Barclays Issues Pessimistic Forecast for Eastman Chemical (NYSE:EMN) Stock Price

Eastman Chemical (NYSE:EMN) had its target price trimmed by Barclays from $108.00 to $85.00 in a research note published on Tuesday,Benzinga reports. The brokerage currently has an equal weight rating on the basic materials company’s stock.

EMN has been the subject of a number of other research reports. StockNews.com downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday. UBS Group reduced their price objective on shares of Eastman Chemical from $123.00 to $115.00 and set a “buy” rating for the company in a research report on Monday, April 7th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $76.00 price objective (down previously from $112.00) on shares of Eastman Chemical in a research report on Monday. 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 upgraded shares of Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a research report on Thursday, April 3rd. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $99.15.

Eastman Chemical Trading Up 0.6 %

NYSE:EMN opened at $76.13 on Tuesday. Eastman Chemical has a 12-month low of $70.90 and a 12-month high of $114.50. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The stock’s 50 day simple moving average is $86.38 and its 200-day simple moving average is $94.51. The firm has a market cap of $8.77 billion, a P/E ratio of 9.91, a PEG ratio of 1.22 and a beta of 1.38.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.02. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The company had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the previous year, the company posted $1.61 EPS. Eastman Chemical’s revenue was down .9% compared to the same quarter last year. Equities analysts anticipate that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend was Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.36%. Eastman Chemical’s dividend payout ratio (DPR) is 42.24%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Crews Bank & Trust purchased a new stake in Eastman Chemical in the 4th quarter worth approximately $27,000. Picton Mahoney Asset Management grew its stake in Eastman Chemical by 62.3% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 124 shares during the period. Assetmark Inc. grew its stake in Eastman Chemical by 384.4% in the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 296 shares during the period. Bradley & Co. Private Wealth Management LLC purchased a new stake in Eastman Chemical in the 4th quarter worth approximately $35,000. Finally, Stonebridge Financial Group LLC purchased a new stake in Eastman Chemical in the 4th quarter worth approximately $37,000. 83.65% of the stock is 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.