Eastman Chemical (NYSE:EMN) Stock Price Target Cut by JPMorgan Chase & Co.

Key Points

• JPMorgan cut Eastman Chemical’s price target from $66 to $65 while maintaining a “neutral” rating, implying 2.82% downside from the stock’s $66.89 price.
• Analyst sentiment remains cautious: MarketBeat reports a consensus “Hold” rating from 16 analysts and an average price target of $74.36, despite some firms retaining Buy ratings.
• Eastman Chemical’s latest quarterly results missed expectations, with adjusted EPS of $1.84 versus the $1.92 consensus and revenue of $2.38 billion versus estimates of $2.41 billion.

Eastman Chemical (NYSE:EMN - Get Free Report) had its price objective reduced by research analysts at JPMorgan Chase & Co. from $66.00 to $65.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a "neutral" rating on the basic materials company's stock. JPMorgan Chase & Co.'s target price points to a potential downside of 2.82% from the company's current price.

Several other equities research analysts also recently commented on EMN. Royal Bank Of Canada reduced their price target on shares of Eastman Chemical from $74.00 to $65.00 and set a "sector perform" rating for the company in a research report on Tuesday, October 13th. Citigroup lowered their price objective on shares of Eastman Chemical from $81.00 to $76.00 and set a "buy" rating on the stock in a research report on Wednesday, September 30th. Weiss Ratings restated a "hold (c)" rating on shares of Eastman Chemical in a report on Thursday, August 13th. KeyCorp assumed coverage on Eastman Chemical in a report on Thursday, September 10th. They issued a "sector weight" rating for the company. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $72.00 target price on shares of Eastman Chemical in a research report on Monday. Six research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $74.36.

Eastman Chemical Price Performance

Shares of NYSE:EMN traded up $0.36 on Monday, reaching $66.89. 92,802 shares of the company traded hands, compared to its average volume of 1,383,253. Eastman Chemical has a fifty-two week low of $56.11 and a fifty-two week high of $83.47. The company's 50 day moving average is $66.85 and its 200-day moving average is $70.92. The stock has a market capitalization of $7.65 billion, a PE ratio of 11.87, a P/E/G ratio of 0.91 and a beta of 1.06. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.50 and a quick ratio of 0.76.

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 for the quarter, missing analysts' consensus estimates of $1.92 by ($0.08). The company 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 company's revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.14 EPS. As a group, analysts anticipate that Eastman Chemical will post 6.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Eastman Chemical

A number of large investors have recently bought and sold shares of EMN. Elevation Wealth Partners LLC acquired a new stake in shares of Eastman Chemical in the third quarter worth about $25,000. Continuum Advisory LLC bought a new stake in Eastman Chemical during the second quarter worth approximately $40,000. Altshuler Shaham Ltd grew its holdings in 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 purchasing an additional 145 shares during the last quarter. Quantbot Technologies LP acquired a new position in Eastman Chemical during the second quarter valued at approximately $44,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Eastman Chemical in the second quarter valued at approximately $46,000. 83.65% of the stock is currently owned by 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.

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