Morgan Stanley Cuts Eastman Chemical (NYSE:EMN) Price Target to $115.00

Eastman Chemical (NYSE:EMN - Get Free Report) had its target price dropped by investment analysts at Morgan Stanley from $125.00 to $115.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the basic materials company's stock. Morgan Stanley's price target indicates a potential upside of 49.29% from the stock's current price.

EMN has been the topic of a number of other reports. StockNews.com raised Eastman Chemical from a "hold" rating to a "buy" rating in a research note on Saturday, January 18th. 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 note on Wednesday, April 9th. Citigroup raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and cut their price objective for the stock from $105.00 to $101.00 in a report on Friday, April 4th. UBS Group cut their target price on shares of Eastman Chemical from $123.00 to $115.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating and issued a $76.00 price objective (down from $112.00) on shares of Eastman Chemical in a research note on Monday. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $99.15.

Eastman Chemical Price Performance

Shares of EMN stock traded up $0.79 during mid-day trading on Monday, hitting $77.03. The company had a trading volume of 1,488,443 shares, compared to its average volume of 1,041,044. The company has a market capitalization of $8.87 billion, a P/E ratio of 10.03, a P/E/G 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 current ratio of 1.51 and a quick ratio of 0.78. The stock's 50 day moving average price is $85.95 and its 200-day moving average price is $94.39.

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. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the firm posted $1.61 earnings per share. Eastman Chemical's revenue for the quarter was down .9% compared to the same quarter last year. Equities research analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current year.

Institutional Trading of Eastman Chemical

Several large investors have recently made changes to their positions in the stock. Raymond James Financial Inc. acquired a new stake in Eastman Chemical during the fourth quarter worth $150,537,000. Capital World Investors bought a new stake in shares of Eastman Chemical in the 4th quarter valued at about $137,848,000. Norges Bank acquired a new position in shares of Eastman Chemical in the 4th quarter valued at approximately $137,416,000. Wealthfront Advisers LLC raised its holdings in shares of Eastman Chemical by 3,136.8% during the fourth quarter. Wealthfront Advisers LLC now owns 736,011 shares of the basic materials company's stock worth $67,213,000 after acquiring an additional 713,272 shares during the period. Finally, Capital Research Global Investors increased its stake in Eastman Chemical by 13.4% in the 4th quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company's stock valued at $537,561,000 after buying an additional 697,388 shares during the last quarter. 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.