Eastman Chemical (NYSE:EMN) Price Target Cut to $112.00

Eastman Chemical (NYSE:EMN) had its price objective cut by equities research analysts at Bank of America from $113.00 to $112.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the basic materials company’s stock. Bank of America‘s price target points to a potential upside of 18.59% from the company’s previous close.

Several other research analysts have also recently weighed in on the stock. Stifel Nicolaus decreased their price objective on shares of Eastman Chemical from $102.00 to $101.00 and set a “buy” rating on the stock in a research report on Monday, February 5th. KeyCorp increased their price target on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. Royal Bank of Canada increased their price target on shares of Eastman Chemical from $89.00 to $100.00 and gave the company a “sector perform” rating in a research report on Friday, April 19th. Citigroup increased their price target on shares of Eastman Chemical from $95.00 to $114.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. Finally, Jefferies Financial Group upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and increased their price target for the company from $102.00 to $125.00 in a research report on Monday. Eight analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Eastman Chemical has a consensus rating of “Moderate Buy” and a consensus price target of $103.12.

Eastman Chemical Price Performance

Shares of NYSE:EMN opened at $94.44 on Monday. The company’s 50-day moving average is $94.23 and its 200 day moving average is $86.73. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.70 and a current ratio of 1.35. The company has a market capitalization of $11.11 billion, a P/E ratio of 12.17, a price-to-earnings-growth ratio of 1.06 and a beta of 1.54. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $102.71.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, beating the consensus estimate of $1.41 by $0.20. The business had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.95%. The company’s revenue was down 4.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.63 earnings per share. On average, equities research analysts forecast that Eastman Chemical will post 7.71 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Adrian James Holt sold 4,735 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.28% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Czech National Bank raised its position in Eastman Chemical by 46.9% during the third quarter. Czech National Bank now owns 20,721 shares of the basic materials company’s stock valued at $1,590,000 after acquiring an additional 6,616 shares in the last quarter. Valeo Financial Advisors LLC grew its holdings in Eastman Chemical by 15.9% in the third quarter. Valeo Financial Advisors LLC now owns 4,235 shares of the basic materials company’s stock valued at $325,000 after purchasing an additional 580 shares during the period. Commonwealth Equity Services LLC grew its holdings in Eastman Chemical by 6.4% in the third quarter. Commonwealth Equity Services LLC now owns 76,744 shares of the basic materials company’s stock valued at $5,888,000 after purchasing an additional 4,626 shares during the period. Edmp Inc. grew its holdings in Eastman Chemical by 75.3% in the third quarter. Edmp Inc. now owns 4,683 shares of the basic materials company’s stock valued at $359,000 after purchasing an additional 2,011 shares during the period. Finally, Accurate Wealth Management LLC grew its holdings in Eastman Chemical by 9.6% in the third quarter. Accurate Wealth Management LLC now owns 3,065 shares of the basic materials company’s stock valued at $228,000 after purchasing an additional 268 shares during the period. 83.65% of the stock is currently 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.