Eastman Chemical (NYSE:EMN) Given New $68.00 Price Target at Citigroup

Key Points

• Citigroup has lowered Eastman Chemical's price target from $90.00 to $68.00 while maintaining a "buy" rating, indicating a potential upside of 11.99% from the current stock price.
• Other analysts have also revised their ratings and price targets for Eastman Chemical, with a consensus rating of "Moderate Buy" and an average target price of $90.00.
• Eastman Chemical recently reported earnings of $1.60 per share, missing expectations, with revenue down 3.2% year-over-year to $2.29 billion.

Eastman Chemical (NYSE:EMN - Get Free Report) had its price objective lowered by equities researchers at Citigroup from $90.00 to $68.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the basic materials company's stock. Citigroup's price target suggests a potential upside of 11.99% from the company's current price.

Other equities analysts have also issued reports about the company. Wall Street Zen lowered Eastman Chemical from a "buy" rating to a "hold" rating in a research note on Monday, April 28th. Piper Sandler reduced their price target on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Morgan Stanley reduced their target price on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Monday, April 28th. UBS Group reduced their price target on Eastman Chemical from $107.00 to $101.00 and set a "buy" rating for the company in a report on Wednesday, July 9th. Finally, KeyCorp reduced their target price on Eastman Chemical from $93.00 to $79.00 and set an "overweight" rating on the stock in a report on Monday. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $90.00.

Eastman Chemical Stock Up 3.3%

NYSE:EMN traded up $1.93 during trading hours on Monday, hitting $60.72. 2,545,456 shares of the company's stock traded hands, compared to its average volume of 1,551,027. Eastman Chemical has a twelve month low of $56.78 and a twelve month high of $114.50. The firm has a market cap of $7.01 billion, a P/E ratio of 8.53, a P/E/G ratio of 1.69 and a beta of 1.21. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.79 and a current ratio of 1.72. The stock's fifty day moving average price is $77.71 and its two-hundred day moving average price is $84.48.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The basic materials company reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.72 by ($0.12). Eastman Chemical had a return on equity of 15.29% and a net margin of 8.96%. The firm had revenue of $2.29 billion for the quarter, compared to analysts' expectations of $2.32 billion. During the same quarter in the prior year, the business posted $2.15 earnings per share. Eastman Chemical's revenue was down 3.2% on a year-over-year basis. On average, research analysts expect that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Eastman Chemical

Several institutional investors have recently added to or reduced their stakes in the business. MassMutual Private Wealth & Trust FSB lifted its holdings in Eastman Chemical by 65.5% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 369 shares of the basic materials company's stock worth $28,000 after purchasing an additional 146 shares in the last quarter. Ameritas Advisory Services LLC bought a new stake in shares of Eastman Chemical during the second quarter valued at about $32,000. National Pension Service lifted its holdings in shares of Eastman Chemical by 75.3% in the first quarter. National Pension Service now owns 433 shares of the basic materials company's stock worth $38,000 after buying an additional 186 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Eastman Chemical in the fourth quarter valued at approximately $43,000. Finally, Orion Capital Management LLC purchased a new position in Eastman Chemical during the fourth quarter valued at approximately $47,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Company Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.