Citigroup Issues Positive Forecast for Eastman Chemical (NYSE:EMN) Stock Price

Eastman Chemical (NYSE:EMN) had its price objective lifted by research analysts at Citigroup from $75.00 to $78.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the basic materials company’s stock. Citigroup’s price target suggests a potential upside of 3.55% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Royal Bank Of Canada cut shares of Eastman Chemical from an “outperform” rating to a “sector perform” rating and reduced their target price for the stock from $74.00 to $70.00 in a research note on Friday, January 16th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Eastman Chemical from $64.00 to $72.00 and gave the stock a “hold” rating in a research note on Monday. Bank of America lifted their target price on Eastman Chemical from $74.00 to $79.00 and gave the company a “buy” rating in a report on Monday. Weiss Ratings reiterated a “hold (c-)” rating on shares of Eastman Chemical in a research note on Wednesday, January 21st. Finally, JPMorgan Chase & Co. increased their target price on Eastman Chemical from $60.00 to $70.00 and gave the company an “overweight” rating in a research note on Monday. Seven analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $78.21.

Eastman Chemical Trading Up 5.4%

Shares of Eastman Chemical stock traded up $3.85 during mid-day trading on Tuesday, hitting $75.33. The stock had a trading volume of 1,086,240 shares, compared to its average volume of 1,716,200. The firm has a 50-day moving average of $65.25 and a two-hundred day moving average of $64.95. The company has a quick ratio of 0.86, a current ratio of 1.76 and a debt-to-equity ratio of 0.82. The firm has a market cap of $8.59 billion, a P/E ratio of 18.46, a price-to-earnings-growth ratio of 6.81 and a beta of 1.23. Eastman Chemical has a 12-month low of $56.11 and a 12-month high of $103.82.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). Eastman Chemical had a net margin of 5.42% and a return on equity of 10.63%. The firm had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the previous year, the firm earned $1.87 EPS. The firm’s revenue for the quarter was down 12.1% compared to the same quarter last year. Sell-side analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in EMN. MUFG Securities EMEA plc bought a new position in shares of Eastman Chemical in the second quarter valued at approximately $25,000. Brown Lisle Cummings Inc. raised its position in Eastman Chemical by 70.0% in the 4th quarter. Brown Lisle Cummings Inc. now owns 425 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 175 shares during the period. Ameritas Advisory Services LLC bought a new stake in shares of Eastman Chemical in the 2nd quarter valued at about $32,000. Loomis Sayles & Co. L P bought a new stake in Eastman Chemical in the second quarter valued at approximately $33,000. Finally, Lodestone Wealth Management LLC bought a new stake in Eastman Chemical during the 4th quarter valued at $33,000. 83.65% of the stock is owned by institutional investors.

About Eastman Chemical

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.