Eastman Chemical (NYSE:EMN) Receives $93.75 Average Price Target from Brokerages

Shares of Eastman Chemical (NYSE:EMN) have earned an average rating of “Moderate Buy” from the fourteen ratings firms that are presently covering the company, MarketBeat Ratings reports. Seven research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $93.75.

A number of equities research analysts have recently commented on the company. Stifel Nicolaus dropped their price target on Eastman Chemical from $102.00 to $101.00 and set a “buy” rating on the stock in a research report on Monday, February 5th. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Wednesday, December 13th. KeyCorp increased their price objective on shares of Eastman Chemical from $95.00 to $101.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 9th. Redburn Atlantic started coverage on shares of Eastman Chemical in a research report on Thursday, February 15th. They issued a “buy” rating and a $110.00 price objective on the stock. Finally, UBS Group increased their target price on Eastman Chemical from $91.00 to $93.00 and gave the stock a “neutral” rating in a report on Friday, February 2nd.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $99.58 on Monday. The company has a current ratio of 1.35, a quick ratio of 0.70 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $11.71 billion, a P/E ratio of 13.30, a PEG ratio of 1.10 and a beta of 1.52. The business has a 50-day moving average of $87.69 and a 200-day moving average of $83.09. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $100.37.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Friday, February 2nd. The basic materials company reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.03. The firm had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.21 billion. Eastman Chemical had a net margin of 9.71% and a return on equity of 14.15%. The business’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.89 earnings per share. On average, equities analysts anticipate that Eastman Chemical will post 7.7 EPS for the current year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 5th. Investors of record on Friday, March 15th will be issued a dividend of $0.81 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $3.24 dividend on an annualized basis and a yield of 3.25%. Eastman Chemical’s payout ratio is 43.26%.

Insiders Place Their Bets

In other news, SVP Adrian James Holt sold 4,735 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total transaction of $415,496.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 2.28% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in EMN. Nomura Holdings Inc. bought a new position in Eastman Chemical during the fourth quarter worth $214,000. HighPoint Advisor Group LLC bought a new position in shares of Eastman Chemical during the fourth quarter worth approximately $376,000. Quadrature Capital Ltd lifted its holdings in Eastman Chemical by 52.9% during the 4th quarter. Quadrature Capital Ltd now owns 32,899 shares of the basic materials company’s stock worth $2,956,000 after purchasing an additional 11,376 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in Eastman Chemical by 15.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 595,659 shares of the basic materials company’s stock worth $53,502,000 after purchasing an additional 79,676 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Eastman Chemical in the 4th quarter valued at $2,804,000. 83.65% of the stock is currently owned by institutional investors.

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.