Barclays Lowers Eastman Chemical (NYSE:EMN) Price Target to $85.00

Eastman Chemical (NYSE:EMN) had its target price decreased by stock analysts at Barclays from $108.00 to $85.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the basic materials company’s stock. Barclays‘s price target suggests a potential upside of 10.35% from the company’s previous close.

A number of other brokerages have also recently commented on EMN. KeyCorp decreased their target price on shares of Eastman Chemical from $120.00 to $106.00 and set an “overweight” rating on the stock in a research report on Monday. The Goldman Sachs Group decreased their price objective on shares of Eastman Chemical from $112.00 to $87.00 and set a “neutral” rating on the stock in a research report on Monday. Mizuho raised shares of Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a research note on Thursday, April 3rd. Royal Bank of Canada raised 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. Finally, Piper Sandler cut their price objective 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. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $99.15.

Eastman Chemical Trading Up 1.0 %

Shares of EMN opened at $77.03 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. The business’s 50-day moving average price is $85.95 and its 200-day moving average price is $94.39. The stock has a market cap of $8.87 billion, a PE ratio of 10.03, a P/E/G ratio of 1.22 and a beta of 1.38. Eastman Chemical has a twelve month low of $70.90 and a twelve month high of $114.50.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data 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 firm 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 quarterly revenue was down .9% on a year-over-year basis. During the same quarter last year, the company posted $1.61 EPS. On average, equities analysts forecast that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Hedge Funds Weigh In On Eastman Chemical

Institutional investors and hedge funds have recently modified their holdings of the company. Crews Bank & Trust purchased a new position in Eastman Chemical during the fourth quarter valued at $27,000. Picton Mahoney Asset Management lifted 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 valued at $29,000 after acquiring an additional 124 shares in the last quarter. Assetmark Inc. lifted its position in shares of 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 acquiring an additional 296 shares in the last quarter. Bradley & Co. Private Wealth Management LLC purchased a new position in shares of Eastman Chemical in the fourth quarter valued at about $35,000. Finally, Stonebridge Financial Group LLC purchased a new position in shares of 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.

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.