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

Key Points

• Citigroup lowered Eastman Chemical’s price target from $76 to $75 while maintaining a “buy” rating, implying 13.49% potential upside from the prior close.
• Analyst sentiment is mixed: MarketBeat reports a consensus “hold” rating and a $74.43 average price target, with six buys, nine holds, and one sell.
• Eastman Chemical shares fell 1.0% to $66.09, while the company’s latest quarterly results missed analyst expectations for both earnings and revenue despite 8.3% year-over-year revenue growth.

Eastman Chemical (NYSE:EMN - Get Free Report) had its price objective cut by research analysts at Citigroup from $76.00 to $75.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a "buy" rating on the basic materials company's stock. Citigroup's price objective indicates a potential upside of 13.49% from the company's previous close.

Several other research firms have also weighed in on EMN. Zacks Research lowered Eastman Chemical from a "hold" rating to a "strong sell" rating in a research note on Monday, October 19th. Wall Street Zen cut Eastman Chemical from a "buy" rating to a "hold" rating in a research note on Saturday, September 12th. JPMorgan Chase & Co. cut their price target on shares of Eastman Chemical from $66.00 to $65.00 and set a "neutral" rating on the stock in a research report on Monday. UBS Group decreased their price objective 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, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $74.00 target price on shares of Eastman Chemical in a research note on Monday, August 3rd. Six investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $74.43.

Eastman Chemical Trading Down 1.0%

Eastman Chemical stock traded down $0.69 during mid-day trading on Tuesday, hitting $66.09. The stock had a trading volume of 537,679 shares, compared to its average volume of 1,387,031. The stock has a 50-day simple moving average of $66.71 and a two-hundred day simple moving average of $70.91. The company has a current ratio of 1.50, a quick ratio of 0.76 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $7.56 billion, a PE ratio of 11.74, a P/E/G ratio of 0.86 and a beta of 1.06. Eastman Chemical has a 12 month low of $56.11 and a 12 month high of $83.47.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The basic materials company reported $1.84 earnings per share for the quarter, missing the consensus estimate of $1.92 by ($0.08). The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.41 billion. Eastman Chemical had a net margin of 4.99% and a return on equity of 9.46%. The company's quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.14 earnings per share. As a group, sell-side analysts forecast that Eastman Chemical will post 6.05 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of EMN. Elevation Wealth Partners LLC bought a new stake in shares of Eastman Chemical in the third quarter valued at about $25,000. Continuum Advisory LLC acquired a new position in Eastman Chemical during the second quarter worth approximately $40,000. Altshuler Shaham Ltd raised its stake in Eastman Chemical by 36.9% in the 1st 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 period. Quantbot Technologies LP bought a new stake in shares of Eastman Chemical during the 2nd quarter worth about $44,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Eastman Chemical in the second quarter valued at approximately $46,000. Institutional investors own 83.65% of the company's stock.

About Eastman Chemical

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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