Eastman Chemical (NYSE:EMN) Given New $103.00 Price Target at Barclays

Eastman Chemical (NYSE:EMN) had its price target raised by Barclays from $85.00 to $103.00 in a research note released on Monday morning, Benzinga reports. They currently have an equal weight rating on the basic materials company’s stock.

A number of other research analysts also recently weighed in on the company. KeyCorp increased their price target on Eastman Chemical from $101.00 to $121.00 and gave the company an overweight rating in a research note on Tuesday, April 9th. Citigroup upped their price target on Eastman Chemical from $95.00 to $114.00 and gave the company a buy rating in a research note on Wednesday, April 10th. Piper Sandler lifted their price target on shares of Eastman Chemical from $90.00 to $105.00 and gave the stock a neutral rating in a research report on Tuesday, April 30th. Wells Fargo & Company upped their price target on shares of Eastman Chemical from $89.00 to $100.00 and gave the company an equal weight rating in a report on Thursday, April 11th. Finally, Mizuho boosted their price objective on shares of Eastman Chemical from $91.00 to $102.00 and gave the stock a neutral rating in a research report on Friday, April 26th. Eight equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $104.18.

Eastman Chemical Stock Up 1.4 %

Shares of NYSE:EMN traded up $1.42 during midday trading on Monday, hitting $100.17. 67,966 shares of the stock were exchanged, compared to its average volume of 1,066,783. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39. The company has a market capitalization of $11.79 billion, a PE ratio of 12.73, a P/E/G ratio of 1.06 and a beta of 1.54. The business’s fifty day simple moving average is $95.26 and its two-hundred day simple moving average is $87.55. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $102.71.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The firm had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.29 billion. During the same period in the previous year, the business earned $1.63 earnings per share. The company’s revenue for the quarter was down 4.2% compared to the same quarter last year. As a group, research analysts predict that Eastman Chemical will post 7.75 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 17th will be given a $0.81 dividend. The ex-dividend date is Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.23%. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

Insider Buying and Selling at Eastman Chemical

In other news, SVP Adrian James Holt sold 4,735 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.28% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Burns J W & Co. Inc. NY bought a new position in Eastman Chemical during the fourth quarter worth about $205,000. Cetera Trust Company N.A bought a new position in shares of Eastman Chemical in the fourth quarter worth approximately $812,000. Wedge Capital Management L L P NC lifted its holdings in shares of Eastman Chemical by 17.6% during the 4th quarter. Wedge Capital Management L L P NC now owns 99,419 shares of the basic materials company’s stock worth $8,930,000 after acquiring an additional 14,898 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Eastman Chemical during the 4th quarter valued at about $8,592,000. Finally, Invesco Ltd. grew its holdings in shares of Eastman Chemical by 37.4% during the 3rd quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock valued at $214,496,000 after purchasing an additional 760,974 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 operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.