Eastman Chemical (NYSE:EMN) Price Target Lowered to $111.00 at KeyCorp

Eastman Chemical (NYSE:EMNGet Rating) had its target price trimmed by KeyCorp from $125.00 to $111.00 in a research note issued to investors on Wednesday morning, Marketbeat.com reports. The brokerage currently has an overweight rating on the basic materials company’s stock.

Several other brokerages have also recently commented on EMN. Bank of America cut their price target on shares of Eastman Chemical from $123.00 to $115.00 and set a neutral rating on the stock in a research report on Wednesday, July 13th. Wells Fargo & Company cut shares of Eastman Chemical from an overweight rating to an equal weight rating and dropped their target price for the company from $110.00 to $95.00 in a report on Tuesday. Barclays dropped their target price on shares of Eastman Chemical from $120.00 to $110.00 and set an equal weight rating on the stock in a report on Tuesday, August 2nd. UBS Group dropped their target price on shares of Eastman Chemical from $121.00 to $118.00 and set a buy rating on the stock in a report on Friday, July 29th. Finally, Royal Bank of Canada upped their target price on shares of Eastman Chemical from $94.00 to $97.00 and gave the company a sector perform rating in a report on Tuesday, August 2nd. Ten equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $115.53.

Eastman Chemical Trading Down 1.5 %

Shares of NYSE:EMN opened at $82.12 on Wednesday. The company’s 50-day moving average price is $93.56 and its two-hundred day moving average price is $100.79. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.27 and a quick ratio of 0.69. Eastman Chemical has a one year low of $79.51 and a one year high of $129.48. The stock has a market capitalization of $10.09 billion, a PE ratio of 8.92, a price-to-earnings-growth ratio of 1.29 and a beta of 1.43.

Eastman Chemical (NYSE:EMNGet Rating) last issued its quarterly earnings results on Thursday, July 28th. The basic materials company reported $2.83 EPS for the quarter, topping the consensus estimate of $2.69 by $0.14. Eastman Chemical had a net margin of 11.18% and a return on equity of 20.67%. The firm had revenue of $2.78 billion for the quarter, compared to analysts’ expectations of $2.79 billion. During the same period in the previous year, the firm posted $2.46 EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, equities analysts forecast that Eastman Chemical will post 9.7 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Thursday, September 15th will be issued a dividend of $0.76 per share. The ex-dividend date is Wednesday, September 14th. This represents a $3.04 annualized dividend and a yield of 3.70%. Eastman Chemical’s payout ratio is 33.01%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Checchi Capital Advisers LLC grew its position in shares of Eastman Chemical by 3.0% during the 1st quarter. Checchi Capital Advisers LLC now owns 3,359 shares of the basic materials company’s stock worth $376,000 after buying an additional 97 shares during the period. Capital Analysts LLC grew its position in shares of Eastman Chemical by 13.1% during the 1st quarter. Capital Analysts LLC now owns 852 shares of the basic materials company’s stock worth $96,000 after buying an additional 99 shares during the period. TCM Advisors LLC grew its position in shares of Eastman Chemical by 1.4% during the 1st quarter. TCM Advisors LLC now owns 7,000 shares of the basic materials company’s stock worth $784,000 after buying an additional 100 shares during the period. Veritable L.P. grew its position in shares of Eastman Chemical by 4.5% during the 1st quarter. Veritable L.P. now owns 2,432 shares of the basic materials company’s stock worth $273,000 after buying an additional 104 shares during the period. Finally, Woodward Diversified Capital LLC grew its position in shares of Eastman Chemical by 4.0% during the 1st quarter. Woodward Diversified Capital LLC now owns 2,762 shares of the basic materials company’s stock worth $310,000 after buying an additional 105 shares during the period. Institutional investors own 85.41% of the company’s stock.

About Eastman Chemical

(Get Rating)

Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.

Featured Articles

Analyst Recommendations for Eastman Chemical (NYSE:EMN)

Receive News & Ratings for Eastman Chemical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastman Chemical and related companies with MarketBeat.com's FREE daily email newsletter.