Fintel reports that on October 4, 2023, Citigroup maintained coverage of Eastman Chemical (NYSE:EMN) with a Buy recommendation.
Analyst Price Forecast Suggests 25.05% Upside
As of October 5, 2023, the average one-year price target for Eastman Chemical is 94.80. The forecasts range from a low of 78.78 to a high of $120.75. The average price target represents an increase of 25.05% from its latest reported closing price of 75.81.
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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 August 3, 2023 the company declared a regular quarterly dividend of $0.79 per share ($3.16 annualized). Shareholders of record as of September 15, 2023 will receive the payment on October 6, 2023. Previously, the company paid $0.79 per share.
At the current share price of $75.81 / share, the stock's dividend yield is 4.17%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.26%, the lowest has been 2.12%, and the highest has been 6.88%. The standard deviation of yields is 0.69 (n=235).
The current dividend yield is 1.31 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 1306 funds or institutions reporting positions in Eastman Chemical. This is a decrease of 28 owner(s) or 2.10% in the last quarter. Average portfolio weight of all funds dedicated to EMN is 0.15%, a decrease of 9.84%. Total shares owned by institutions decreased in the last three months by 1.98% to 113,541K shares. 
The put/call ratio of EMN is 0.77, indicating a bullish outlook.
What are Other Shareholders Doing?
Jpmorgan Chase holds 6,669K shares representing 5.63% ownership of the company. In it's prior filing, the firm reported owning 8,056K shares, representing a decrease of 20.80%. The firm increased its portfolio allocation in EMN by 483.75% over the last quarter.
Putnam Investments holds 4,187K shares representing 3.53% ownership of the company. In it's prior filing, the firm reported owning 4,161K shares, representing an increase of 0.62%. The firm increased its portfolio allocation in EMN by 14.09% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 3,703K shares representing 3.13% ownership of the company. In it's prior filing, the firm reported owning 3,678K shares, representing an increase of 0.68%. The firm decreased its portfolio allocation in EMN by 7.79% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 2,837K shares representing 2.39% ownership of the company. In it's prior filing, the firm reported owning 2,772K shares, representing an increase of 2.29%. The firm decreased its portfolio allocation in EMN by 7.98% over the last quarter.
VIMSX - Vanguard Mid-Cap Index Fund Investor Shares holds 2,761K shares representing 2.33% ownership of the company. In it's prior filing, the firm reported owning 2,775K shares, representing a decrease of 0.48%. The firm decreased its portfolio allocation in EMN by 5.16% 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.
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