Citigroup Cuts Eastman Chemical (NYSE:EMN) Price Target to $68.00

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 target cut by stock analysts at Citigroup from $90.00 to $68.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "buy" rating on the basic materials company's stock. Citigroup's target price would suggest a potential upside of 10.30% from the company's previous close.

EMN has been the topic of a number of other research reports. Piper Sandler lowered their price target on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Wells Fargo & Company lowered their target price on Eastman Chemical from $90.00 to $70.00 and set an "overweight" rating on the stock in a research note on Monday. KeyCorp set a $79.00 price target on Eastman Chemical and gave the stock an "overweight" rating in a report on Monday. Barclays decreased their price objective on Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 29th. Finally, Royal Bank Of Canada raised Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 target price for the company in a report on Wednesday, April 9th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $87.00.

Eastman Chemical Stock Up 0.6%

Shares of Eastman Chemical stock traded up $0.38 on Monday, reaching $61.65. 274,658 shares of the company were exchanged, compared to its average volume of 1,559,636. Eastman Chemical has a one year low of $56.78 and a one year high of $114.50. The company has a current ratio of 1.68, a quick ratio of 0.79 and a debt-to-equity ratio of 0.81. The company has a 50-day moving average of $76.09 and a 200 day moving average of $83.71. The company has a market capitalization of $7.08 billion, a price-to-earnings ratio of 8.66, a PEG ratio of 5.51 and a beta of 1.21.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings results 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 15.24% and a net margin of 8.96%. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same period last year, the company posted $2.15 earnings per share. The business's revenue was down 3.2% compared to the same quarter last year. On average, equities research analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current year.

Hedge Funds Weigh In On Eastman Chemical

Hedge funds and other institutional investors have recently modified their holdings of the business. MassMutual Private Wealth & Trust FSB lifted its stake in Eastman Chemical by 65.5% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 369 shares of the basic materials company's stock valued at $28,000 after purchasing an additional 146 shares during the last quarter. Ameritas Advisory Services LLC bought a new stake in Eastman Chemical during the second quarter valued at $32,000. National Pension Service grew its stake in Eastman Chemical by 75.3% during the first quarter. National Pension Service now owns 433 shares of the basic materials company's stock worth $38,000 after purchasing an additional 186 shares during the period. Headlands Technologies LLC bought a new stake in shares of Eastman Chemical in the 4th quarter valued at $43,000. Finally, Orion Capital Management LLC acquired a new stake in Eastman Chemical in the fourth quarter worth $47,000. Institutional investors own 83.65% of the company's stock.

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.