Eastman Chemical (NYSE:EMN) Price Target Raised to $84.00 at Citigroup

Eastman Chemical (NYSE:EMN) had its target price hoisted by Citigroup from $78.00 to $84.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has a buy rating on the basic materials company’s stock.

Other research analysts have also issued research reports about the company. KeyCorp restated an “overweight” rating on shares of Eastman Chemical in a report on Monday, February 2nd. JPMorgan Chase & Co. upped their price target on Eastman Chemical from $60.00 to $70.00 and gave the stock an “overweight” rating in a report on Monday, February 2nd. Weiss Ratings upgraded Eastman Chemical from a “sell (d+)” rating to a “hold (c)” rating in a research note on Wednesday, February 18th. Zacks Research raised shares of Eastman Chemical from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Finally, Evercore set a $75.00 target price on shares of Eastman Chemical in a report on Wednesday, February 18th. Seven equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $79.64.

Eastman Chemical Stock Up 4.1%

Shares of NYSE EMN opened at $70.50 on Thursday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.37 and a quick ratio of 0.63. The company has a 50-day moving average price of $72.61 and a 200-day moving average price of $66.38. The stock has a market capitalization of $8.04 billion, a P/E ratio of 17.24, a P/E/G ratio of 1.50 and a beta of 1.20. Eastman Chemical has a 1 year low of $56.11 and a 1 year high of $94.11.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.01). The business had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $2.03 billion. Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. Eastman Chemical’s revenue was down 12.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.87 EPS. On average, equities research analysts forecast that Eastman Chemical will post 8.55 EPS 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. Stockholders of record on Friday, March 13th will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date is Friday, March 13th. Eastman Chemical’s payout ratio is presently 82.15%.

Hedge Funds Weigh In On Eastman Chemical

Several institutional investors have recently added to or reduced their stakes in EMN. Rehmann Capital Advisory Group bought a new stake in Eastman Chemical in the fourth quarter worth about $212,000. DGS Capital Management LLC bought a new position in shares of Eastman Chemical during the 4th quarter valued at approximately $280,000. Kera Capital Partners Inc. purchased a new stake in shares of Eastman Chemical during the 4th quarter worth approximately $324,000. Dean Capital Management increased its stake in shares of Eastman Chemical by 3.2% during the 4th quarter. Dean Capital Management now owns 28,056 shares of the basic materials company’s stock worth $1,791,000 after purchasing an additional 877 shares during the last quarter. Finally, White Knight Strategic Wealth Advisors LLC bought a new stake in shares of Eastman Chemical in the 4th quarter worth approximately $211,000. 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.