Brokerages Set Eastman Chemical Company (NYSE:EMN) Target Price at $79.21

Eastman Chemical Company (NYSE:EMN) has received an average recommendation of “Hold” from the fifteen brokerages that are currently covering the company, MarketBeat.com reports. Eight equities research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $79.2143.

Several analysts have recently commented on the stock. Royal Bank Of Canada restated a “sector perform” rating and set a $79.00 price objective on shares of Eastman Chemical in a research report on Wednesday, February 4th. Bank of America increased their price target on Eastman Chemical from $74.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday, February 2nd. Evercore set a $75.00 price objective on Eastman Chemical in a research report on Wednesday, February 18th. 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. Finally, UBS Group lowered 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.

Eastman Chemical Stock Down 2.1%

NYSE EMN opened at $75.46 on Monday. Eastman Chemical has a 52 week low of $56.11 and a 52 week high of $100.30. The company has a quick ratio of 0.63, a current ratio of 1.37 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $8.61 billion, a P/E ratio of 18.45, a price-to-earnings-growth ratio of 1.70 and a beta of 1.23. The stock’s 50-day moving average price is $70.73 and its 200-day moving average price is $65.90.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. The company had revenue of $1.97 billion for the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter last year, the firm posted $1.87 earnings per share. The company’s revenue was down 12.1% compared to the same quarter last year. On average, equities 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 announced a quarterly dividend, which will be paid on Wednesday, April 8th. Stockholders of record on Friday, March 13th will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Friday, March 13th. Eastman Chemical’s payout ratio is 82.15%.

Hedge Funds Weigh In On Eastman Chemical

Institutional investors have recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd lifted its holdings in shares of Eastman Chemical by 235.2% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 66,200 shares of the basic materials company’s stock valued at $4,942,000 after acquiring an additional 46,453 shares during the last quarter. Nisa Investment Advisors LLC raised its position in Eastman Chemical by 19.2% during the second quarter. Nisa Investment Advisors LLC now owns 67,112 shares of the basic materials company’s stock valued at $5,066,000 after purchasing an additional 10,813 shares during the period. Thrivent Financial for Lutherans lifted its stake in shares of 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 last quarter. Bank of Montreal Can boosted its holdings in shares of Eastman Chemical by 9.2% in the 2nd quarter. Bank of Montreal Can now owns 472,384 shares of the basic materials company’s stock worth $35,268,000 after purchasing an additional 39,930 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Eastman Chemical by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 14,659,591 shares of the basic materials company’s stock valued at $1,094,485,000 after purchasing an additional 79,988 shares during the last quarter. 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.