Barclays Boosts Eastman Chemical (NYSE:EMN) Price Target to $103.00

Eastman Chemical (NYSE:EMN) had its price objective increased by Barclays from $85.00 to $103.00 in a research report sent to investors on Monday, Benzinga reports. Barclays currently has an equal weight rating on the basic materials company’s stock.

Several other brokerages have also recently issued reports on EMN. UBS Group raised their target price on Eastman Chemical from $91.00 to $93.00 and gave the stock a neutral rating in a research report on Friday, February 2nd. KeyCorp lifted their target price on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an overweight rating in a research report on Tuesday, April 9th. StockNews.com lowered Eastman Chemical from a buy rating to a hold rating in a research report on Monday, April 29th. Stifel Nicolaus reduced their price objective on shares of Eastman Chemical from $102.00 to $101.00 and set a buy rating for the company in a research report on Monday, February 5th. Finally, Piper Sandler lifted their price objective on Eastman Chemical from $90.00 to $105.00 and gave the company a neutral rating in a report on Tuesday, April 30th. Eight equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $104.18.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $100.76 on Monday. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $102.71. The company has a quick ratio of 0.71, a current ratio of 1.39 and a debt-to-equity ratio of 0.77. The stock’s 50 day moving average price is $95.83 and its 200-day moving average price is $87.85. The company has a market capitalization of $11.85 billion, a PE ratio of 12.98, a PEG ratio of 1.06 and a beta of 1.54.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The company had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.29 billion. During the same period in the previous year, the firm posted $1.63 EPS. The firm’s revenue was down 4.2% compared to the same quarter last year. On average, equities analysts anticipate that Eastman Chemical will post 7.75 EPS for the current year.

Eastman Chemical Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 17th will be given a $0.81 dividend. The ex-dividend date is Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a yield of 3.22%. Eastman Chemical’s dividend payout ratio (DPR) is 41.75%.

Insiders Place Their Bets

In related news, SVP Adrian James Holt sold 4,735 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Adrian James Holt sold 4,735 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Mark J. Costa sold 102,390 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the transaction, the chief executive officer now owns 395,699 shares in the company, valued at $39,878,545.22. The disclosure for this sale can be found here. Corporate insiders own 2.27% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. First Command Advisory Services Inc. bought a new position in Eastman Chemical during the third quarter worth about $26,000. Turtle Creek Wealth Advisors LLC bought a new stake in Eastman Chemical during the 4th quarter worth approximately $26,000. Northwest Investment Counselors LLC bought a new position in shares of Eastman Chemical during the 1st quarter valued at approximately $34,000. Sound Income Strategies LLC boosted its holdings in Eastman Chemical by 213.8% in the 4th quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock worth $37,000 after buying an additional 278 shares during the period. Finally, Bruce G. Allen Investments LLC purchased a new stake in Eastman Chemical in the 4th quarter worth approximately $38,000. 83.65% of the stock is owned by institutional investors and hedge funds.

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.