Eastman Chemical (NYSE:EMN) Stock Gets Price Target Bump from Barclays

Key Points

• Barclays raised Eastman Chemical’s price target from $72 to $74 while maintaining an “equal weight” rating, implying 10.82% potential upside from the prior close.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $74.50 from 16 analysts.
• Eastman Chemical shares rose 0.4% to $66.78, while its latest quarterly results fell short of expectations: EPS was $1.84 versus a $1.92 estimate, and revenue was $2.38 billion versus $2.41 billion expected.

Eastman Chemical (NYSE:EMN - Get Free Report) had its price objective boosted by research analysts at Barclays from $72.00 to $74.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has an "equal weight" rating on the basic materials company's stock. Barclays's price target would indicate a potential upside of 10.82% from the stock's previous close.

Other equities analysts also recently issued research reports about the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Eastman Chemical in a research report on Thursday, August 13th. Wall Street Zen downgraded shares of Eastman Chemical from a "buy" rating to a "hold" rating in a report on Saturday, September 12th. Mizuho cut their price objective on shares of Eastman Chemical from $85.00 to $80.00 and set an "outperform" rating on the stock in a research report on Thursday, October 1st. UBS Group reduced their target price on shares of Eastman Chemical from $92.00 to $77.00 and set a "buy" rating for the company in a report on Monday, October 5th. Finally, Citigroup decreased their target price on shares of Eastman Chemical from $81.00 to $76.00 and set a "buy" rating for the company in a research report on Wednesday, September 30th. Six analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Eastman Chemical presently has a consensus rating of "Hold" and a consensus price target of $74.50.

Eastman Chemical Stock Up 0.4%

EMN traded up $0.25 during trading on Monday, hitting $66.78. The company had a trading volume of 1,705,174 shares, compared to its average volume of 1,387,352. The company has a market capitalization of $7.64 billion, a PE ratio of 11.86, a PEG ratio of 0.91 and a beta of 1.06. Eastman Chemical has a one year low of $56.11 and a one year high of $83.47. The firm's 50-day moving average price is $66.85 and its 200 day moving average price is $70.92. The company has a quick ratio of 0.76, a current ratio of 1.50 and a debt-to-equity ratio of 0.72.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly 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). The firm had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.41 billion. Eastman Chemical had a net margin of 7.15% and a return on equity of 10.69%. The business's revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.14 EPS. As a group, equities analysts expect that Eastman Chemical will post 6.05 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Inscription Capital LLC bought a new stake in shares of Eastman Chemical in the 3rd quarter valued at about $310,000. Chicago Partners Investment Group LLC grew its holdings in Eastman Chemical by 28.4% during the third quarter. Chicago Partners Investment Group LLC now owns 6,290 shares of the basic materials company's stock worth $408,000 after purchasing an additional 1,391 shares during the period. Compass Financial Management LLC increased its position in Eastman Chemical by 87.2% during the third quarter. Compass Financial Management LLC now owns 1,752 shares of the basic materials company's stock worth $114,000 after buying an additional 816 shares during the last quarter. ProShare Advisors LLC bought a new stake in Eastman Chemical in the third quarter valued at approximately $9,281,000. Finally, Vise Technologies Inc. raised its stake in Eastman Chemical by 59.2% in the third quarter. Vise Technologies Inc. now owns 6,303 shares of the basic materials company's stock valued at $409,000 after buying an additional 2,344 shares during the period. 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.

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