Fintel reports that on August 1, 2023, Piper Sandler downgraded their outlook for Eastman Chemical (NYSE:EMN) from Overweight to Neutral.
Analyst Price Forecast Suggests 13.40% Upside
As of August 2, 2023, the average one-year price target for Eastman Chemical is 97.05. The forecasts range from a low of 84.84 to a high of $120.75. The average price target represents an increase of 13.40% from its latest reported closing price of 85.58.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Eastman Chemical is 10,396MM, an increase of 5.89%. The projected annual non-GAAP EPS is 8.37.
Eastman Chemical Declares $0.79 Dividend
On May 4, 2023 the company declared a regular quarterly dividend of $0.79 per share ($3.16 annualized). Shareholders of record as of June 15, 2023 received the payment on July 7, 2023. Previously, the company paid $0.79 per share.
At the current share price of $85.58 / share, the stock’s dividend yield is 3.69%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.21%, the lowest has been 2.12%, and the highest has been 6.88%. The standard deviation of yields is 0.70 (n=235).
The current dividend yield is 0.69 standard deviations above the historical average.
Additionally, the company’s dividend payout ratio is 0.53. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company’s 3-Year dividend growth rate is 0.20%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 1355 funds or institutions reporting positions in Eastman Chemical. This is a decrease of 18 owner(s) or 1.31% in the last quarter. Average portfolio weight of all funds dedicated to EMN is 0.17%, a decrease of 22.25%. Total shares owned by institutions decreased in the last three months by 1.32% to 115,172K shares. The put/call ratio of EMN is 0.86, indicating a bullish outlook.
What are Other Shareholders Doing?
Jpmorgan Chase holds 8,056K shares representing 6.80% ownership of the company. In it’s prior filing, the firm reported owning 9,893K shares, representing a decrease of 22.80%. The firm decreased its portfolio allocation in EMN by 90.21% over the last quarter.
Putnam Investments holds 4,161K shares representing 3.51% ownership of the company. In it’s prior filing, the firm reported owning 4,097K shares, representing an increase of 1.55%. The firm decreased its portfolio allocation in EMN by 22.31% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 3,678K shares representing 3.10% ownership of the company. In it’s prior filing, the firm reported owning 3,644K shares, representing an increase of 0.93%. The firm decreased its portfolio allocation in EMN by 3.48% over the last quarter.
VIMSX – Vanguard Mid-Cap Index Fund Investor Shares holds 2,775K shares representing 2.34% ownership of the company. In it’s prior filing, the firm reported owning 2,790K shares, representing a decrease of 0.56%. The firm decreased its portfolio allocation in EMN by 0.31% over the last quarter.
VFINX – Vanguard 500 Index Fund Investor Shares holds 2,772K shares representing 2.34% ownership of the company. In it’s prior filing, the firm reported owning 2,774K shares, representing a decrease of 0.07%. The firm decreased its portfolio allocation in EMN by 4.02% over the last quarter.
Eastman Chemical Background Information
(This description is provided by the company.)
Founded in 1920, Eastman is a global specialty materials company that produces a broad range of products found in items people use every day. With the purpose of enhancing the quality of life in a material way, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. The company’s innovation-driven growth model takes advantage of world- class technology platforms, deep customer engagement, and differentiated application development to grow its leading positions in attractive end-markets such as transportation, building and construction, and consumables. As a globally inclusive and diverse company, Eastman employs approximately 14,500 people around the world and serves customers in more than 100 countries. The company had 2019 revenues of approximately $9.3 billion and is headquartered in Kingsport, Tennessee, USA.
This article originally appeared on Fintel
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