Eastman Chemical (NYSE:EMN) Cut to “Sector Perform” at Royal Bank Of Canada

Royal Bank Of Canada cut shares of Eastman Chemical (NYSE:EMN) from a moderate buy rating to a sector perform rating in a research note issued to investors on Friday morning, Marketbeat reports. They currently have $70.00 price objective on the basic materials company’s stock.

Several other research analysts also recently weighed in on EMN. Wells Fargo & Company reiterated an “equal weight” rating and issued a $70.00 target price on shares of Eastman Chemical in a research note on Friday, December 19th. Bank of America decreased their price target on Eastman Chemical from $78.00 to $74.00 and set a “buy” rating for the company in a report on Tuesday, October 14th. Citigroup boosted their price objective on shares of Eastman Chemical from $72.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday. Weiss Ratings upgraded shares of Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, October 24th. Finally, Mizuho dropped their price target on shares of Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating on the stock in a research note on Friday, October 3rd. Six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Eastman Chemical presently has a consensus rating of “Hold” and an average price target of $78.54.

Eastman Chemical Trading Down 2.2%

Shares of Eastman Chemical stock opened at $68.67 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.86 and a current ratio of 1.76. The company has a market capitalization of $7.83 billion, a P/E ratio of 11.46, a PEG ratio of 6.67 and a beta of 1.23. Eastman Chemical has a 1 year low of $56.11 and a 1 year high of $103.82. The company’s fifty day moving average is $63.18 and its two-hundred day moving average is $65.76.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Monday, November 3rd. The basic materials company reported $1.14 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.04). The business had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.28 billion. Eastman Chemical had a return on equity of 12.89% and a net margin of 7.75%.Eastman Chemical’s quarterly revenue was down 10.6% on a year-over-year basis. During the same quarter last year, the company posted $2.26 EPS. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. Analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Monday, December 15th were issued a dividend of $0.84 per share. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.83. This represents a $3.36 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend was Monday, December 15th. Eastman Chemical’s payout ratio is presently 56.09%.

Institutional Investors Weigh In On Eastman Chemical

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Brighton Jones LLC acquired a new position in Eastman Chemical during the fourth quarter worth about $202,000. Integrated Wealth Concepts LLC increased its stake in shares of Eastman Chemical by 185.6% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,686 shares of the basic materials company’s stock worth $589,000 after purchasing an additional 4,345 shares in the last quarter. Millennium Management LLC raised its position in shares of Eastman Chemical by 69.2% during the 1st quarter. Millennium Management LLC now owns 194,052 shares of the basic materials company’s stock worth $17,098,000 after purchasing an additional 79,376 shares during the last quarter. NewEdge Advisors LLC lifted its stake in Eastman Chemical by 2.6% in the 1st quarter. NewEdge Advisors LLC now owns 7,310 shares of the basic materials company’s stock valued at $644,000 after buying an additional 183 shares in the last quarter. Finally, United Services Automobile Association acquired a new stake in Eastman Chemical during the 1st quarter valued at $252,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

About Eastman Chemical

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.