Eastman Chemical (NYSE:EMN) Receives $114.08 Consensus Target Price from Brokerages

Eastman Chemical (NYSE:EMN) has been assigned a consensus recommendation of “Moderate Buy” from the twelve analysts that are covering the firm, Marketbeat.com reports. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $114.08.

Several research analysts have issued reports on EMN shares. Royal Bank of Canada upped their price target on Eastman Chemical from $101.00 to $103.00 and gave the company a “sector perform” rating in a report on Tuesday, February 4th. Mizuho upped their price target on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Citigroup cut Eastman Chemical from a “buy” rating to a “neutral” rating and dropped their price target for the company from $118.00 to $104.00 in a report on Wednesday, December 18th. KeyCorp upped their price target on Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Finally, Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $115.00 to $109.00 in a research report on Tuesday, January 14th.

Eastman Chemical Price Performance

Shares of NYSE:EMN opened at $91.03 on Monday. Eastman Chemical has a 12 month low of $86.70 and a 12 month high of $114.50. The stock has a market cap of $10.48 billion, a price-to-earnings ratio of 11.85, a PEG ratio of 1.22 and a beta of 1.43. The stock’s 50 day moving average price is $95.69 and its 200 day moving average price is $100.07. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. Equities research analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.65%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical’s dividend payout ratio is currently 43.23%.

Hedge Funds Weigh In On Eastman Chemical

Several institutional investors and hedge funds have recently modified their holdings of the stock. Private Trust Co. NA grew its holdings in shares of Eastman Chemical by 14.0% during the 4th quarter. Private Trust Co. NA now owns 837 shares of the basic materials company’s stock valued at $76,000 after acquiring an additional 103 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Eastman Chemical by 2.2% during the 4th quarter. Blue Trust Inc. now owns 5,505 shares of the basic materials company’s stock valued at $503,000 after acquiring an additional 116 shares in the last quarter. RKL Wealth Management LLC boosted its holdings in Eastman Chemical by 0.9% in the third quarter. RKL Wealth Management LLC now owns 13,576 shares of the basic materials company’s stock worth $1,520,000 after purchasing an additional 123 shares in the last quarter. Picton Mahoney Asset Management increased its position in Eastman Chemical by 62.3% during the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock worth $29,000 after buying an additional 124 shares during the last quarter. Finally, Caprock Group LLC raised its holdings in Eastman Chemical by 4.2% during the fourth quarter. Caprock Group LLC now owns 3,196 shares of the basic materials company’s stock valued at $295,000 after buying an additional 128 shares in the last quarter. 83.65% of the stock is currently owned by hedge funds and other 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.