UBS Group Lowers Eastman Chemical (NYSE:EMN) Price Target to $107.00

Eastman Chemical (NYSE:EMN - Free Report) had its price target cut by UBS Group from $111.00 to $107.00 in a report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the basic materials company's stock.

A number of other brokerages also recently issued reports on EMN. Piper Sandler lowered their price target on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $76.00 target price (down previously from $112.00) on shares of Eastman Chemical in a report on Monday, April 28th. Wall Street Zen downgraded shares of Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. The Goldman Sachs Group reduced their price target on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a research report on Monday, April 28th. Finally, Mizuho upgraded Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price objective on the stock in a research report on Thursday, April 3rd. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $98.54.

Eastman Chemical Stock Performance

Eastman Chemical stock traded down $3.14 during mid-day trading on Wednesday, reaching $78.36. The company's stock had a trading volume of 9,704,158 shares, compared to its average volume of 1,137,584. The firm's fifty day moving average price is $79.76 and its two-hundred day moving average price is $90.47. 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 has a 12-month low of $70.90 and a 12-month high of $114.50. The company has a market capitalization of $9.05 billion, a P/E ratio of 10.20, a PEG ratio of 1.22 and a beta of 1.29.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.02. The company had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.35 billion. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The firm's quarterly revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.61 earnings per share. Sell-side analysts predict that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 4.24%. The ex-dividend date is Friday, June 13th. Eastman Chemical's dividend payout ratio is currently 42.24%.

Institutional Investors Weigh In On Eastman Chemical

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