Eastman Chemical (NYSE:EMN) Sets New 52-Week Low – What’s Next?

Eastman Chemical (NYSE:EMN)’s share price hit a new 52-week low during trading on Friday . The company traded as low as $86.59 and last traded at $86.81, with a volume of 205231 shares traded. The stock had previously closed at $88.92.

Analyst Upgrades and Downgrades

EMN has been the topic of a number of recent analyst reports. Piper Sandler raised their price target on shares of Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Saturday, January 18th. Royal Bank of Canada upped their price target on Eastman Chemical from $101.00 to $103.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 4th. KeyCorp lifted their price objective on Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Finally, JPMorgan Chase & Co. boosted their target price on Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $114.08.

Eastman Chemical Stock Performance

The company has a 50 day moving average of $95.66 and a two-hundred day moving average of $99.37. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The company has a market capitalization of $10.03 billion, a PE ratio of 11.34, a PEG ratio of 1.22 and a beta of 1.43.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share 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, equities research analysts predict that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be given a $0.83 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.81%. Eastman Chemical’s dividend payout ratio is currently 43.23%.

Institutional Investors Weigh In On Eastman Chemical

Institutional investors have recently modified their holdings of the stock. Independent Advisor Alliance purchased a new stake in Eastman Chemical during the 3rd quarter valued at about $231,000. BNP Paribas Financial Markets grew its stake in shares of Eastman Chemical by 107.0% in the third quarter. BNP Paribas Financial Markets now owns 161,467 shares of the basic materials company’s stock worth $18,076,000 after acquiring an additional 83,474 shares during the period. Townsquare Capital LLC purchased a new position in shares of Eastman Chemical during the third quarter valued at approximately $236,000. Glenmede Trust Co. NA lifted its position in Eastman Chemical by 5.2% during the third quarter. Glenmede Trust Co. NA now owns 21,193 shares of the basic materials company’s stock valued at $2,373,000 after purchasing an additional 1,042 shares during the period. Finally, CreativeOne Wealth LLC purchased a new stake in Eastman Chemical in the third quarter worth approximately $219,000. 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.