Eastman Chemical (NYSE:EMN) Given New $78.00 Price Target at Citigroup

Eastman Chemical (NYSE:EMN) had its price target raised by stock analysts at Citigroup from $75.00 to $78.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the basic materials company’s stock. Citigroup’s price target suggests a potential upside of 3.55% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. Royal Bank Of Canada downgraded shares of Eastman Chemical from an “outperform” rating to a “sector perform” rating and lowered their price target for the company from $74.00 to $70.00 in a report on Friday, January 16th. Evercore ISI dropped their target price on Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating for the company in a research report on Tuesday, November 11th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $70.00 target price on shares of Eastman Chemical in a research note on Friday, December 19th. KeyCorp reiterated an “overweight” rating on shares of Eastman Chemical in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Eastman Chemical from $64.00 to $72.00 and gave the company a “hold” rating in a research note on Monday. Seven analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Eastman Chemical has a consensus rating of “Hold” and a consensus price target of $78.21.

Eastman Chemical Stock Performance

Shares of EMN traded up $3.85 during trading hours on Tuesday, hitting $75.33. The stock had a trading volume of 1,086,240 shares, compared to its average volume of 1,716,200. The stock has a fifty day moving average price of $65.25 and a 200 day moving average price of $64.95. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.76 and a quick ratio of 0.86. The firm has a market capitalization of $8.59 billion, a PE ratio of 18.46, a PEG ratio of 6.81 and a beta of 1.23. Eastman Chemical has a 12 month low of $56.11 and a 12 month high of $103.82.

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

Hedge Funds Weigh In On Eastman Chemical

Large investors have recently modified their holdings of the company. MUFG Securities EMEA plc purchased a new stake in shares of Eastman Chemical in the second quarter worth about $25,000. Brown Lisle Cummings Inc. boosted its holdings in Eastman Chemical by 70.0% in the 4th quarter. Brown Lisle Cummings Inc. now owns 425 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 175 shares during the period. Ameritas Advisory Services LLC acquired a new position in shares of Eastman Chemical during the second quarter worth $32,000. Loomis Sayles & Co. L P acquired a new position in Eastman Chemical in the 2nd quarter worth $33,000. Finally, Lodestone Wealth Management LLC purchased a new stake in shares of Eastman Chemical during the fourth quarter worth about $33,000. 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 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.