Eastman Chemical (NYSE:EMN) Given New $79.00 Price Target at Bank of America

Eastman Chemical (NYSE:EMN) had its target price increased by equities research analysts at Bank of America from $74.00 to $79.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the basic materials company’s stock. Bank of America‘s target price would indicate a potential upside of 13.90% from the company’s previous close.

Other research analysts also recently issued reports about the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Eastman Chemical in a research report on Wednesday, January 21st. KeyCorp dropped their price target on shares of Eastman Chemical from $76.00 to $74.00 and set an “overweight” rating on the stock in a research note on Friday, January 9th. Royal Bank Of Canada cut Eastman Chemical from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from $74.00 to $70.00 in a research report on Friday, January 16th. Citigroup upped their target price on Eastman Chemical from $72.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, January 15th. Finally, Evercore ISI dropped their price objective on Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating on the stock in a report on Tuesday, November 11th. Six equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $78.43.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $69.36 on Monday. The firm’s 50-day simple moving average is $65.00 and its 200 day simple moving average is $65.00. The stock has a market cap of $7.91 billion, a P/E ratio of 16.96, a P/E/G ratio of 6.81 and a beta of 1.23. The company has a quick ratio of 0.86, a current ratio of 1.76 and a debt-to-equity ratio of 0.82. Eastman Chemical has a fifty-two week low of $56.11 and a fifty-two week high of $103.82.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, January 29th. The basic materials company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.01). The business had revenue of $1.97 billion for the quarter, compared to the consensus estimate of $2.03 billion. Eastman Chemical had a net margin of 5.42% and a return on equity of 10.63%. The business’s revenue for the quarter was down 12.1% on a year-over-year basis. During the same quarter last year, the business posted $1.87 EPS. Equities analysts expect that Eastman Chemical will post 8.55 EPS for the current year.

Hedge Funds Weigh In On Eastman Chemical

Institutional investors have recently bought and sold shares of the business. Danske Bank A S grew its stake in shares of Eastman Chemical by 250.0% during the fourth quarter. Danske Bank A S now owns 2,800 shares of the basic materials company’s stock valued at $179,000 after purchasing an additional 2,000 shares during the last quarter. Oppenheimer Asset Management Inc. raised its position in shares of Eastman Chemical by 0.8% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 20,145 shares of the basic materials company’s stock worth $1,286,000 after acquiring an additional 162 shares during the last quarter. Citizens Financial Group Inc. RI acquired a new position in shares of Eastman Chemical during the fourth quarter valued at $236,000. New York State Teachers Retirement System boosted its holdings in Eastman Chemical by 7.6% in the fourth quarter. New York State Teachers Retirement System now owns 128,026 shares of the basic materials company’s stock valued at $8,172,000 after acquiring an additional 9,013 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D boosted its stake in shares of Eastman Chemical by 4.3% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 37,504 shares of the basic materials company’s stock valued at $2,394,000 after purchasing an additional 1,536 shares during the last quarter. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Company Profile

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.