UBS Group Trims Eastman Chemical (NYSE:EMN) Target Price to $58.00

Eastman Chemical (NYSE:EMN) had its price objective lowered by UBS Group from $85.00 to $58.00 in a research report released on Monday morning, AnalystRatings.com reports. The firm currently has a buy rating on the basic materials company’s stock.

A number of other research analysts also recently issued reports on the company. Zacks Investment Research upgraded Eastman Chemical from a sell rating to a hold rating and set a $83.00 price target on the stock in a research note on Thursday, January 2nd. Barclays dropped their price target on Eastman Chemical from $82.00 to $81.00 and set an equal weight rating on the stock in a research note on Thursday, February 6th. Citigroup dropped their price target on Eastman Chemical from $74.00 to $54.00 and set a neutral rating on the stock in a research note on Wednesday, March 11th. Royal Bank of Canada restated a hold rating and set a $80.00 price target on shares of Eastman Chemical in a research note on Sunday, December 22nd. Finally, TheStreet downgraded Eastman Chemical from a b- rating to a c rating in a research note on Monday, March 2nd. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $70.44.

Shares of EMN traded up $1.37 during mid-day trading on Monday, reaching $47.95. The company’s stock had a trading volume of 1,323,164 shares, compared to its average volume of 1,498,344. Eastman Chemical has a 12-month low of $34.44 and a 12-month high of $86.18. The stock 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 company has a debt-to-equity ratio of 0.93, a current ratio of 1.86 and a quick ratio of 0.93. The company’s 50 day moving average is $60.30 and its 200 day moving average is $71.87.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.09. The business had revenue of $2.21 billion for 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%. The business’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.39 EPS. As a group, sell-side analysts anticipate that Eastman Chemical will post 7.21 EPS for the current fiscal year.

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

A number of institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC lifted its position in Eastman Chemical by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 2,606,749 shares of the basic materials company’s stock worth $206,263,000 after acquiring an additional 24,013 shares during the period. Bank of New York Mellon Corp lifted its position in Eastman Chemical by 17.2% during the 4th quarter. Bank of New York Mellon Corp now owns 2,364,180 shares of the basic materials company’s stock worth $187,384,000 after acquiring an additional 347,508 shares during the period. Massachusetts Financial Services Co. MA lifted its position in Eastman Chemical by 3.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,969,344 shares of the basic materials company’s stock worth $156,091,000 after acquiring an additional 62,742 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Eastman Chemical by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,457,874 shares of the basic materials company’s stock worth $115,552,000 after acquiring an additional 25,397 shares during the period. Finally, Diamond Hill Capital Management Inc. lifted its position in Eastman Chemical by 5.0% during the 4th quarter. Diamond Hill Capital Management Inc. now owns 1,439,452 shares of the basic materials company’s stock worth $114,091,000 after acquiring an additional 69,167 shares during the period. 82.63% of the stock is owned by institutional investors.

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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