Eastman Chemical Company (NYSE:EMN) Stock Has Consensus Target Price of $74.64

Eastman Chemical Company (NYSE:EMN) has received an average recommendation of “Hold” from the sixteen research firms that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $74.79.

EMN has been the subject of a number of recent analyst reports. Wells Fargo & Company set a $68.00 price objective on shares of Eastman Chemical in a report on Friday, October 16th. Wall Street Zen lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Saturday, September 12th. Zacks Research lowered shares of Eastman Chemical from a “hold” rating to a “strong sell” rating in a research note on Monday, October 19th. Royal Bank Of Canada raised their target price on Eastman Chemical from $65.00 to $70.00 and gave the company a “sector perform” rating in a research report on Wednesday. Finally, Citigroup cut their price target on Eastman Chemical from $76.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $67.74 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.57 and a quick ratio of 0.76. The stock has a market capitalization of $7.75 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 0.91 and a beta of 1.07. The firm’s 50 day simple moving average is $66.47 and its 200-day simple moving average is $70.88. Eastman Chemical has a 12 month low of $56.11 and a 12 month high of $83.47.

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

Institutional Trading of Eastman Chemical

Institutional investors and hedge funds have recently made changes to their positions in the business. Elevation Wealth Partners LLC acquired a new stake in Eastman Chemical in the 3rd quarter worth about $25,000. Continuum Advisory LLC purchased a new stake in Eastman Chemical during the 2nd quarter worth approximately $40,000. Altshuler Shaham Ltd raised its holdings in shares of Eastman Chemical by 36.9% during the first 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 during the last quarter. Quantbot Technologies LP acquired a new position in shares of Eastman Chemical during the second quarter valued at approximately $44,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Eastman Chemical during the second quarter valued at approximately $46,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

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.