Eastman Chemical (NYSE:EMN) Given New $82.00 Price Target at Royal Bank of Canada

Eastman Chemical (NYSE:EMNGet Rating) had its price objective trimmed by Royal Bank of Canada from $97.00 to $82.00 in a report released on Thursday morning, The Fly reports. The brokerage currently has a sector perform rating on the basic materials company’s stock.

EMN has been the topic of several other reports. Barclays decreased their price target on Eastman Chemical from $120.00 to $110.00 and set an equal weight rating on the stock in a research report on Tuesday, August 2nd. Bank of America decreased their price objective 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. Citigroup decreased their price objective on shares of Eastman Chemical from $102.00 to $93.00 and set a neutral rating on the stock in a research report on Wednesday. Credit Suisse Group started coverage on shares of Eastman Chemical in a research report on Tuesday, May 31st. They issued an outperform rating and a $130.00 price objective on the stock. Finally, Jefferies Financial Group cut shares of Eastman Chemical from a buy rating to a hold rating and decreased their price objective for the stock from $150.00 to $87.00 in a research report on Thursday, June 16th. They noted that the move was a valuation call. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Hold and an average target price of $113.20.

Eastman Chemical Price Performance

NYSE EMN opened at $81.30 on Thursday. The firm’s 50-day simple moving average is $93.37 and its two-hundred day simple moving average is $100.53. Eastman Chemical has a 52 week low of $79.51 and a 52 week high of $129.48. The company has a market cap of $9.98 billion, a PE ratio of 8.83, a price-to-earnings-growth ratio of 1.16 and a beta of 1.43. The company has a quick ratio of 0.69, a current ratio of 1.27 and a debt-to-equity ratio of 0.74.

Eastman Chemical (NYSE:EMNGet Rating) last announced its quarterly earnings results on Thursday, July 28th. The basic materials company reported $2.83 earnings per share for the quarter, beating the consensus estimate of $2.69 by $0.14. Eastman Chemical had a return on equity of 20.67% and a net margin of 11.18%. 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 prior year, the business posted $2.46 earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. Research analysts predict that Eastman Chemical will post 9.7 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 7th. Stockholders of record on Thursday, September 15th will be paid a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date is Wednesday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 33.01%.

Institutional Trading of Eastman Chemical

Institutional investors have recently made changes to their positions in the stock. Confluence Wealth Services Inc. purchased a new stake in shares of Eastman Chemical during the fourth quarter valued at approximately $25,000. Wellington Shields Capital Management LLC purchased a new stake in Eastman Chemical in the first quarter worth $28,000. Gradient Investments LLC purchased a new stake in Eastman Chemical in the second quarter worth $27,000. Jones Financial Companies Lllp lifted its stake in Eastman Chemical by 217.5% in the first quarter. Jones Financial Companies Lllp now owns 308 shares of the basic materials company’s stock worth $35,000 after acquiring an additional 211 shares during the period. Finally, Burleson & Company LLC purchased a new stake in Eastman Chemical in the first quarter worth $36,000. Hedge funds and other 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.

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