Eastman Chemical (NYSE:EMN) Price Target Cut to $115.00 by Analysts at Morgan Stanley

Eastman Chemical (NYSE:EMN - Get Free Report) had its price target cut by Morgan Stanley from $125.00 to $115.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an "overweight" rating on the basic materials company's stock. Morgan Stanley's price target points to a potential upside of 51.72% from the company's current price.

Several other equities research analysts also recently commented on the company. KeyCorp dropped their target price on Eastman Chemical from $128.00 to $120.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Piper Sandler reduced their price objective on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Barclays dropped their target price on shares of Eastman Chemical from $111.00 to $108.00 and set an "equal weight" rating on the stock in a research note on Monday, February 3rd. StockNews.com upgraded shares of Eastman Chemical from a "hold" rating to a "buy" rating in a report on Saturday, January 18th. Finally, Royal Bank of Canada upgraded Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price target for the company in a research note on Wednesday, April 9th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $104.92.

Eastman Chemical Trading Down 6.2 %

NYSE EMN opened at $75.80 on Monday. The stock's 50 day moving average is $87.38 and its 200 day moving average is $94.89. 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 firm has a market capitalization of $8.73 billion, a PE ratio of 9.87, 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 - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $2.35 billion. Research analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Eastman Chemical

Hedge funds have recently modified their holdings of the stock. Barclays PLC lifted its stake in Eastman Chemical by 3.5% in the 3rd quarter. Barclays PLC now owns 315,044 shares of the basic materials company's stock worth $35,268,000 after purchasing an additional 10,695 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Eastman Chemical during the 3rd quarter valued at approximately $656,000. Franklin Resources Inc. grew its holdings in Eastman Chemical by 5.7% during the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company's stock valued at $593,233,000 after buying an additional 282,458 shares in the last quarter. IMS Capital Management purchased a new stake in shares of Eastman Chemical during the 3rd quarter worth approximately $280,000. Finally, Principal Financial Group Inc. boosted its position in shares of Eastman Chemical by 6.8% during the 3rd quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company's stock valued at $16,588,000 after acquiring an additional 9,447 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 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.