Eastman Chemical (NYSE:EMN) Hits New 12-Month Low After Analyst Downgrade

Eastman Chemical (NYSE:EMNGet Rating)’s stock price hit a new 52-week low on Tuesday after UBS Group lowered their price target on the stock from $118.00 to $108.00. UBS Group currently has a buy rating on the stock. Eastman Chemical traded as low as $77.00 and last traded at $77.24, with a volume of 8546 shares traded. The stock had previously closed at $79.70.

Other research analysts have also issued research reports about the stock. Barclays reduced 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 research note on Tuesday, August 2nd. Royal Bank of Canada decreased their target price on shares of Eastman Chemical from $97.00 to $82.00 and set a “sector perform” rating for the company in a research note on Thursday, September 15th. Bank of America reduced their price objective on shares of Eastman Chemical from $123.00 to $115.00 and set a “neutral” rating for the company in a research report on Wednesday, July 13th. Jefferies Financial Group downgraded Eastman Chemical from a “buy” rating to a “hold” rating and dropped their target price for the stock from $150.00 to $87.00 in a report on Thursday, June 16th. They noted that the move was a valuation call. Finally, StockNews.com cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, September 14th. Ten equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Eastman Chemical presently has an average rating of “Hold” and a consensus price target of $112.53.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Checchi Capital Advisers LLC grew its position in shares of Eastman Chemical by 3.0% in the first quarter. Checchi Capital Advisers LLC now owns 3,359 shares of the basic materials company’s stock valued at $376,000 after purchasing an additional 97 shares in the last quarter. Capital Analysts LLC grew its holdings in shares of Eastman Chemical by 13.1% during the first quarter. Capital Analysts LLC now owns 852 shares of the basic materials company’s stock worth $96,000 after purchasing an additional 99 shares during the last quarter. TCM Advisors LLC grew its holdings in shares of Eastman Chemical by 1.4% during the first 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 last quarter. Veritable L.P. grew its holdings in shares of Eastman Chemical by 4.5% during the first 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 last quarter. Finally, Woodward Diversified Capital LLC boosted its holdings in Eastman Chemical by 4.0% in the 1st quarter. Woodward Diversified Capital LLC now owns 2,762 shares of the basic materials company’s stock valued at $310,000 after purchasing an additional 105 shares in the last quarter. 85.41% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Stock Performance

The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.69 and a current ratio of 1.27. The company has a market capitalization of $9.50 billion, a price-to-earnings ratio of 8.40, a P/E/G ratio of 1.65 and a beta of 1.43. The stock’s 50-day moving average price is $92.68 and its 200-day moving average price is $99.64.

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, topping analysts’ consensus estimates of $2.69 by $0.14. The firm had revenue of $2.78 billion during the quarter, compared to analysts’ expectations of $2.79 billion. Eastman Chemical had a net margin of 11.18% and a return on equity of 20.67%. The firm’s revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the company earned $2.46 EPS. As a group, equities research analysts expect that Eastman Chemical will post 9.04 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 7th. Investors of record on Thursday, September 15th will be given a $0.76 dividend. The ex-dividend date is Wednesday, September 14th. This represents a $3.04 annualized dividend and a dividend yield of 3.93%. Eastman Chemical’s dividend payout ratio (DPR) is presently 33.01%.

About Eastman Chemical

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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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