Eastman Chemical (NYSE:EMN) Price Target Raised to $88.00

Key Points

• UBS raised its price target on Eastman Chemical to $88 (from $80) and keeps a buy rating, implying roughly a 20.9% upside from the current price.
• Overall analyst sentiment is mixed: the consensus is a Hold with an average target of $79.31, as seven analysts rate the stock Buy and eight rate it Hold.
• Shares fell about 2% to $72.81 after a slight quarterly EPS miss ($0.75 vs. $0.76) and a 12.1% YoY revenue decline, even as large institutions notably increased positions (institutions own 83.65% of shares).

Eastman Chemical (NYSE:EMN - Get Free Report) had its price target lifted by stock analysts at UBS Group from $80.00 to $88.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the basic materials company's stock. UBS Group's price objective points to a potential upside of 20.86% from the stock's current price.

Several other equities research analysts also recently issued reports on the company. JPMorgan Chase & Co. upped their price target on Eastman Chemical from $60.00 to $70.00 and gave the stock an "overweight" rating in a report on Monday, February 2nd. Wells Fargo & Company reiterated an "equal weight" rating and set a $70.00 price target on shares of Eastman Chemical in a report on Friday, December 19th. KeyCorp reiterated an "overweight" rating on shares of Eastman Chemical in a report on Monday, February 2nd. Deutsche Bank Aktiengesellschaft upped their price target on Eastman Chemical from $64.00 to $72.00 and gave the stock a "hold" rating in a report on Monday, February 2nd. Finally, Zacks Research upgraded Eastman Chemical from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 4th. Seven analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $79.31.

Eastman Chemical Stock Down 2.0%

Eastman Chemical stock traded down $1.46 during trading on Thursday, hitting $72.81. 1,557,793 shares of the company were exchanged, compared to its average volume of 1,740,377. The business's 50 day moving average is $74.01 and its 200 day moving average is $66.91. Eastman Chemical has a 52 week low of $56.11 and a 52 week high of $84.18. The company has a market capitalization of $8.31 billion, a P/E ratio of 17.80, a PEG ratio of 1.63 and a beta of 1.16. The company has a current ratio of 1.37, a quick ratio of 0.63 and a debt-to-equity ratio of 0.70.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.01). Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.The company had revenue of $1.97 billion for the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter last year, the company posted $1.87 EPS. The company's quarterly revenue was down 12.1% compared to the same quarter last year. Analysts predict that Eastman Chemical will post 8.55 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of EMN. HighTower Advisors LLC boosted its position in Eastman Chemical by 3,448.7% in the fourth quarter. HighTower Advisors LLC now owns 1,695,842 shares of the basic materials company's stock worth $108,246,000 after purchasing an additional 1,648,054 shares during the last quarter. Norges Bank purchased a new position in Eastman Chemical in the fourth quarter worth $95,621,000. State Street Corp lifted its position in shares of Eastman Chemical by 24.3% during the 3rd quarter. State Street Corp now owns 5,687,097 shares of the basic materials company's stock valued at $363,314,000 after buying an additional 1,112,391 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Eastman Chemical by 97.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,859,998 shares of the basic materials company's stock valued at $119,672,000 after buying an additional 916,023 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Eastman Chemical by 101.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,425,806 shares of the basic materials company's stock valued at $91,009,000 after buying an additional 718,502 shares during the last quarter. Hedge funds and other institutional investors own 83.65% of the company's stock.

Eastman Chemical Company Profile

Eastman Chemical Company NYSE: EMN is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company's main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.

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