Eastman Chemical (NYSE:EMN) Stock Gets Price Target Trim from Citigroup

Eastman Chemical (NYSE:EMN) had its price objective cut by Citigroup from $76.00 to $75.00 in a report released on Tuesday,Benzinga reports. They currently have a buy rating on the basic materials company’s stock.

Several other equities research analysts also recently issued reports on the stock. KeyCorp initiated coverage on shares of Eastman Chemical in a research note on Thursday, September 10th. They issued a “sector weight” rating on the stock. Wells Fargo & Company set a $68.00 target price on shares of Eastman Chemical in a research report on Friday, October 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Eastman Chemical in a research note on Thursday, August 13th. The Goldman Sachs Group reissued a “neutral” rating and issued a $72.00 price target on shares of Eastman Chemical in a report on Monday. Finally, Zacks Research downgraded shares of Eastman Chemical from a “hold” rating to a “strong sell” rating in a report on Monday, October 19th. Six investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Eastman Chemical currently has an average rating of “Hold” and a consensus target price of $74.79.

Eastman Chemical Stock Performance

EMN opened at $65.55 on Tuesday. The firm has a market capitalization of $7.50 billion, a P/E ratio of 11.64, a price-to-earnings-growth ratio of 0.94 and a beta of 1.07. The stock’s 50 day moving average price is $66.33 and its two-hundred day moving average price is $70.86. The company has a quick ratio of 0.76, a current ratio of 1.57 and a debt-to-equity ratio of 0.70. Eastman Chemical has a 12-month low of $56.11 and a 12-month high of $83.47.

Eastman Chemical (NYSE:EMN) last issued 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). Eastman Chemical had a return on equity of 10.59% and a net margin of 7.15%. The business had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.41 billion. During the same period in the prior year, the firm earned $1.14 earnings per share. The business’s quarterly revenue was up 8.3% on a year-over-year basis. On average, equities analysts forecast that Eastman Chemical will post 6.10 earnings per share for the current year.

Institutional Trading of Eastman Chemical

A number of hedge funds have recently modified their holdings of EMN. WINTON GROUP Ltd acquired a new stake in shares of Eastman Chemical during the 2nd quarter worth about $1,453,000. Man Group plc bought a new position in Eastman Chemical during the 2nd quarter valued at about $5,471,000. State Street Corp boosted its position in Eastman Chemical by 0.7% in the second quarter. State Street Corp now owns 4,169,105 shares of the basic materials company’s stock valued at $282,741,000 after buying an additional 29,010 shares in the last quarter. Bank of America Corp DE boosted its position in Eastman Chemical by 10.1% in the second quarter. Bank of America Corp DE now owns 2,469,976 shares of the basic materials company’s stock valued at $165,439,000 after buying an additional 225,905 shares in the last quarter. Finally, Van ECK Associates Corp bought a new stake in Eastman Chemical during the second quarter worth about $2,095,000. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Company Profile

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.