The Goldman Sachs Group Has Lowered Expectations for Eastman Chemical (NYSE:EMN) Stock Price

Eastman Chemical (NYSE:EMN) had its target price trimmed by The Goldman Sachs Group from $112.00 to $87.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a neutral rating on the basic materials company’s stock.

EMN has been the subject of several other research reports. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, January 18th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $76.00 price target (down from $112.00) on shares of Eastman Chemical in a report on Monday. Royal Bank of Canada upgraded Eastman Chemical from a “sector perform” rating to an “outperform” rating and set a $91.00 price target for the company in a report on Wednesday, April 9th. KeyCorp reduced their price target on shares of Eastman Chemical from $120.00 to $106.00 and set an “overweight” rating on the stock in a research report on Monday. Finally, Piper Sandler dropped their price target on shares of Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating on the stock in a research note on Monday, April 7th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $102.64.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $75.69 on Monday. 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 firm has a market cap of $8.72 billion, a PE ratio of 9.86, a P/E/G ratio of 1.22 and a beta of 1.38. The business has a 50-day moving average price of $86.87 and a 200 day moving average price of $94.64. Eastman Chemical has a twelve month low of $70.90 and a twelve month high of $114.50.

Eastman Chemical (NYSE:EMN) last issued its earnings results 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. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The firm’s quarterly revenue was down .9% on a year-over-year basis. During the same period in the prior year, the business earned $1.61 EPS. Sell-side analysts predict that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Friday, March 14th were issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 4.39%. The ex-dividend date of this dividend was Friday, March 14th. Eastman Chemical’s dividend payout ratio is 42.24%.

Institutional Investors Weigh In On Eastman Chemical

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

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.