Barclays Lowers Eastman Chemical (NYSE:EMN) Price Target to $108.00

Eastman Chemical (NYSE:EMN) had its price objective cut by Barclays from $111.00 to $108.00 in a report published on Monday,Benzinga reports. They currently have an equal weight rating on the basic materials company’s stock.

A number of other equities research analysts have also commented on EMN. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Saturday, January 18th. Citigroup cut Eastman Chemical from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $118.00 to $104.00 in a report on Wednesday, December 18th. Bank of America raised Eastman Chemical from a “neutral” rating to a “buy” rating and cut their price target for the company from $115.00 to $109.00 in a report on Tuesday, January 14th. Royal Bank of Canada reissued a “sector perform” rating and set a $105.00 price objective on shares of Eastman Chemical in a report on Friday, November 22nd. Finally, Piper Sandler dropped their target price on shares of Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Eastman Chemical currently has an average rating of “Moderate Buy” and a consensus target price of $113.54.

Eastman Chemical Stock Up 0.1 %

Shares of NYSE EMN opened at $101.85 on Monday. Eastman Chemical has a 52-week low of $81.00 and a 52-week high of $114.50. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. The business has a fifty day moving average of $94.59 and a two-hundred day moving average of $100.08. The stock has a market cap of $11.81 billion, a PE ratio of 13.26, a PEG ratio of 0.73 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.40%. As a group, equities research analysts expect that Eastman Chemical will post 8.46 earnings per share for the current fiscal year.

Eastman Chemical Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 8th. Shareholders of record on Monday, December 16th were paid a $0.83 dividend. The ex-dividend date of this dividend was Monday, December 16th. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.81. This represents a $3.32 dividend on an annualized basis and a yield of 3.26%. Eastman Chemical’s dividend payout ratio (DPR) is presently 43.23%.

Insider Buying and Selling at Eastman Chemical

In other news, SVP Julie A. Mcalindon sold 4,456 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction of $471,623.04. Following the completion of the transaction, the senior vice president now directly owns 4,403 shares in the company, valued at approximately $466,013.52. The trade was a 50.30 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the completion of the sale, the executive vice president now owns 47,287 shares in the company, valued at $4,965,135. This represents a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.28% of the company’s stock.

Hedge Funds Weigh In On Eastman Chemical

Several institutional investors and hedge funds have recently made changes to their positions in the company. Wolff Wiese Magana LLC lifted its holdings in Eastman Chemical by 238.1% during the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 200 shares in the last quarter. Crews Bank & Trust acquired a new stake in shares of Eastman Chemical during the fourth quarter worth about $27,000. Dunhill Financial LLC lifted its holdings in shares of Eastman Chemical by 94.7% during the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 162 shares in the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of Eastman Chemical in the 3rd quarter valued at approximately $38,000. Finally, Bradley & Co. Private Wealth Management LLC bought a new stake in Eastman Chemical during the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

About Eastman Chemical

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.