UBS Group Cuts Eastman Chemical (NYSE:EMN) Price Target to $123.00

Eastman Chemical (NYSE:EMN) had its price objective reduced by equities researchers at UBS Group from $124.00 to $123.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the basic materials company’s stock. UBS Group’s price target would suggest a potential upside of 23.58% from the stock’s current price.

Several other research firms also recently commented on EMN. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, January 18th. Citigroup downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $118.00 to $104.00 in a report on Wednesday, December 18th. Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $115.00 to $109.00 in a report on Tuesday, January 14th. Piper Sandler cut their price objective on shares of Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a report on Monday, November 4th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Eastman Chemical presently has a consensus rating of “Moderate Buy” and an average price target of $112.54.

Eastman Chemical Price Performance

Shares of NYSE EMN traded up $6.86 during midday trading on Friday, reaching $99.53. 1,766,828 shares of the company were exchanged, compared to its average volume of 1,076,615. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. Eastman Chemical has a one year low of $80.71 and a one year high of $114.50. The stock has a market cap of $11.54 billion, a P/E ratio of 13.33, a PEG ratio of 0.68 and a beta of 1.44. The stock’s 50-day moving average price is $94.92 and its 200-day moving average price is $100.01.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. On average, sell-side analysts anticipate that Eastman Chemical will post 7.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the transaction, the senior vice president now directly owns 12,366 shares in the company, valued at $1,298,430. The trade was a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total value of $1,102,920.00. Following the completion of the sale, the executive vice president now owns 47,287 shares in the company, valued at $4,965,135. This represents a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,021 shares of company stock valued at $1,895,948 in the last quarter. Insiders own 1.93% of the company’s stock.

Institutional Investors Weigh In On Eastman Chemical

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wolff Wiese Magana LLC raised its stake in Eastman Chemical by 238.1% in the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after buying an additional 200 shares during the last quarter. Crews Bank & Trust purchased a new stake in Eastman Chemical in the fourth quarter valued at about $27,000. Dunhill Financial LLC raised its stake in Eastman Chemical by 94.7% in the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after buying an additional 162 shares during the last quarter. Northwest Investment Counselors LLC purchased a new stake in Eastman Chemical in the third quarter valued at about $38,000. Finally, Stonebridge Financial Group LLC purchased a new stake in Eastman Chemical in the fourth quarter valued at about $37,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

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.