Citigroup Cuts Eastman Chemical (NYSE:EMN) Price Target to $76.00

Eastman Chemical (NYSE:EMN) had its price target lowered by Citigroup from $81.00 to $76.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the basic materials company’s stock.

Other research analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $74.00 price objective on shares of Eastman Chemical in a research report on Monday, August 3rd. UBS Group lifted their target price on Eastman Chemical from $89.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. KeyCorp started coverage on Eastman Chemical in a research report on Thursday, September 10th. They set a “sector weight” rating for the company. Morgan Stanley decreased their price target on shares of Eastman Chemical from $83.00 to $79.00 and set an “overweight” rating for the company in a research note on Thursday, July 2nd. Finally, Wall Street Zen downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Saturday, September 12th. Seven analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, Eastman Chemical has an average rating of “Hold” and a consensus price target of $78.85.

Eastman Chemical Trading Up 1.4%

Shares of NYSE:EMN opened at $64.97 on Wednesday. The firm has a market cap of $7.43 billion, a price-to-earnings ratio of 16.92, a PEG ratio of 0.79 and a beta of 1.06. Eastman Chemical has a 12 month low of $56.11 and a 12 month high of $83.47. The company’s fifty day simple moving average is $70.04 and its 200 day simple moving average is $71.17. The company has a quick ratio of 0.76, a current ratio of 1.50 and a debt-to-equity ratio of 0.72.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, July 30th. The basic materials company reported $1.97 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.15. The firm had revenue of $2.51 billion during the quarter, compared to analyst estimates of $2.40 billion. Eastman Chemical had a net margin of 4.99% and a return on equity of 9.46%. During the same period in the prior year, the business earned $1.60 EPS. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. Eastman Chemical has set its Q3 2026 guidance at 1.970-1.970 EPS. As a group, research analysts forecast that Eastman Chemical will post 6.47 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Stockholders of record on Tuesday, September 15th will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 5.2%. The ex-dividend date of this dividend is Tuesday, September 15th. Eastman Chemical’s dividend payout ratio is presently 87.50%.

Hedge Funds Weigh In On Eastman Chemical

A number of institutional investors have recently added to or reduced their stakes in EMN. Versant Capital Management Inc boosted its position in Eastman Chemical by 174.6% during the third quarter. Versant Capital Management Inc now owns 2,408 shares of the basic materials company’s stock worth $156,000 after purchasing an additional 1,531 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Eastman Chemical by 0.5% in the second quarter. Envestnet Asset Management Inc. now owns 239,955 shares of the basic materials company’s stock valued at $16,072,000 after purchasing an additional 1,229 shares during the period. State Street Corp lifted its stake in shares of Eastman Chemical by 0.7% during the 2nd quarter. State Street Corp now owns 4,169,105 shares of the basic materials company’s stock worth $282,741,000 after buying an additional 29,010 shares during the last quarter. Security National Bank of SO Dak acquired a new stake in shares of Eastman Chemical during the 2nd quarter worth about $67,000. Finally, Core Capital Management & Research inc. bought a new stake in shares of Eastman Chemical during the 2nd quarter worth about $3,281,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Company Profile

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company headquartered in Kingsport, Tennessee. Founded in 1920 as a division of Eastman Kodak Company, Eastman became an independent public company in 1994. The company develops and manufactures materials used in products across the transportation, building and construction, consumer goods, medical, and personal care industries.

Eastman’s portfolio includes specialty plastics, coatings and adhesives, performance additives, advanced interlayers, films, plasticizers, fibers, and chemical intermediates.