Eastman Chemical Company (NYSE:EMN) Stock Has Average Price Target of $74.64 According to Analysts

Eastman Chemical Company (NYSE:EMN) has been given a consensus recommendation of “Hold” by the sixteen brokerages that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, nine have assigned a hold recommendation and six have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $74.50.

A number of research analysts have recently weighed in on the company. Wells Fargo & Company set a $68.00 price target on Eastman Chemical in a research note on Friday, October 16th. Wall Street Zen cut Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Saturday, September 12th. Jefferies Financial Group reiterated a “buy” rating and issued a $85.00 price objective on shares of Eastman Chemical in a report on Friday, September 25th. UBS Group dropped their price objective on Eastman Chemical from $92.00 to $77.00 and set a “buy” rating for the company in a report on Monday, October 5th. Finally, Mizuho cut their target price on Eastman Chemical from $85.00 to $80.00 and set an “outperform” rating on the stock in a research note on Thursday, October 1st.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Eastman Chemical in the second quarter valued at about $1,134,421,000. Dimensional Fund Advisors LP increased its holdings in shares of Eastman Chemical by 7.4% in the first quarter. Dimensional Fund Advisors LP now owns 4,936,789 shares of the basic materials company’s stock worth $376,747,000 after acquiring an additional 338,914 shares in the last quarter. State Street Corp raised its position in shares of Eastman Chemical by 0.7% during the second quarter. State Street Corp now owns 4,169,105 shares of the basic materials company’s stock worth $282,741,000 after purchasing an additional 29,010 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Eastman Chemical by 39.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,592,691 shares of the basic materials company’s stock worth $196,552,000 after purchasing an additional 732,693 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Eastman Chemical by 13.5% during the 1st quarter. Bank of America Corp DE now owns 2,244,071 shares of the basic materials company’s stock valued at $171,267,000 after purchasing an additional 266,719 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Price Performance

Shares of EMN stock opened at $66.78 on Friday. Eastman Chemical has a 1 year low of $56.11 and a 1 year high of $83.47. The firm’s 50 day moving average is $66.71 and its 200-day moving average is $70.91. The firm has a market capitalization of $7.64 billion, a price-to-earnings ratio of 11.86, a PEG ratio of 0.86 and a beta of 1.06. The company has a current ratio of 1.50, a quick ratio of 0.76 and a debt-to-equity ratio of 0.72.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, October 29th. The basic materials company reported $1.84 earnings per share for the quarter, missing the consensus estimate of $1.92 by ($0.08). The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.41 billion. Eastman Chemical had a return on equity of 9.46% and a net margin of 4.99%. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.14 EPS. Sell-side analysts forecast that Eastman Chemical will post 6.05 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 7th. Stockholders of record on Tuesday, September 15th were paid a $0.84 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 5.0%. Eastman Chemical’s dividend payout ratio is 59.68%.

About Eastman Chemical

Eastman Chemical Company (NYSE: EMN) is a global specialty materials and chemicals company that develops and manufactures products used in transportation, building and construction, consumer goods, medical products, packaging, and other industrial applications. Its portfolio includes specialty plastics, coatings, adhesives, fibers, additives, intermediates, and other performance materials.

The company’s products are designed to provide properties such as durability, chemical resistance, lightweight performance, clarity, and enhanced functionality.