 earnings per share. The firm’s revenue was down 10.6% compared to the same quarter last year. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. On average, sell-side analysts predict that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Monday, December 15th were paid a $0.84 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $3.36 annualized dividend and a yield of 4.9%. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.83. Eastman Chemical’s dividend payout ratio is currently 56.09%.

Institutional Investors Weigh In On Eastman Chemical

A number of large investors have recently modified their holdings of the business. MUFG Securities EMEA plc acquired a new position in Eastman Chemical during the second quarter worth about $25,000. MassMutual Private Wealth & Trust FSB lifted its stake in Eastman Chemical by 65.5% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 369 shares of the basic materials company’s stock worth $28,000 after purchasing an additional 146 shares in the last quarter. Ameritas Advisory Services LLC purchased a new position in Eastman Chemical in the 2nd quarter worth approximately $32,000. Loomis Sayles & Co. L P acquired a new position in shares of Eastman Chemical during the 2nd quarter worth approximately $33,000. Finally, Lodestone Wealth Management LLC purchased a new stake in shares of Eastman Chemical in the fourth quarter valued at approximately $33,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

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.