UBS Group Cuts Eastman Chemical (NYSE:EMN) Price Target to $115.00

Eastman Chemical (NYSE:EMN) had its target price reduced by UBS Group from $123.00 to $115.00 in a report issued on Monday,Benzinga reports. They currently have a buy rating on the basic materials company’s stock.

A number of other analysts also recently issued reports on EMN. Citigroup raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their price target for the company from $105.00 to $101.00 in a report on Friday, April 4th. Mizuho raised Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a report on Thursday, April 3rd. Piper Sandler cut their price target on Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating for the company in a research note on Monday. KeyCorp raised their price objective on shares of Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Finally, Barclays decreased their price target on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $107.75.

Eastman Chemical Stock Up 12.4 %

Shares of Eastman Chemical stock opened at $81.71 on Monday. The company has a 50-day simple moving average of $92.98 and a two-hundred day simple moving average of $97.71. The stock has a market capitalization of $9.41 billion, a PE ratio of 10.64, a price-to-earnings-growth ratio of 1.22 and a beta of 1.38. Eastman Chemical has a 52-week low of $70.90 and a 52-week high of $114.50. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. On average, analysts anticipate that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Friday, March 14th were issued a dividend of $0.83 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $3.32 annualized dividend and a dividend yield of 4.06%. Eastman Chemical’s dividend payout ratio (DPR) is 43.23%.

Hedge Funds Weigh In On Eastman Chemical

Institutional investors and hedge funds have recently made changes to their positions in the business. Kwmg LLC raised its stake in shares of Eastman Chemical by 3.6% in the first quarter. Kwmg LLC now owns 52,818 shares of the basic materials company’s stock valued at $4,654,000 after acquiring an additional 1,848 shares during the period. Merit Financial Group LLC lifted its holdings in shares of Eastman Chemical by 11.7% in the 1st quarter. Merit Financial Group LLC now owns 2,961 shares of the basic materials company’s stock worth $261,000 after buying an additional 310 shares during the period. Czech National Bank grew its holdings in Eastman Chemical by 5.2% during the 1st quarter. Czech National Bank now owns 26,452 shares of the basic materials company’s stock worth $2,331,000 after acquiring an additional 1,319 shares in the last quarter. Rhumbline Advisers increased its holdings in Eastman Chemical by 10.7% during the first quarter. Rhumbline Advisers now owns 226,370 shares of the basic materials company’s stock valued at $19,945,000 after buying an additional 21,809 shares during the period. Finally, BTC Capital Management Inc. lifted its stake in shares of Eastman Chemical by 35.2% during the 1st quarter. BTC Capital Management Inc. now owns 21,389 shares of the basic materials company’s stock worth $1,885,000 after purchasing an additional 5,574 shares during the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

About Eastman Chemical

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.