Eastman Chemical (NYSE:EMN) Price Target Lowered to $83.00 at Citigroup

Eastman Chemical (NYSE:EMN) had its target price lowered by Citigroup from $84.00 to $83.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has a buy rating on the basic materials company’s stock.

EMN has been the subject of a number of other research reports. UBS Group raised their target price on shares of Eastman Chemical from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, April 9th. Weiss Ratings raised shares of Eastman Chemical from a “sell (d+)” rating to a “hold (c)” rating in a research report on Wednesday, February 18th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $70.00 target price on shares of Eastman Chemical in a research report on Friday, December 19th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $79.00 target price on shares of Eastman Chemical in a research report on Wednesday, February 4th. Finally, Bank of America raised their target price on shares of Eastman Chemical from $74.00 to $79.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. Seven analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Eastman Chemical presently has an average rating of “Hold” and a consensus target price of $80.00.

Eastman Chemical Stock Up 0.7%

Eastman Chemical stock opened at $73.28 on Thursday. The company has a market cap of $8.36 billion, a P/E ratio of 17.92, a price-to-earnings-growth ratio of 1.58 and a beta of 1.16. Eastman Chemical has a 1-year low of $56.11 and a 1-year high of $84.18. The company has a fifty day simple moving average of $74.02 and a 200 day simple moving average of $67.31. The company has a current ratio of 1.37, a quick ratio of 0.63 and a debt-to-equity ratio of 0.70.

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). 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 10.57%. The firm’s revenue for the quarter was down 12.1% on a year-over-year basis. During the same period last year, the business posted $1.87 EPS. Research analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 8th. Stockholders of record on Friday, March 13th were paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 4.6%. The ex-dividend date was Friday, March 13th. Eastman Chemical’s payout ratio is currently 82.15%.

Institutional Investors Weigh In On Eastman Chemical

Institutional investors have recently made changes to their positions in the company. Thrivent Financial for Lutherans boosted its holdings in Eastman Chemical by 4.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 523,191 shares of the basic materials company’s stock valued at $32,987,000 after purchasing an additional 24,458 shares during the period. Federated Hermes Inc. lifted its position in Eastman Chemical by 65.5% during the third quarter. Federated Hermes Inc. now owns 109,042 shares of the basic materials company’s stock worth $6,875,000 after purchasing an additional 43,159 shares during the period. QSM Asset Management Ltd lifted its position in Eastman Chemical by 27.0% during the fourth quarter. QSM Asset Management Ltd now owns 120,258 shares of the basic materials company’s stock worth $7,676,000 after purchasing an additional 25,550 shares during the period. HighTower Advisors LLC lifted its position in Eastman Chemical by 42.7% during the third quarter. HighTower Advisors LLC now owns 47,788 shares of the basic materials company’s stock worth $3,013,000 after purchasing an additional 14,294 shares during the period. Finally, Wedge Capital Management L L P NC lifted its position in shares of Eastman Chemical by 26.7% during the 3rd quarter. Wedge Capital Management L L P NC now owns 158,514 shares of the basic materials company’s stock worth $9,994,000 after buying an additional 33,441 shares during the last quarter. Institutional investors own 83.65% of the company’s stock.

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.