Citigroup Has Lowered Expectations for Eastman Chemical (NYSE:EMN) Stock Price

Eastman Chemical (NYSE:EMN) had its target price dropped by research analysts at Citigroup from $76.00 to $75.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the basic materials company’s stock. Citigroup‘s price objective points to a potential upside of 13.49% from the stock’s current price.

A number of other research firms have also commented on EMN. Mizuho lowered their price objective on Eastman Chemical from $85.00 to $80.00 and set an “outperform” rating on the stock in a research note on Thursday, October 1st. Barclays upped their target price on Eastman Chemical from $72.00 to $74.00 and gave the company an “equal weight” rating in a research report on Monday. Royal Bank Of Canada reduced their target price on Eastman Chemical from $74.00 to $65.00 and set a “sector perform” rating on the stock in a report on Tuesday, October 13th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $72.00 price target on shares of Eastman Chemical in a research note on Monday. Finally, JPMorgan Chase & Co. cut their price objective on shares of Eastman Chemical from $66.00 to $65.00 and set a “neutral” rating for the company in a research report on Monday. Six analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Eastman Chemical presently has an average rating of “Hold” and an average target price of $74.43.

Eastman Chemical Stock Performance

Shares of NYSE:EMN traded down $0.69 on Tuesday, reaching $66.09. 537,679 shares of the company’s stock were exchanged, compared to its average volume of 1,387,031. The company has a fifty day moving average of $66.71 and a 200-day moving average of $70.91. Eastman Chemical has a twelve month low of $56.11 and a twelve month high of $83.47. The company has a market capitalization of $7.56 billion, a price-to-earnings ratio of 11.74, a PEG ratio of 0.86 and a beta of 1.06. The company has a current ratio of 1.50, a quick ratio of 0.76 and a debt-to-equity ratio of 0.72.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 29th. The basic materials company reported $1.84 earnings per share for the quarter, missing analysts’ consensus estimates of $1.92 by ($0.08). Eastman Chemical had a net margin of 4.99% and a return on equity of 9.46%. The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.41 billion. During the same quarter in the previous year, the firm posted $1.14 earnings per share. The firm’s quarterly revenue was up 8.3% on a year-over-year basis. On average, research analysts predict that Eastman Chemical will post 6.05 EPS for the current fiscal year.

Institutional Trading of Eastman Chemical

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Eastman Chemical during the 2nd quarter valued at $1,134,421,000. Dimensional Fund Advisors LP increased its holdings in Eastman Chemical by 7.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,936,789 shares of the basic materials company’s stock worth $376,747,000 after purchasing an additional 338,914 shares in the last quarter. State Street Corp raised 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 purchasing an additional 29,010 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Eastman Chemical by 39.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,592,691 shares of the basic materials company’s stock valued at $196,552,000 after purchasing an additional 732,693 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of Eastman Chemical by 13.5% during the first quarter. Bank of America Corp DE now owns 2,244,071 shares of the basic materials company’s stock valued at $171,267,000 after purchasing an additional 266,719 shares in 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 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.