Eastman Chemical (NYSE:EMN) Given New $110.00 Price Target at Barclays

Eastman Chemical (NYSE:EMNGet Rating) had its price objective lowered by Barclays from $120.00 to $110.00 in a research report sent to investors on Tuesday morning, The Fly reports. The brokerage currently has a maintains rating on the basic materials company’s stock.

EMN has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Eastman Chemical from $125.00 to $115.00 in a research note on Monday. Stifel Nicolaus decreased their price target on shares of Eastman Chemical to $155.00 in a research note on Monday, May 2nd. Royal Bank of Canada increased their price objective on shares of Eastman Chemical from $94.00 to $97.00 and gave the company a maintains rating in a report on Tuesday. Citigroup downgraded shares of Eastman Chemical from a buy rating to a neutral rating and set a $102.00 price objective for the company. in a report on Monday. Finally, KeyCorp increased their price objective on shares of Eastman Chemical from $124.00 to $125.00 and gave the company an overweight rating in a report on Monday. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $118.07.

Eastman Chemical Trading Down 0.9 %

EMN stock opened at $93.22 on Tuesday. The company’s 50-day simple moving average is $95.85 and its 200-day simple moving average is $106.43. The company has a quick ratio of 1.04, a current ratio of 1.57 and a debt-to-equity ratio of 0.73. Eastman Chemical has a 52-week low of $84.95 and a 52-week high of $129.48. The firm has a market cap of $12.01 billion, a P/E ratio of 10.12, a PEG ratio of 1.32 and a beta of 1.43.

Eastman Chemical (NYSE:EMNGet Rating) last posted its earnings results on Thursday, July 28th. The basic materials company reported $2.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.69 by $0.14. Eastman Chemical had a net margin of 11.18% and a return on equity of 20.17%. The business had revenue of $2.78 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same period in the prior year, the company posted $2.46 EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, equities analysts forecast that Eastman Chemical will post 9.75 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 8th. Investors of record on Wednesday, June 15th were issued a $0.76 dividend. The ex-dividend date was Tuesday, June 14th. This represents a $3.04 annualized dividend and a yield of 3.26%. Eastman Chemical’s dividend payout ratio (DPR) is presently 33.01%.

Institutional Trading of Eastman Chemical

Several institutional investors have recently added to or reduced their stakes in EMN. National Bank of Canada FI acquired a new stake in Eastman Chemical in the 4th quarter valued at approximately $62,000. Bessemer Group Inc. increased its holdings in Eastman Chemical by 5.2% in the 4th quarter. Bessemer Group Inc. now owns 2,894 shares of the basic materials company’s stock valued at $350,000 after purchasing an additional 144 shares during the last quarter. National Asset Management Inc. increased its holdings in Eastman Chemical by 5.7% in the 4th quarter. National Asset Management Inc. now owns 5,789 shares of the basic materials company’s stock valued at $701,000 after purchasing an additional 310 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Eastman Chemical in the 4th quarter valued at approximately $23,356,000. Finally, Vestmark Advisory Solutions Inc. increased its holdings in Eastman Chemical by 3.1% in the 4th quarter. Vestmark Advisory Solutions Inc. now owns 6,493 shares of the basic materials company’s stock valued at $785,000 after purchasing an additional 198 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

About Eastman Chemical

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Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.

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