Eastman Chemical (NYSE:EMN) Stock Gets Price Target Reduction from JPMorgan Chase & Co.

Eastman Chemical (NYSE:EMN) had its target price reduced by JPMorgan Chase & Co. from $66.00 to $65.00 in a report released on Monday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the basic materials company’s stock.

A number of other equities analysts have also issued reports on the company. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $74.00 price objective on shares of Eastman Chemical in a report on Monday, August 3rd. Wells Fargo & Company set a $68.00 target price on Eastman Chemical in a research note on Friday, October 16th. Citigroup reduced their price target on Eastman Chemical from $81.00 to $76.00 and set a “buy” rating for the company in a research report on Wednesday, September 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Eastman Chemical in a research note on Thursday, August 13th. Finally, Zacks Research lowered Eastman Chemical from a “hold” rating to a “strong sell” rating in a report on Monday, October 19th. Six research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Eastman Chemical has an average rating of “Hold” and an average price target of $74.79.

Eastman Chemical Price Performance

NYSE EMN opened at $67.74 on Monday. Eastman Chemical has a 52 week low of $56.11 and a 52 week high of $83.47. The company has a current ratio of 1.57, a quick ratio of 0.76 and a debt-to-equity ratio of 0.70. The stock has a market cap of $7.75 billion, a price-to-earnings ratio of 12.03, a price-to-earnings-growth ratio of 0.91 and a beta of 1.07. The company has a 50-day moving average price of $66.47 and a two-hundred day moving average price of $70.88.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, October 29th. The basic materials company reported $1.84 EPS for the quarter, missing the consensus estimate of $1.92 by ($0.08). The firm had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.41 billion. Eastman Chemical had a net margin of 7.15% and a return on equity of 10.59%. Eastman Chemical’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.14 EPS. Analysts forecast that Eastman Chemical will post 6.10 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Elevation Wealth Partners LLC acquired a new stake in shares of Eastman Chemical during the third quarter valued at approximately $25,000. Altshuler Shaham Ltd lifted its position in shares of Eastman Chemical by 36.9% in the 1st quarter. Altshuler Shaham Ltd now owns 538 shares of the basic materials company’s stock valued at $41,000 after acquiring an additional 145 shares in the last quarter. Continuum Advisory LLC acquired a new position in Eastman Chemical in the 2nd quarter worth approximately $40,000. Quantbot Technologies LP purchased a new position in Eastman Chemical during the 2nd quarter worth approximately $44,000. Finally, First Bancorp Inc ME purchased a new position in Eastman Chemical during the 2nd quarter worth approximately $46,000. 83.65% of the stock is currently owned by institutional investors.

About Eastman Chemical

Eastman Chemical Company (NYSE: EMN) is a global specialty materials and chemicals company that develops and manufactures products used in transportation, building and construction, consumer goods, medical products, packaging, and other industrial applications. Its portfolio includes specialty plastics, coatings, adhesives, fibers, additives, intermediates, and other performance materials.

The company’s products are designed to provide properties such as durability, chemical resistance, lightweight performance, clarity, and enhanced functionality.