Eastman Chemical (NYSE:EMN) Price Target Lowered to $106.00 at KeyCorp

Eastman Chemical (NYSE:EMN) had its target price cut by KeyCorp from $120.00 to $106.00 in a report released on Monday morning,Benzinga reports. They currently have an overweight rating on the basic materials company’s stock.

Other equities research analysts have also recently issued research reports about the company. Piper Sandler reduced their price objective on Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating for the company in a report on Monday, April 7th. Mizuho upgraded shares of Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a research report on Thursday, April 3rd. Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and lowered their price target for the stock from $115.00 to $109.00 in a report on Tuesday, January 14th. Morgan Stanley lowered their price objective on Eastman Chemical from $125.00 to $115.00 and set an “overweight” rating for the company in a research report on Monday. Finally, Barclays lowered 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. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Eastman Chemical currently has a consensus rating of “Moderate Buy” and a consensus target price of $102.64.

Eastman Chemical Stock Down 0.2 %

Eastman Chemical stock opened at $75.69 on Monday. The company has a 50 day moving average of $86.87 and a 200-day moving average of $94.64. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. Eastman Chemical has a twelve month low of $70.90 and a twelve month high of $114.50. The stock has a market capitalization 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.

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 company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter last year, the company earned $1.61 EPS. Eastman Chemical’s revenue for the quarter was down .9% compared to the same quarter last year. On average, equities research analysts anticipate that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently disclosed 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 dividend payout ratio is currently 42.24%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Crews Bank & Trust purchased a new stake in shares of Eastman Chemical in the fourth quarter worth about $27,000. Picton Mahoney Asset Management lifted its holdings in shares of Eastman Chemical by 62.3% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 124 shares during the last quarter. Assetmark Inc. raised its holdings in Eastman Chemical by 384.4% during the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock valued at $34,000 after buying an additional 296 shares during the last quarter. Bradley & Co. Private Wealth Management LLC bought a new stake in Eastman Chemical during the 4th quarter valued at $35,000. Finally, Stonebridge Financial Group LLC purchased a new position in Eastman Chemical during the 4th quarter valued at $37,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

About Eastman Chemical

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.