Eastman Chemical Company (NYSE:EMN) Receives $79.21 Average Price Target from Analysts

Eastman Chemical Company (NYSE:EMN) has received a consensus recommendation of “Hold” from the fifteen ratings firms that are currently covering the firm, MarketBeat Ratings reports. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1 year target price among brokers that have covered the stock in the last year is $79.2143.

A number of research firms have recently commented on EMN. Bank of America increased their target price on shares of Eastman Chemical from $74.00 to $79.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. Wells Fargo & Company reiterated an “equal weight” rating and set a $70.00 price objective on shares of Eastman Chemical in a research report on Friday, December 19th. JPMorgan Chase & Co. raised their target price on shares of Eastman Chemical from $60.00 to $70.00 and gave the company an “overweight” rating in a research report on Monday, February 2nd. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Eastman Chemical from $64.00 to $72.00 and gave the stock a “hold” rating in a research note on Monday, February 2nd. Finally, UBS Group cut their price objective on Eastman Chemical from $75.00 to $73.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th.

Eastman Chemical Stock Up 0.3%

NYSE EMN opened at $75.42 on Monday. The business has a fifty day moving average price of $71.19 and a two-hundred day moving average price of $66.06. The stock has a market capitalization of $8.61 billion, a PE ratio of 18.44, a PEG ratio of 1.66 and a beta of 1.23. Eastman Chemical has a fifty-two week low of $56.11 and a fifty-two week high of $99.89. 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 (NYSE:EMN) last posted its quarterly earnings results on Thursday, January 29th. The basic materials company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). The business had revenue of $1.97 billion for the quarter, compared to analyst estimates of $2.03 billion. Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.Eastman Chemical’s quarterly revenue was down 12.1% on a year-over-year basis. During the same period last year, the firm posted $1.87 EPS. Equities analysts expect that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 8th. Investors of record on Friday, March 13th will be given a dividend of $0.84 per share. The ex-dividend date is Friday, March 13th. This represents a $3.36 annualized dividend and a yield of 4.5%. Eastman Chemical’s dividend payout ratio (DPR) is currently 82.15%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of Eastman Chemical by 0.5% in the second quarter. Vanguard Group Inc. now owns 14,659,591 shares of the basic materials company’s stock valued at $1,094,485,000 after buying an additional 79,988 shares during the period. State Street Corp increased its position in Eastman Chemical by 24.3% during the 3rd quarter. State Street Corp now owns 5,687,097 shares of the basic materials company’s stock valued at $363,314,000 after purchasing an additional 1,112,391 shares during the period. Dimensional Fund Advisors LP raised its holdings in Eastman Chemical by 13.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,597,875 shares of the basic materials company’s stock worth $293,486,000 after purchasing an additional 545,219 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Eastman Chemical by 0.6% in the 4th quarter. Franklin Resources Inc. now owns 3,722,964 shares of the basic materials company’s stock worth $237,637,000 after purchasing an additional 20,634 shares during the period. Finally, Invesco Ltd. boosted its stake in shares of Eastman Chemical by 6.8% in the 2nd quarter. Invesco Ltd. now owns 2,993,687 shares of the basic materials company’s stock valued at $223,509,000 after purchasing an additional 191,461 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

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.