Eastman Chemical (NYSE:EMN) Reaches New 12-Month Low – Here’s What Happened

Shares of Eastman Chemical (NYSE:EMN) reached a new 52-week low on Thursday . The company traded as low as $81.19 and last traded at $81.41, with a volume of 340899 shares trading hands. The stock had previously closed at $88.29.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Piper Sandler upped their price objective on Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. UBS Group cut their price target 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. Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $115.00 to $109.00 in a research report on Tuesday, January 14th. KeyCorp raised their target price on shares of Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Finally, StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Saturday, January 18th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Eastman Chemical presently has a consensus rating of “Moderate Buy” and an average price target of $112.83.

Eastman Chemical Price Performance

The firm has a market capitalization of $8.69 billion, a price-to-earnings ratio of 9.83, a P/E/G ratio of 1.22 and a beta of 1.43. The company’s 50 day moving average is $94.76 and its 200 day moving average is $98.77. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78.

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

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.32 annualized dividend and a yield of 4.40%. Eastman Chemical’s dividend payout ratio is presently 43.23%.

Institutional Trading of Eastman Chemical

Several large investors have recently modified their holdings of the stock. Crews Bank & Trust acquired a new stake in Eastman Chemical during the fourth quarter worth about $27,000. Picton Mahoney Asset Management boosted 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 acquiring an additional 124 shares in the last quarter. Dunhill Financial LLC boosted its position in shares of Eastman Chemical by 94.7% during the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 162 shares in the last quarter. Assetmark Inc. increased its stake in Eastman Chemical by 384.4% in the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 296 shares during the last quarter. Finally, Bradley & Co. Private Wealth Management LLC acquired a new position in Eastman Chemical during the fourth quarter valued at approximately $35,000. 83.65% of the stock is 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.