Barclays Lowers Eastman Chemical (NYSE:EMN) Price Target to $108.00

Eastman Chemical (NYSE:EMN) had its target price cut by investment analysts at Barclays from $111.00 to $108.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the basic materials company’s stock. Barclays‘s price objective indicates a potential upside of 6.04% from the stock’s current price.

Several other research analysts have also commented on EMN. KeyCorp lifted their price target on Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a research report on Monday. UBS Group reduced their price target on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a research report on Friday, January 31st. Piper Sandler dropped their price objective on shares of Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Wells Fargo & Company raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $110.00 to $125.00 in a report on Tuesday, November 26th. Finally, Bank of America upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their price target for the company from $115.00 to $109.00 in a research report on Tuesday, January 14th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Eastman Chemical has a consensus rating of “Moderate Buy” and a consensus target price of $112.64.

Eastman Chemical Price Performance

EMN stock opened at $101.85 on Monday. The business has a 50 day moving average price of $94.63 and a 200 day moving average price of $100.07. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. The stock has a market cap of $11.80 billion, a price-to-earnings ratio of 13.26, a PEG ratio of 0.73 and a beta of 1.44. Eastman Chemical has a fifty-two week low of $80.89 and a fifty-two week high of $114.50.

Eastman Chemical (NYSE:EMN) last issued its earnings results 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 net margin of 9.65% and a return on equity of 16.40%. Equities research analysts anticipate that Eastman Chemical will post 8.46 earnings per share for the current fiscal year.

Insider Buying and Selling at Eastman Chemical

In other news, EVP Stephen Glenn Crawford sold 10,504 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the sale, the executive vice president now owns 47,287 shares of the company’s stock, valued at $4,965,135. The trade was a 18.18 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Julie A. Mcalindon sold 4,456 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total value of $471,623.04. Following the completion of the transaction, the senior vice president now directly owns 4,403 shares of the company’s stock, valued at $466,013.52. The trade was a 50.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.28% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Eastman Chemical

Institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp raised its holdings in shares of Eastman Chemical by 1.4% in the third quarter. State Street Corp now owns 5,285,230 shares of the basic materials company’s stock worth $595,820,000 after acquiring an additional 70,692 shares during the last quarter. Franklin Resources Inc. increased its position in Eastman Chemical by 5.7% during the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock worth $593,233,000 after purchasing an additional 282,458 shares in the last quarter. Geode Capital Management LLC raised its stake in Eastman Chemical by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,784,102 shares of the basic materials company’s stock valued at $310,628,000 after purchasing an additional 13,381 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Eastman Chemical by 3.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock valued at $306,093,000 after purchasing an additional 83,504 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Eastman Chemical by 4.2% during the fourth quarter. Bank of New York Mellon Corp now owns 1,265,393 shares of the basic materials company’s stock worth $115,556,000 after buying an additional 51,367 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

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.