Eastman Chemical (NYSE:EMN) Price Target Cut to $85.00 by Analysts at Barclays

Eastman Chemical (NYSE:EMN) had its price target lowered by Barclays from $108.00 to $85.00 in a research note published on Tuesday,Benzinga reports. The firm currently has an equal weight rating on the basic materials company’s stock.

A number of other brokerages have also issued reports on EMN. Royal Bank of Canada raised Eastman Chemical from a “sector perform” rating to an “outperform” rating and set a $91.00 target price on the stock in a research report on Wednesday, April 9th. The Goldman Sachs Group cut their price objective on Eastman Chemical from $112.00 to $87.00 and set a “neutral” rating on the stock in a report on Monday. StockNews.com cut Eastman Chemical from a “buy” rating to a “hold” rating in a report on Monday. KeyCorp cut their price target on shares of Eastman Chemical from $120.00 to $106.00 and set an “overweight” rating on the stock in a research note on Monday. Finally, Citigroup raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $105.00 to $101.00 in a research note on Friday, April 4th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $99.15.

Eastman Chemical Stock Performance

Shares of Eastman Chemical stock opened at $76.13 on Tuesday. The firm has a market cap of $8.77 billion, a PE ratio of 9.91, a price-to-earnings-growth ratio of 1.22 and a beta of 1.38. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. Eastman Chemical has a 52 week low of $70.90 and a 52 week high of $114.50. The business’s fifty day simple moving average is $86.38 and its 200-day simple moving average is $94.51.

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

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Friday, March 14th were issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 4.36%. The ex-dividend date was Friday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is 42.24%.

Institutional Inflows and Outflows

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