Eastman Chemical (NYSE:EMN) Price Target Cut to $87.00 by Analysts at The Goldman Sachs Group

Eastman Chemical (NYSE:EMN) had its price objective trimmed by The Goldman Sachs Group from $112.00 to $87.00 in a report published on Monday,Benzinga reports. The brokerage currently has a neutral rating on the basic materials company’s stock.

A number of other research firms have also weighed in on EMN. Barclays reduced their target price on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Saturday, January 18th. Piper Sandler lowered their price objective on Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating for the company in a research report on Monday, April 7th. Mizuho upgraded Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a report on Thursday, April 3rd. Finally, Bank of America upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $115.00 to $109.00 in a report on Tuesday, January 14th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $102.64.

Eastman Chemical Stock Performance

Shares of Eastman Chemical stock opened at $75.69 on Monday. The company has a market cap of $8.72 billion, a PE ratio of 9.86, a price-to-earnings-growth ratio of 1.22 and a beta of 1.38. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. The business has a 50 day moving average price of $86.87 and a 200-day moving average price of $94.64. Eastman Chemical has a 52 week low of $70.90 and a 52 week high of $114.50.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.02. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period in the prior year, the company earned $1.61 earnings per share. Eastman Chemical’s revenue was down .9% compared to the same quarter last year. Equities analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Friday, March 14th were given a $0.83 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $3.32 annualized dividend and a yield of 4.39%. Eastman Chemical’s payout ratio is presently 42.24%.

Institutional Trading of Eastman Chemical

Hedge funds have recently bought and sold shares of the stock. D.A. Davidson & CO. lifted its position in shares of Eastman Chemical by 3.1% in the first quarter. D.A. Davidson & CO. now owns 36,138 shares of the basic materials company’s stock valued at $3,184,000 after acquiring an additional 1,083 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Eastman Chemical by 5.9% during the first quarter. Principal Financial Group Inc. now owns 155,509 shares of the basic materials company’s stock valued at $13,702,000 after buying an additional 8,708 shares during the last quarter. Mutual Advisors LLC grew its stake in Eastman Chemical by 4.6% in the first quarter. Mutual Advisors LLC now owns 11,936 shares of the basic materials company’s stock worth $1,052,000 after purchasing an additional 528 shares in the last quarter. Teacher Retirement System of Texas bought a new position in Eastman Chemical in the first quarter worth approximately $1,494,000. Finally, BLB&B Advisors LLC lifted its holdings in Eastman Chemical by 11.7% during the first quarter. BLB&B Advisors LLC now owns 3,069 shares of the basic materials company’s stock worth $270,000 after buying an additional 322 shares during the period. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Company Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.