Eastman Chemical (NYSE:EMN) Price Target Cut to $106.00 by Analysts at KeyCorp

Eastman Chemical (NYSE:EMN - Get Free Report) had its target price dropped by equities research analysts at KeyCorp from $120.00 to $106.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an "overweight" rating on the basic materials company's stock. KeyCorp's target price would indicate a potential upside of 35.93% from the company's current price.

Several other analysts have also issued reports on the stock. Royal Bank of Canada upgraded shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 target price on the stock in a research report on Wednesday, April 9th. Citigroup upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and lowered their price objective for the stock from $105.00 to $101.00 in a report on Friday, April 4th. Piper Sandler cut their price objective on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Mizuho upgraded Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 target price on the stock in a research report on Thursday, April 3rd. Finally, Wells Fargo & Company dropped their price target on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $99.15.

Eastman Chemical Stock Performance

Shares of Eastman Chemical stock traded up $1.76 during trading on Monday, hitting $77.98. 1,546,232 shares of the company's stock were exchanged, compared to its average volume of 1,045,853. The stock has a market capitalization of $9.00 billion, a price-to-earnings ratio of 10.15, a PEG ratio of 1.22 and a beta of 1.29. The business has a 50-day simple moving average of $85.09 and a 200-day simple moving average of $93.94. 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 - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, topping analysts' consensus estimates of $1.89 by $0.02. The business had revenue of $2.29 billion for the quarter, compared to analysts' expectations of $2.35 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The business's revenue was down .9% on a year-over-year basis. During the same quarter last year, the company earned $1.61 EPS. On average, research analysts forecast that Eastman Chemical will post 8.55 EPS for the current year.

Institutional Trading of Eastman Chemical

Several hedge funds and other institutional investors have recently bought and sold shares of EMN. Crews Bank & Trust acquired a new stake in Eastman Chemical in the 4th quarter worth about $27,000. Picton Mahoney Asset Management boosted its position in shares of Eastman Chemical by 62.3% in the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock worth $29,000 after acquiring an additional 124 shares during the last quarter. Assetmark Inc. grew its holdings in Eastman Chemical by 384.4% in the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock valued at $34,000 after purchasing an additional 296 shares during the period. Bradley & Co. Private Wealth Management LLC purchased a new stake in Eastman Chemical in the fourth quarter valued at approximately $35,000. Finally, Stonebridge Financial Group LLC acquired a new position in Eastman Chemical during the fourth quarter worth approximately $37,000. 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.