Citigroup Cuts Eastman Chemical (NYSE:EMN) Price Target to $83.00
by Jessica Moore · The Cerbat GemEastman Chemical (NYSE:EMN – Free Report) had its price objective trimmed by Citigroup from $84.00 to $83.00 in a research report released on Thursday,Benzinga reports. The brokerage currently has a buy rating on the basic materials company’s stock.
EMN has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Eastman Chemical from $64.00 to $72.00 and gave the stock a “hold” rating in a research report on Monday, February 2nd. KeyCorp reaffirmed an “overweight” rating on shares of Eastman Chemical in a research report on Monday, February 2nd. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $79.00 price objective on shares of Eastman Chemical in a research report on Wednesday, February 4th. JPMorgan Chase & Co. raised shares of Eastman Chemical from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $70.00 to $80.00 in a research report on Tuesday, April 14th. Finally, Evercore set a $75.00 target price on shares of Eastman Chemical in a research report on Wednesday, February 18th. Seven equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $80.00.
Eastman Chemical Trading Up 0.7%
Shares of EMN stock opened at $73.85 on Thursday. Eastman Chemical has a 52-week low of $56.11 and a 52-week high of $84.18. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.63 and a current ratio of 1.37. The company has a 50-day simple moving average of $73.95 and a two-hundred day simple moving average of $67.42. The company has a market capitalization of $8.43 billion, a price-to-earnings ratio of 18.06, a PEG ratio of 1.60 and a beta of 1.16.
Eastman Chemical (NYSE:EMN – Get Free Report) last issued 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 return on equity of 10.57% and a net margin of 5.42%.The firm had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the previous year, the company posted $1.87 earnings per share. The company’s revenue for the quarter was down 12.1% on a year-over-year basis. Research analysts anticipate that Eastman Chemical will post 8.55 EPS for the current fiscal year.
Eastman Chemical Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, April 8th. Stockholders of record on Friday, March 13th were given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend was Friday, March 13th. Eastman Chemical’s dividend payout ratio is currently 82.15%.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently bought and sold shares of the business. Cidel Asset Management Inc. bought a new position in Eastman Chemical in the 1st quarter worth approximately $219,000. Bar Harbor Wealth Management boosted its holdings in Eastman Chemical by 47.6% in the 1st quarter. Bar Harbor Wealth Management now owns 100,175 shares of the basic materials company’s stock worth $7,645,000 after buying an additional 32,294 shares during the period. Rockefeller Capital Management L.P. boosted its holdings in Eastman Chemical by 1.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 21,534 shares of the basic materials company’s stock worth $1,375,000 after buying an additional 210 shares during the period. Rehmann Capital Advisory Group bought a new position in Eastman Chemical in the 4th quarter worth approximately $212,000. Finally, DGS Capital Management LLC bought a new position in Eastman Chemical in the 4th quarter worth approximately $280,000. 83.65% of the stock is 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.