Eastman Chemical (NYSE:EMN) PT Raised to $107.00

Eastman Chemical (NYSE:EMN) had its price target upped by Royal Bank of Canada from $100.00 to $107.00 in a research note issued to investors on Friday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the basic materials company’s stock.

A number of other research firms also recently commented on EMN. StockNews.com upgraded Eastman Chemical from a hold rating to a buy rating in a research report on Monday, July 29th. Citigroup reduced their price target on shares of Eastman Chemical from $114.00 to $111.00 and set a buy rating for the company in a research report on Thursday, June 27th. Mizuho raised their price objective on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a neutral rating in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft increased their target price on Eastman Chemical from $100.00 to $108.00 and gave the company a hold rating in a report on Monday, July 29th. Finally, Piper Sandler restated a neutral rating and issued a $105.00 price target on shares of Eastman Chemical in a report on Tuesday, July 30th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Eastman Chemical currently has an average rating of Moderate Buy and an average target price of $108.53.

Eastman Chemical Stock Performance

Shares of Eastman Chemical stock opened at $110.41 on Friday. The company has a market capitalization of $12.99 billion, a PE ratio of 14.23, a price-to-earnings-growth ratio of 0.83 and a beta of 1.44. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $114.50. The stock’s fifty day moving average is $103.02 and its two-hundred day moving average is $100.33. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The business had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same period in the prior year, the company earned $1.99 earnings per share. The company’s revenue was up 1.7% on a year-over-year basis. As a group, analysts expect that Eastman Chemical will post 7.67 earnings per share for the current year.

Eastman Chemical Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Monday, September 16th were issued a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 2.93%. The ex-dividend date was Monday, September 16th. Eastman Chemical’s dividend payout ratio (DPR) is currently 41.75%.

Institutional Investors Weigh In On Eastman Chemical

Several hedge funds and other institutional investors have recently modified their holdings of the company. Integrated Advisors Network LLC bought a new stake in Eastman Chemical during the fourth quarter worth $3,107,000. Tucker Asset Management LLC raised its stake in shares of Eastman Chemical by 21.8% during the fourth quarter. Tucker Asset Management LLC now owns 1,060 shares of the basic materials company’s stock worth $95,000 after acquiring an additional 190 shares in the last quarter. Vanguard Group Inc. increased its stake in Eastman Chemical by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 14,839,723 shares of the basic materials company’s stock worth $1,332,904,000 after purchasing an additional 61,580 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Eastman Chemical in the 4th quarter worth approximately $2,804,000. Finally, Quadrature Capital Ltd boosted its position 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 valued at $2,956,000 after acquiring an additional 11,376 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

About Eastman Chemical

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.