Eastman Chemical (NYSE:EMN) Price Target Raised to $88.00

Eastman Chemical (NYSE:EMN) had its price objective increased by UBS Group from $80.00 to $88.00 in a report issued on Thursday, MarketBeat reports. The brokerage currently has a buy rating on the basic materials company’s stock.

EMN has been the topic of several other research reports. Evercore set a $75.00 target price on Eastman Chemical in a research note on Wednesday, February 18th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $79.00 target price on shares of Eastman Chemical in a research note on Wednesday, February 4th. Wells Fargo & Company reissued an “equal weight” rating and issued a $70.00 target price on shares of Eastman Chemical in a research note on Friday, December 19th. Zacks Research raised Eastman Chemical from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. Finally, KeyCorp reissued an “overweight” rating on shares of Eastman Chemical in a research note on Monday, February 2nd. Seven investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, Eastman Chemical has a consensus rating of “Hold” and an average target price of $79.31.

Eastman Chemical Trading Up 2.2%

Shares of EMN opened at $74.28 on Thursday. The company has a quick ratio of 0.63, a current ratio of 1.37 and a debt-to-equity ratio of 0.70. Eastman Chemical has a 12-month low of $56.11 and a 12-month high of $84.18. The firm has a market capitalization of $8.48 billion, a PE ratio of 18.16, a price-to-earnings-growth ratio of 1.62 and a beta of 1.16. The stock’s fifty day simple moving average is $74.19 and its 200-day simple moving average is $67.04.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results 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). Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. The firm had revenue of $1.97 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period last year, the company earned $1.87 EPS. The company’s revenue was down 12.1% compared to the same quarter last year. As a group, research analysts predict that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 8th. Investors of record on Friday, March 13th were issued a dividend of $0.84 per share. The ex-dividend date was Friday, March 13th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 4.5%. Eastman Chemical’s dividend payout ratio (DPR) is presently 82.15%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Lido Advisors LLC grew its holdings in shares of Eastman Chemical by 0.6% during the fourth quarter. Lido Advisors LLC now owns 20,313 shares of the basic materials company’s stock worth $1,297,000 after buying an additional 125 shares in the last quarter. Generali Asset Management SPA SGR grew its holdings in shares of Eastman Chemical by 9.6% during the fourth quarter. Generali Asset Management SPA SGR now owns 1,700 shares of the basic materials company’s stock worth $109,000 after buying an additional 149 shares in the last quarter. UMB Bank n.a. grew its holdings in shares of Eastman Chemical by 6.2% during the fourth quarter. UMB Bank n.a. now owns 2,571 shares of the basic materials company’s stock worth $164,000 after buying an additional 150 shares in the last quarter. Jacobi Capital Management LLC grew its holdings in shares of Eastman Chemical by 3.2% during the fourth quarter. Jacobi Capital Management LLC now owns 4,982 shares of the basic materials company’s stock worth $318,000 after buying an additional 153 shares in the last quarter. Finally, QRG Capital Management Inc. grew its holdings in shares of Eastman Chemical by 0.7% during the fourth quarter. QRG Capital Management Inc. now owns 23,069 shares of the basic materials company’s stock worth $1,472,000 after buying an additional 158 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors.

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.