KeyCorp Cuts Eastman Chemical (NYSE:EMN) Price Target to $120.00

Eastman Chemical (NYSE:EMN - Free Report) had its price objective trimmed by KeyCorp from $128.00 to $120.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the basic materials company's stock.

Several other equities analysts have also recently issued reports on the company. Bank of America upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and dropped their price target for the company from $115.00 to $109.00 in a research report on Tuesday, January 14th. StockNews.com upgraded shares of Eastman Chemical from a "hold" rating to a "buy" rating in a research report on Saturday, January 18th. Barclays lowered their target price on shares of Eastman Chemical from $111.00 to $108.00 and set an "equal weight" rating on the stock in a report on Monday, February 3rd. Citigroup upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and reduced their price objective for the company from $105.00 to $101.00 in a research report on Friday, April 4th. Finally, Mizuho raised Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 target price for the company in a research note on Thursday, April 3rd. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $107.08.

Eastman Chemical Trading Down 0.2 %

EMN stock traded down $0.18 during mid-day trading on Monday, hitting $76.61. 1,628,810 shares of the company were exchanged, compared to its average volume of 1,020,641. The business has a fifty day simple moving average of $89.72 and a 200-day simple moving average of $96.15. The firm has a market capitalization of $8.82 billion, a P/E ratio of 9.98, a PEG ratio of 1.22 and a beta of 1.38. Eastman Chemical has a 12-month low of $70.90 and a 12-month high of $114.50. 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 (NYSE:EMN - Get Free Report) last released its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. On average, equities research analysts predict that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Friday, March 14th were given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 4.33%. The ex-dividend date of this dividend was Friday, March 14th. Eastman Chemical's payout ratio is 43.23%.

Institutional Investors Weigh In On Eastman Chemical

Several hedge funds have recently modified their holdings of the company. Capital Research Global Investors lifted its stake in shares of Eastman Chemical by 13.4% during the 4th quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company's stock worth $537,561,000 after purchasing an additional 697,388 shares during the period. Franklin Resources Inc. increased its stake in shares of Eastman Chemical by 10.8% during the 4th quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company's stock valued at $528,310,000 after acquiring an additional 565,821 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Eastman Chemical by 11.1% during the 4th quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company's stock worth $259,729,000 after acquiring an additional 284,271 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Eastman Chemical by 4.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,843,506 shares of the basic materials company's stock worth $259,669,000 after acquiring an additional 109,316 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Eastman Chemical by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 2,832,593 shares of the basic materials company's stock valued at $257,986,000 after purchasing an additional 48,491 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.