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

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

A number of other analysts have also recently commented on the stock. Piper Sandler reduced their target price on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a report on Monday, April 7th. JPMorgan Chase & Co. lifted their target price on Eastman Chemical from $110.00 to $112.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. StockNews.com upgraded Eastman Chemical from a "hold" rating to a "buy" rating in a research report on Saturday, January 18th. Citigroup raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and reduced their price objective for the stock from $105.00 to $101.00 in a research note on Friday, April 4th. Finally, Bank of America raised Eastman Chemical from a "neutral" rating to a "buy" rating and lowered their price target for the stock from $115.00 to $109.00 in a report on Tuesday, January 14th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $107.08.

Eastman Chemical Stock Down 0.2 %

Shares of NYSE EMN traded down $0.18 during midday trading on Monday, hitting $76.61. The stock had a trading volume of 1,628,810 shares, compared to its average volume of 1,019,300. The company has a market cap of $8.82 billion, a P/E ratio of 9.98, a PEG ratio of 1.22 and a beta of 1.38. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. The business's 50 day moving average is $90.20 and its 200-day moving average is $96.38. Eastman Chemical has a 52 week low of $70.90 and a 52 week high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 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%. As a group, analysts predict that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of EMN. Private Trust Co. NA increased its stake in shares of Eastman Chemical by 14.0% during the fourth quarter. Private Trust Co. NA now owns 837 shares of the basic materials company's stock valued at $76,000 after buying an additional 103 shares during the period. Blue Trust Inc. increased its position in Eastman Chemical by 2.2% during the 4th quarter. Blue Trust Inc. now owns 5,505 shares of the basic materials company's stock valued at $503,000 after purchasing an additional 116 shares during the period. Picton Mahoney Asset Management raised its holdings in shares of Eastman Chemical by 62.3% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock valued at $29,000 after purchasing an additional 124 shares in the last quarter. Caprock Group LLC lifted its position in shares of Eastman Chemical by 4.2% in the 4th quarter. Caprock Group LLC now owns 3,196 shares of the basic materials company's stock worth $295,000 after purchasing an additional 128 shares during the period. Finally, Global Retirement Partners LLC increased its holdings in Eastman Chemical by 1.4% during the fourth quarter. Global Retirement Partners LLC now owns 9,268 shares of the basic materials company's stock valued at $846,000 after buying an additional 132 shares during the period. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

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.