Barclays Increases Eastman Chemical (NYSE:EMN) Price Target to $103.00

Eastman Chemical (NYSE:EMN - Free Report) had its target price upped by Barclays from $85.00 to $103.00 in a research report report published on Monday morning, Benzinga reports. They currently have an equal weight rating on the basic materials company's stock.

Other equities analysts have also recently issued reports about the stock. KeyCorp upped their price target on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an overweight rating in a research report on Tuesday, April 9th. Royal Bank of Canada increased their price objective on shares of Eastman Chemical from $100.00 to $104.00 and gave the stock a sector perform rating in a research report on Tuesday, April 30th. Stifel Nicolaus decreased their price objective on shares of Eastman Chemical from $102.00 to $101.00 and set a buy rating for the company in a research report on Monday, February 5th. Mizuho increased their price objective on shares of Eastman Chemical from $91.00 to $102.00 and gave the stock a neutral rating in a research report on Friday, April 26th. Finally, Wells Fargo & Company increased their price objective on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock an equal weight rating in a research report on Thursday, April 11th. Eight equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $104.18.

Eastman Chemical Price Performance

Shares of NYSE EMN traded up $1.25 during mid-day trading on Monday, hitting $98.75. 618,454 shares of the stock traded hands, compared to its average volume of 1,078,252. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $102.71. The firm has a 50 day simple moving average of $95.01 and a two-hundred day simple moving average of $87.36. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.39 and a quick ratio of 0.71. The company has a market cap of $11.62 billion, a PE ratio of 12.63, a price-to-earnings-growth ratio of 1.06 and a beta of 1.54.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.20. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The company had revenue of $2.31 billion for the quarter, compared to analysts' expectations of $2.29 billion. During the same period in the previous year, the business posted $1.63 earnings per share. The business's quarterly revenue was down 4.2% compared to the same quarter last year. As a group, equities research analysts forecast that Eastman Chemical will post 7.75 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 17th will be given a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date is Monday, June 17th. Eastman Chemical's payout ratio is currently 41.75%.

Insider Transactions at Eastman Chemical

In other news, SVP Adrian James Holt sold 4,735 shares of the firm's stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total transaction of $415,496.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.28% of the company's stock.

Institutional Investors Weigh In On Eastman Chemical

Hedge funds have recently modified their holdings of the stock. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Eastman Chemical in the 4th quarter worth approximately $26,000. Northwest Investment Counselors LLC purchased a new position in Eastman Chemical in the 1st quarter valued at approximately $34,000. First Command Advisory Services Inc. purchased a new position in Eastman Chemical in the 3rd quarter valued at approximately $26,000. Sound Income Strategies LLC grew its stake in Eastman Chemical by 213.8% in the 4th quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company's stock valued at $37,000 after buying an additional 278 shares in the last quarter. Finally, Bruce G. Allen Investments LLC purchased a new position in Eastman Chemical in the 4th quarter valued at approximately $38,000. Institutional investors own 83.65% of the company's stock.

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.