Eastman Chemical (NYSE:EMN) Price Target Raised to $84.00

Eastman Chemical (NYSE:EMN) had its price objective increased by Citigroup from $78.00 to $84.00 in a report issued on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the basic materials company’s stock.

Several other equities analysts have also commented on EMN. Weiss Ratings upgraded shares of Eastman Chemical from a “sell (d+)” rating to a “hold (c)” rating in a report on Wednesday, February 18th. Zacks Research upgraded shares of Eastman Chemical from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Wells Fargo & Company reissued 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 restated a “sector perform” rating and set a $79.00 price target on shares of Eastman Chemical in a research note on Wednesday, February 4th. Finally, Bank of America raised their price target on Eastman Chemical from $74.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. Seven equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, Eastman Chemical currently has a consensus rating of “Hold” and a consensus target price of $79.64.

Eastman Chemical Stock Down 1.9%

Shares of NYSE:EMN opened at $69.23 on Thursday. The company has a market capitalization of $7.90 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 1.53 and a beta of 1.20. Eastman Chemical has a 12-month low of $56.11 and a 12-month high of $92.19. The business has a 50-day moving average price of $72.71 and a 200 day moving average price of $66.37. 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 posted its earnings results on Thursday, January 29th. The basic materials company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). The company had revenue of $1.97 billion during the quarter, compared to analyst estimates of $2.03 billion. Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. The company’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.87 EPS. Sell-side analysts expect that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 8th. Investors of record on Friday, March 13th will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend is Friday, March 13th. Eastman Chemical’s dividend payout ratio is presently 82.15%.

Hedge Funds Weigh In On Eastman Chemical

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MUFG Securities EMEA plc purchased a new stake in shares of Eastman Chemical during the second quarter worth $25,000. Altshuler Shaham Ltd purchased a new position in Eastman Chemical in the fourth quarter valued at $25,000. Brown Lisle Cummings Inc. grew its stake in Eastman Chemical by 70.0% during the 4th quarter. Brown Lisle Cummings Inc. now owns 425 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 175 shares in the last quarter. Garton & Associates Financial Advisors LLC purchased a new stake in Eastman Chemical during the 4th quarter worth about $27,000. Finally, Los Angeles Capital Management LLC purchased a new stake in Eastman Chemical during the 4th quarter worth about $27,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

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.