Analysts Set Eastman Chemical Company (NYSE:EMN) Price Target at $79.31

Eastman Chemical Company (NYSE:EMN) has received an average recommendation of “Hold” from the fifteen research firms that are currently covering the firm, MarketBeat reports. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $80.00.

Several equities research analysts recently commented on EMN shares. Zacks Research upgraded shares of Eastman Chemical from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. KeyCorp reiterated an “overweight” rating on shares of Eastman Chemical in a research report on Monday, February 2nd. Evercore set a $75.00 target price on shares of Eastman Chemical in a research note on Wednesday, February 18th. UBS Group increased their target price on Eastman Chemical from $80.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, April 9th. Finally, Citigroup decreased their target price on Eastman Chemical from $84.00 to $83.00 and set a “buy” rating for the company in a research report on Thursday.

Hedge Funds Weigh In On Eastman Chemical

Several institutional investors and hedge funds have recently bought and sold shares of EMN. HighTower Advisors LLC lifted its position in shares of Eastman Chemical by 3,448.7% in the fourth quarter. HighTower Advisors LLC now owns 1,695,842 shares of the basic materials company’s stock worth $108,246,000 after purchasing an additional 1,648,054 shares in the last quarter. Norges Bank purchased a new position in Eastman Chemical during the fourth quarter valued at approximately $95,621,000. State Street Corp increased its stake in Eastman Chemical by 24.3% in 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 buying an additional 1,112,391 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Eastman Chemical by 97.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,859,998 shares of the basic materials company’s stock worth $119,672,000 after buying an additional 916,023 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in Eastman Chemical by 101.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,425,806 shares of the basic materials company’s stock worth $91,009,000 after buying an additional 718,502 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Trading Up 0.7%

Shares of NYSE EMN opened at $73.85 on Tuesday. Eastman Chemical has a 12 month low of $56.11 and a 12 month high of $84.18. The company has a market cap of $8.43 billion, a price-to-earnings ratio of 18.06, a P/E/G ratio of 1.60 and a beta of 1.16. The company has a quick ratio of 0.63, a current ratio of 1.37 and a debt-to-equity ratio of 0.70. The business has a fifty day simple moving average of $73.95 and a 200-day simple moving average of $67.42.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). The company had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.The company’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.87 EPS. Sell-side analysts predict that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 8th. Investors of record on Friday, March 13th were paid a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Friday, March 13th. Eastman Chemical’s dividend payout ratio is currently 82.15%.

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.