Bank of America Issues Positive Forecast for Eastman Chemical (NYSE:EMN) Stock Price

Eastman Chemical (NYSE:EMN) had its price target upped by Bank of America from $74.00 to $79.00 in a research report report published on Monday,Benzinga reports. They currently have a buy rating on the basic materials company’s stock.

Other research analysts also recently issued research reports about the stock. KeyCorp reduced their price target on shares of Eastman Chemical from $76.00 to $74.00 and set an “overweight” rating on the stock in a research report on Friday, January 9th. Royal Bank Of Canada downgraded shares of Eastman Chemical from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $74.00 to $70.00 in a research note on Friday, January 16th. Wells Fargo & Company reiterated an “equal weight” rating and set a $70.00 target price on shares of Eastman Chemical in a research report on Friday, December 19th. Weiss Ratings reissued a “hold (c-)” rating on shares of Eastman Chemical in a report on Wednesday, January 21st. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Eastman Chemical from $64.00 to $72.00 and gave the stock a “hold” rating in a research report on Monday. Seven analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, Eastman Chemical presently has an average rating of “Hold” and a consensus price target of $78.00.

Eastman Chemical Stock Up 3.1%

NYSE EMN opened at $71.48 on Monday. The stock’s 50 day simple moving average is $65.25 and its 200 day simple moving average is $64.95. Eastman Chemical has a one year low of $56.11 and a one year high of $103.82. The firm has a market cap of $8.15 billion, a PE ratio of 17.48, a price-to-earnings-growth ratio of 6.81 and a beta of 1.23. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.76 and a quick ratio of 0.86.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.01). The business had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $2.03 billion. Eastman Chemical had a net margin of 5.42% and a return on equity of 10.63%. The company’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.87 EPS. As a group, sell-side analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Monday, December 15th were issued a dividend of $0.84 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $3.36 dividend on an annualized basis and a yield of 4.7%. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.83. Eastman Chemical’s dividend payout ratio (DPR) is presently 82.15%.

Institutional Investors Weigh In On Eastman Chemical

A number of institutional investors have recently made changes to their positions in the stock. MUFG Securities EMEA plc bought a new stake in Eastman Chemical in the second quarter valued at about $25,000. Brown Lisle Cummings Inc. increased its stake in shares of Eastman Chemical by 70.0% in the 4th quarter. Brown Lisle Cummings Inc. now owns 425 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 175 shares during the last quarter. Ameritas Advisory Services LLC bought a new stake in shares of Eastman Chemical in the 2nd quarter valued at about $32,000. Loomis Sayles & Co. L P acquired a new stake in shares of Eastman Chemical in the 2nd quarter valued at approximately $33,000. Finally, Lodestone Wealth Management LLC bought a new position in Eastman Chemical during the 4th quarter worth approximately $33,000. 83.65% of the stock is owned by institutional investors and hedge funds.

About Eastman Chemical

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.