Eastman Chemical (NYSE:EMN) Price Target Raised to $70.00

Eastman Chemical (NYSE:EMN) had its target price lifted by JPMorgan Chase & Co. from $60.00 to $70.00 in a research note published on Monday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the basic materials company’s stock.

Several other research firms have also commented on EMN. Royal Bank Of Canada lowered shares of Eastman Chemical from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $74.00 to $70.00 in a research report on Friday, January 16th. Wells Fargo & Company restated an “equal weight” rating and set a $70.00 target price on shares of Eastman Chemical in a research report on Friday, December 19th. UBS Group dropped their price target on Eastman Chemical from $75.00 to $73.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Evercore ISI reduced their price objective on Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating on the stock in a research note on Tuesday, November 11th. Finally, KeyCorp restated an “overweight” rating on shares of Eastman Chemical in a research report on Monday. Seven equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $78.86.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $78.51 on Monday. The firm has a market cap of $8.96 billion, a PE ratio of 19.20, a PEG ratio of 7.67 and a beta of 1.23. The stock has a 50 day moving average of $65.90 and a 200 day moving average of $65.03. The company has a current ratio of 1.76, a quick ratio of 0.86 and a debt-to-equity ratio of 0.82. Eastman Chemical has a 12 month low of $56.11 and a 12 month high of $103.82.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.01). The firm had revenue of $1.97 billion for the quarter, compared to analysts’ expectations of $2.03 billion. Eastman Chemical had a return on equity of 10.63% and a net margin of 5.42%.The firm’s revenue was down 12.1% on a year-over-year basis. During the same period last year, the company earned $1.87 earnings per share. On average, research analysts expect that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Monday, December 15th were paid a dividend of $0.84 per share. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.83. This represents a $3.36 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend was Monday, December 15th. Eastman Chemical’s payout ratio is currently 82.15%.

Institutional Investors Weigh In On Eastman Chemical

Institutional investors and hedge funds have recently modified their holdings of the business. Generali Asset Management SPA SGR raised its position in shares of Eastman Chemical by 9.6% in the fourth quarter. Generali Asset Management SPA SGR now owns 1,700 shares of the basic materials company’s stock valued at $109,000 after buying an additional 149 shares during the last quarter. QRG Capital Management Inc. raised its holdings in Eastman Chemical by 0.7% in the 4th quarter. QRG Capital Management Inc. now owns 23,069 shares of the basic materials company’s stock valued at $1,472,000 after acquiring an additional 158 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its stake in shares of Eastman Chemical by 0.8% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 20,145 shares of the basic materials company’s stock worth $1,286,000 after purchasing an additional 162 shares during the period. Amalgamated Bank boosted its holdings in shares of Eastman Chemical by 0.8% during the second quarter. Amalgamated Bank now owns 22,291 shares of the basic materials company’s stock worth $1,664,000 after purchasing an additional 168 shares during the last quarter. Finally, Brown Lisle Cummings Inc. grew its position in shares of Eastman Chemical by 70.0% in the fourth quarter. Brown Lisle Cummings Inc. now owns 425 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 175 shares during the period. 83.65% of the stock is owned by institutional investors.

About Eastman Chemical

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.