Eastman Chemical (NYSE:EMN) Price Target Lowered to $112.00 at Bank of America

Eastman Chemical (NYSE:EMN - Free Report) had its target price lowered by Bank of America from $113.00 to $112.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a buy rating on the basic materials company's stock.

EMN has been the subject of a number of other research reports. Stifel Nicolaus reduced their price objective on Eastman Chemical from $102.00 to $101.00 and set a buy rating for the company in a research report on Monday, February 5th. KeyCorp lifted their price objective 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. UBS Group upped their target price on shares of Eastman Chemical from $91.00 to $93.00 and gave the stock a neutral rating in a research report on Friday, February 2nd. Jefferies Financial Group raised Eastman Chemical from a hold rating to a buy rating and lifted their price target for the company from $102.00 to $125.00 in a report on Monday. Finally, Mizuho raised their target price on Eastman Chemical from $91.00 to $102.00 and gave the company a neutral rating in a research report on Friday. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Eastman Chemical presently has an average rating of Moderate Buy and a consensus price target of $101.41.

Eastman Chemical Stock Performance

Shares of EMN traded up $1.78 during mid-day trading on Monday, hitting $97.34. The stock had a trading volume of 1,308,256 shares, compared to its average volume of 1,094,609. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $102.71. The company has a quick ratio of 0.70, a current ratio of 1.35 and a debt-to-equity ratio of 0.78. The company has a market cap of $11.45 billion, a PE ratio of 12.63, a PEG ratio of 1.06 and a beta of 1.54. The company's fifty day simple moving average is $93.98 and its two-hundred day simple moving average is $86.56.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.95%. The firm had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.29 billion. During the same quarter in the previous year, the firm earned $1.63 earnings per share. The firm's revenue for the quarter was down 4.2% compared to the same quarter last year. On average, equities analysts expect that Eastman Chemical will post 7.71 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were issued a dividend of $0.81 per share. The ex-dividend date was Thursday, March 14th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.33%. Eastman Chemical's dividend payout ratio is currently 41.75%.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Quadrant Capital Group LLC grew its stake in Eastman Chemical by 8.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,639 shares of the basic materials company's stock valued at $147,000 after acquiring an additional 128 shares in the last quarter. Tucker Asset Management LLC boosted its stake in shares of Eastman Chemical by 19.5% during the 3rd quarter. Tucker Asset Management LLC now owns 870 shares of the basic materials company's stock valued at $67,000 after buying an additional 142 shares during the period. Atria Wealth Solutions Inc. grew its holdings in shares of Eastman Chemical by 4.6% during the 4th quarter. Atria Wealth Solutions Inc. now owns 3,452 shares of the basic materials company's stock valued at $310,000 after acquiring an additional 151 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in shares of Eastman Chemical by 26.2% in the third quarter. Parkside Financial Bank & Trust now owns 814 shares of the basic materials company's stock worth $62,000 after acquiring an additional 169 shares during the last quarter. Finally, Steph & Co. raised its holdings in shares of Eastman Chemical by 12.8% during the third quarter. Steph & Co. now owns 1,765 shares of the basic materials company's stock worth $135,000 after acquiring an additional 200 shares in the last quarter. 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.