Deutsche Bank Aktiengesellschaft Issues Positive Forecast for Eastman Chemical (NYSE:EMN) Stock Price

Eastman Chemical (NYSE:EMN) had its target price upped by Deutsche Bank Aktiengesellschaft from $64.00 to $72.00 in a research note issued to investors on Monday,Benzinga reports. Deutsche Bank Aktiengesellschaft currently has a hold rating on the basic materials company’s stock.

EMN has been the subject of several other research reports. Royal Bank Of Canada cut Eastman Chemical from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $74.00 to $70.00 in a research note on Friday, January 16th. Wells Fargo & Company restated an “equal weight” rating and set a $70.00 price objective on shares of Eastman Chemical in a research report on Friday, December 19th. Citigroup lifted their price objective on shares of Eastman Chemical from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, January 15th. UBS Group dropped their target price on shares of Eastman Chemical from $75.00 to $73.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Finally, Bank of America reduced their target price on shares of Eastman Chemical from $78.00 to $74.00 and set a “buy” rating for the company in a report on Tuesday, October 14th. Seven analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $78.00.

Eastman Chemical Trading Up 3.1%

Eastman Chemical stock opened at $71.48 on Monday. Eastman Chemical has a 12-month low of $56.11 and a 12-month high of $103.82. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.76 and a quick ratio of 0.86. The stock has a market capitalization 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 firm has a 50 day simple moving average of $65.25 and a 200-day simple moving average of $64.95.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). Eastman Chemical had a return on equity of 10.63% and a net margin of 5.42%.The firm had revenue of $1.97 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same quarter last year, the company earned $1.87 earnings per share. The business’s revenue for the quarter was down 12.1% on a year-over-year basis. As a group, equities research analysts expect that Eastman Chemical will post 8.55 EPS 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 paid a dividend of $0.84 per share. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Monday, December 15th. This represents a $3.36 annualized dividend and a yield of 4.7%. Eastman Chemical’s dividend payout ratio (DPR) is presently 82.15%.

Institutional Trading of Eastman Chemical

Several institutional investors have recently made changes to their positions in EMN. Norges Bank acquired a new position in Eastman Chemical in the 2nd quarter valued at approximately $121,060,000. State Street Corp grew its holdings in shares of Eastman Chemical by 24.3% during the 3rd quarter. State Street Corp now owns 5,687,097 shares of the basic materials company’s stock valued at $363,314,000 after acquiring an additional 1,112,391 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Eastman Chemical by 97.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,859,998 shares of the basic materials company’s stock worth $119,672,000 after acquiring an additional 916,023 shares during the last quarter. Qube Research & Technologies Ltd raised its holdings in shares of Eastman Chemical by 1,456.4% during the second quarter. Qube Research & Technologies Ltd now owns 708,290 shares of the basic materials company’s stock worth $52,881,000 after acquiring an additional 662,783 shares in the last quarter. Finally, PFA Pension Forsikringsaktieselskab purchased a new stake in shares of Eastman Chemical during the fourth quarter worth $39,827,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Company Profile

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.