Eastman Chemical (NYSE:EMN) Price Target Lowered to $111.00 at Citigroup

Eastman Chemical (NYSE:EMN) had its price target lowered by Citigroup from $114.00 to $111.00 in a research note published on Thursday, Benzinga reports. Citigroup currently has a buy rating on the basic materials company’s stock.

Other equities analysts have also recently issued reports about the company. Mizuho increased their target price on Eastman Chemical from $91.00 to $102.00 and gave the company a neutral rating in a research note on Friday, April 26th. Royal Bank of Canada boosted their target price 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. KeyCorp increased their price target on shares of Eastman Chemical from $101.00 to $121.00 and gave the stock an overweight rating in a research report on Tuesday, April 9th. StockNews.com lowered Eastman Chemical from a buy rating to a hold rating in a report on Thursday, June 20th. Finally, Barclays increased their target price on Eastman Chemical from $85.00 to $103.00 and gave the stock an equal weight rating in a report on Monday, May 6th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Eastman Chemical currently has an average rating of Moderate Buy and an average target price of $107.31.

Eastman Chemical Price Performance

Shares of EMN stock opened at $97.18 on Thursday. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $105.98. The company has a market capitalization of $11.43 billion, a PE ratio of 12.52, a price-to-earnings-growth ratio of 1.07 and a beta of 1.51. The company has a current ratio of 1.39, a quick ratio of 0.71 and a debt-to-equity ratio of 0.77. The firm has a fifty day simple moving average of $99.27 and a 200-day simple moving average of $93.12.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same period in the prior year, the company posted $1.63 EPS. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. Equities research analysts anticipate that Eastman Chemical will post 7.69 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th will be given a dividend of $0.81 per share. The ex-dividend date of this dividend is Monday, June 17th. This represents a $3.24 annualized dividend and a dividend yield of 3.33%. Eastman Chemical’s dividend payout ratio is presently 41.75%.

Insider Activity at Eastman Chemical

In other news, SVP Adrian James Holt sold 1,975 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total value of $195,959.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, SVP Adrian James Holt sold 1,975 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $99.22, for a total value of $195,959.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Mark J. Costa sold 102,390 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of the transaction, the chief executive officer now owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The disclosure for this sale can be found here. Insiders have sold a total of 108,027 shares of company stock worth $10,885,638 in the last three months. 1.93% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of EMN. Abich Financial Wealth Management LLC lifted its holdings in Eastman Chemical by 47.2% in the 1st quarter. Abich Financial Wealth Management LLC now owns 870 shares of the basic materials company’s stock valued at $87,000 after acquiring an additional 279 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its stake in Eastman Chemical by 318.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock valued at $69,516,000 after purchasing an additional 534,081 shares during the last quarter. Cetera Advisors LLC boosted its holdings in Eastman Chemical by 119.7% during the first quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company’s stock worth $1,011,000 after buying an additional 5,496 shares in the last quarter. Cetera Investment Advisers grew its position in Eastman Chemical by 81.5% in the first quarter. Cetera Investment Advisers now owns 47,691 shares of the basic materials company’s stock worth $4,780,000 after buying an additional 21,412 shares during the last quarter. Finally, PGGM Investments increased its holdings in shares of Eastman Chemical by 19.7% in the first quarter. PGGM Investments now owns 4,129 shares of the basic materials company’s stock valued at $414,000 after buying an additional 679 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

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.