Eastman Chemical (NYSE:EMN) Price Target Cut to $110.00 by Analysts at Deutsche Bank Aktiengesellschaft

Eastman Chemical (NYSE:EMN) had its target price decreased by equities researchers at Deutsche Bank Aktiengesellschaft from $115.00 to $110.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “hold” rating on the basic materials company’s stock. Deutsche Bank Aktiengesellschaft’s target price indicates a potential upside of 9.47% from the company’s current price.

A number of other research analysts have also recently issued reports on EMN. Royal Bank of Canada raised their price target on shares of Eastman Chemical from $100.00 to $107.00 and gave the stock a “sector perform” rating in a report on Friday, October 11th. Barclays lifted their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their price target for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. Wells Fargo & Company dropped their price objective on shares of Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating for the company in a report on Monday. Finally, Mizuho boosted their price target on shares of Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $111.64.

Eastman Chemical Price Performance

Eastman Chemical stock traded down $0.60 during mid-day trading on Monday, hitting $100.48. The stock had a trading volume of 534,211 shares, compared to its average volume of 940,586. The firm has a market capitalization of $11.74 billion, a P/E ratio of 13.50, a P/E/G ratio of 0.80 and a beta of 1.44. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. The firm’s 50 day moving average is $105.80 and its 200 day moving average is $101.04. Eastman Chemical has a one year low of $75.01 and a one year high of $114.50.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.14 by $0.12. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.45%. The company had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the prior year, the firm posted $1.47 EPS. The firm’s revenue was up 8.7% compared to the same quarter last year. On average, sell-side analysts forecast that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Eastman Chemical

Several institutional investors have recently bought and sold shares of the stock. Cultivar Capital Inc. acquired a new stake in Eastman Chemical during the 2nd quarter worth about $29,000. Wolff Wiese Magana LLC increased its holdings 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 worth $32,000 after buying an additional 200 shares during the last quarter. EntryPoint Capital LLC acquired a new position in Eastman Chemical in the first quarter worth approximately $38,000. Rothschild Investment LLC bought a new stake in Eastman Chemical during the second quarter worth approximately $38,000. Finally, Northwest Investment Counselors LLC bought a new stake in Eastman Chemical during the third quarter worth approximately $38,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

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.