Eastman Chemical (NYSE:EMN) Price Target Cut to $58.00 by Analysts at UBS Group

Eastman Chemical (NYSE:EMN) had its price target cut by UBS Group from $85.00 to $58.00 in a report issued on Monday, AnalystRatings.com reports. They currently have a buy rating on the basic materials company’s stock.

EMN has been the subject of several other reports. Wells Fargo & Co dropped their price target on Eastman Chemical from $85.00 to $50.00 and set an overweight rating for the company in a research report on Thursday, March 19th. Zacks Investment Research upgraded Eastman Chemical from a sell rating to a hold rating and set a $83.00 price target for the company in a research report on Thursday, January 2nd. Standpoint Research upgraded Eastman Chemical from a hold rating to a buy rating in a research report on Thursday, February 27th. Royal Bank of Canada reiterated a hold rating and set a $80.00 price target on shares of Eastman Chemical in a research report on Sunday, December 22nd. Finally, TheStreet cut Eastman Chemical from a b- rating to a c rating in a research report on Monday, March 2nd. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $70.44.

NYSE:EMN traded up $1.37 during trading hours on Monday, reaching $47.95. The company had a trading volume of 1,323,164 shares, compared to its average volume of 1,498,344. Eastman Chemical has a 1-year low of $34.44 and a 1-year high of $86.18. The firm has a market cap of $5.65 billion, a PE ratio of 8.78, a price-to-earnings-growth ratio of 0.82 and a beta of 1.41. The business’s 50 day moving average price is $60.30 and its 200-day moving average price is $71.87. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.86 and a quick ratio of 0.93.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.33 by $0.09. The company had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.20 billion. Eastman Chemical had a return on equity of 16.47% and a net margin of 8.19%. Eastman Chemical’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.39 earnings per share. On average, analysts expect that Eastman Chemical will post 7.21 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, April 3rd. Shareholders of record on Monday, March 16th will be issued a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 5.51%. The ex-dividend date is Friday, March 13th. Eastman Chemical’s payout ratio is currently 37.03%.

A number of large investors have recently modified their holdings of EMN. Ilmarinen Mutual Pension Insurance Co purchased a new stake in Eastman Chemical in the 3rd quarter valued at $4,696,000. Martin Capital Partners LLC acquired a new position in shares of Eastman Chemical in the 3rd quarter valued at $2,905,000. Point72 Asset Management L.P. lifted its stake in shares of Eastman Chemical by 9.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 150,880 shares of the basic materials company’s stock valued at $11,139,000 after purchasing an additional 13,545 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in shares of Eastman Chemical by 2.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 49,160 shares of the basic materials company’s stock valued at $3,629,000 after purchasing an additional 1,317 shares during the last quarter. Finally, Balentine LLC lifted its stake in shares of Eastman Chemical by 6,363.6% in the 3rd quarter. Balentine LLC now owns 1,422 shares of the basic materials company’s stock valued at $105,000 after purchasing an additional 1,400 shares during the last quarter. Institutional investors own 82.63% of the company’s stock.

Eastman Chemical Company Profile

Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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Analyst Recommendations for Eastman Chemical (NYSE:EMN)

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