Eastman Chemical (NYSE:EMN) PT Raised to $121.00 at KeyCorp

Eastman Chemical (NYSE:EMN) had its price objective lifted by KeyCorp from $101.00 to $121.00 in a research report sent to investors on Tuesday morning, Benzinga reports. KeyCorp currently has an overweight rating on the basic materials company’s stock.

Other analysts have also issued research reports about the stock. Redburn Atlantic assumed coverage on shares of Eastman Chemical in a research report on Thursday, February 15th. They issued a buy rating and a $110.00 target price on the stock. StockNews.com raised shares of Eastman Chemical from a hold rating to a buy rating in a research note on Wednesday, December 13th. The Goldman Sachs Group raised their price target on shares of Eastman Chemical from $82.00 to $92.00 and gave the stock a neutral rating in a research note on Thursday, December 14th. UBS Group raised their price target on shares of Eastman Chemical from $91.00 to $93.00 and gave the stock a neutral rating in a research note on Friday, February 2nd. Finally, Stifel Nicolaus decreased their price target on shares of Eastman Chemical from $102.00 to $101.00 and set a buy rating on the stock in a research note on Monday, February 5th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Eastman Chemical currently has an average rating of Moderate Buy and a consensus price target of $97.13.

Eastman Chemical Stock Down 2.0 %

Shares of NYSE EMN opened at $97.98 on Tuesday. The company’s 50-day simple moving average is $91.34 and its 200-day simple moving average is $84.90. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $102.71. The firm has a market cap of $11.52 billion, a price-to-earnings ratio of 13.08, a price-to-earnings-growth ratio of 1.11 and a beta of 1.54. The company has a quick ratio of 0.70, a current ratio of 1.35 and a debt-to-equity ratio of 0.78.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Friday, February 2nd. The basic materials company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.03. Eastman Chemical had a net margin of 9.71% and a return on equity of 14.15%. The business had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.21 billion. During the same quarter last year, the business earned $0.89 earnings per share. The company’s revenue for the quarter was down 7.0% compared to the same quarter last year. Equities analysts predict that Eastman Chemical will post 7.7 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were given a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date was Thursday, March 14th. Eastman Chemical’s dividend payout ratio is presently 43.26%.

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of Eastman Chemical stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total transaction of $415,496.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.93% of the company’s stock.

Institutional Investors Weigh In On Eastman Chemical

A number of institutional investors have recently made changes to their positions in EMN. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Eastman Chemical by 2.3% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,261 shares of the basic materials company’s stock valued at $1,934,000 after purchasing an additional 386 shares in the last quarter. Yousif Capital Management LLC grew its holdings in shares of Eastman Chemical by 0.8% in the first quarter. Yousif Capital Management LLC now owns 18,628 shares of the basic materials company’s stock valued at $2,087,000 after purchasing an additional 150 shares in the last quarter. Cibc World Market Inc. grew its holdings in shares of Eastman Chemical by 10.4% in the first quarter. Cibc World Market Inc. now owns 6,098 shares of the basic materials company’s stock valued at $683,000 after purchasing an additional 572 shares in the last quarter. Blair William & Co. IL grew its holdings in shares of Eastman Chemical by 2.5% in the first quarter. Blair William & Co. IL now owns 4,380 shares of the basic materials company’s stock valued at $491,000 after purchasing an additional 105 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in shares of Eastman Chemical by 16.4% in the first quarter. Sei Investments Co. now owns 200,656 shares of the basic materials company’s stock valued at $22,546,000 after purchasing an additional 28,338 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

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.