Eastman Chemical (NYSE:EMN) Price Target Increased to $97.00 by Analysts at Royal Bank of Canada

Posted by MarketBeat News on Aug 3rd, 2022

Eastman Chemical (NYSE:EMN – Get Rating) had its price objective increased by Royal Bank of Canada from $94.00 to $97.00 in a research note released on Tuesday, The Fly reports. They currently have a maintains rating on the basic materials company’s stock.

Other equities research analysts have also recently issued reports about the company. Wells Fargo & Company cut their target price on Eastman Chemical from $125.00 to $115.00 and set an overweight rating for the company in a research note on Thursday, June 23rd. Jefferies Financial Group cut Eastman Chemical from a buy rating to a hold rating and cut their target price for the stock from $150.00 to $87.00 in a research note on Thursday, June 16th. They noted that the move was a valuation call. KeyCorp upped their target price on Eastman Chemical from $124.00 to $125.00 and gave the stock an overweight rating in a research note on Monday. StockNews.com cut Eastman Chemical from a buy rating to a hold rating in a research note on Monday. Finally, Barclays cut their target price on Eastman Chemical from $130.00 to $120.00 in a research note on Monday, May 2nd. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $118.07.

Eastman Chemical Trading Down 0.9 %

Shares of EMN stock opened at $93.22 on Tuesday. The company has a current ratio of 1.57, a quick ratio of 1.04 and a debt-to-equity ratio of 0.73. The stock has a market cap of $12.01 billion, a P/E ratio of 10.12, a price-to-earnings-growth ratio of 1.32 and a beta of 1.43. The stock has a 50 day simple moving average of $95.85 and a 200 day simple moving average of $106.43. Eastman Chemical has a 1 year low of $84.95 and a 1 year high of $129.48.

Eastman Chemical (NYSE:EMN – Get Rating) last issued its quarterly earnings results on Thursday, July 28th. The basic materials company reported $2.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.69 by $0.14. The business had revenue of $2.78 billion during the quarter, compared to analysts’ expectations of $2.79 billion. Eastman Chemical had a return on equity of 20.17% and a net margin of 11.18%. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.46 earnings per share. On average, research analysts predict that Eastman Chemical will post 9.75 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently disclosed 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 of this dividend was Tuesday, June 14th. This represents a $3.04 dividend on an annualized basis and a yield of 3.26%. Eastman Chemical’s payout ratio is 33.01%.

Institutional Trading of Eastman Chemical

A number of institutional investors and hedge funds have recently bought and sold shares of EMN. National Bank of Canada FI acquired a new stake in Eastman Chemical during the 4th quarter worth about $62,000. Bessemer Group Inc. grew its holdings in Eastman Chemical by 5.2% during the 4th quarter. Bessemer Group Inc. now owns 2,894 shares of the basic materials company’s stock worth $350,000 after acquiring an additional 144 shares during the period. National Asset Management Inc. grew its holdings in Eastman Chemical by 5.7% during the 4th quarter. National Asset Management Inc. now owns 5,789 shares of the basic materials company’s stock worth $701,000 after acquiring an additional 310 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in Eastman Chemical during the 4th quarter worth about $23,356,000. Finally, Vestmark Advisory Solutions Inc. grew its holdings in Eastman Chemical by 3.1% during the 4th quarter. Vestmark Advisory Solutions Inc. now owns 6,493 shares of the basic materials company’s stock worth $785,000 after acquiring an additional 198 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

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.