Eastman Chemical (NYSE:EMN) Hits New 1-Year Low – Here’s Why

Eastman Chemical (NYSE:EMN)’s share price reached a new 52-week low 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.

Analysts Set New Price Targets

Several brokerages have recently issued reports on EMN. Citigroup cut Eastman Chemical from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $118.00 to $104.00 in a research note on Wednesday, December 18th. Piper Sandler boosted their price objective on Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Royal Bank of Canada increased their price objective on shares of Eastman Chemical from $101.00 to $103.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 4th. Barclays cut their target price on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Finally, UBS Group decreased their price objective on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a research note on Friday, January 31st. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $114.08.

Eastman Chemical Stock Down 2.1 %

The business has a 50-day simple moving average of $95.78 and a two-hundred day simple moving average of $99.44. The company has a market capitalization of $10.03 billion, a price-to-earnings ratio of 11.34, a PEG ratio of 1.22 and a beta of 1.43. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. As a group, equities analysts predict that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be issued a dividend of $0.83 per share. The ex-dividend date is Friday, March 14th. This represents a $3.32 annualized dividend and a 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 added to or reduced their stakes in the business. Crews Bank & Trust acquired a new stake in shares of Eastman Chemical in the 4th quarter valued at approximately $27,000. Picton Mahoney Asset Management lifted its holdings in Eastman Chemical by 62.3% in the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 124 shares during the period. Assetmark Inc. boosted its position in shares of Eastman Chemical by 384.4% during the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 296 shares in the last quarter. Bradley & Co. Private Wealth Management LLC acquired a new position in shares of Eastman Chemical during the 4th quarter worth $35,000. Finally, Dunhill Financial LLC increased its holdings in shares of Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 162 shares in the last quarter. Hedge funds and other 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.