KeyCorp Issues Pessimistic Forecast for Eastman Chemical (NYSE:EMN) Stock Price

Eastman Chemical (NYSE:EMN) had its price target decreased by KeyCorp from $120.00 to $106.00 in a report published on Monday,Benzinga reports. KeyCorp currently has an overweight rating on the basic materials company’s stock.

Several other research analysts also recently commented on the stock. Piper Sandler dropped their price objective on shares of Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating for the company in a report on Monday, April 7th. Citigroup upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $105.00 to $101.00 in a report on Friday, April 4th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $76.00 target price (down from $112.00) on shares of Eastman Chemical in a report on Monday. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Saturday, January 18th. Finally, Barclays reduced their target price on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $102.64.

Eastman Chemical Trading Down 0.2 %

NYSE:EMN opened at $75.69 on Monday. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. Eastman Chemical has a 12 month low of $70.90 and a 12 month high of $114.50. The company has a market cap of $8.72 billion, a PE ratio of 9.86, a price-to-earnings-growth ratio of 1.22 and a beta of 1.38. The company has a 50 day simple moving average of $86.87 and a two-hundred day simple moving average of $94.64.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, topping the consensus estimate of $1.89 by $0.02. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period in the prior year, the business posted $1.61 EPS. Eastman Chemical’s revenue was down .9% on a year-over-year basis. Research analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Friday, March 14th were issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 4.39%. The ex-dividend date of this dividend was Friday, March 14th. Eastman Chemical’s payout ratio is presently 42.24%.

Institutional Investors Weigh In On Eastman Chemical

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. James J. Burns & Company LLC acquired a new position in shares of Eastman Chemical during the 4th quarter valued at about $741,000. Goelzer Investment Management Inc. purchased a new stake in shares of Eastman Chemical during the fourth quarter worth approximately $3,319,000. Dakota Wealth Management increased its stake in shares of Eastman Chemical by 14.6% during the fourth quarter. Dakota Wealth Management now owns 44,675 shares of the basic materials company’s stock worth $4,081,000 after buying an additional 5,700 shares during the period. Franklin Resources Inc. grew its position in shares of Eastman Chemical by 5.7% in the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock valued at $593,233,000 after buying an additional 282,458 shares during the last quarter. Finally, Olstein Capital Management L.P. lifted its position in Eastman Chemical by 16.1% in the fourth quarter. Olstein Capital Management L.P. now owns 66,779 shares of the basic materials company’s stock valued at $6,098,000 after acquiring an additional 9,279 shares during the last quarter. Hedge funds and other institutional investors 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.