Eastman Chemical (NYSE:EMN) Stock Price Expected to Rise, Citigroup Analyst Says

Key Points

• Citigroup raised its price target on Eastman Chemical to $84 (from $78) and kept a "buy" rating, implying roughly a 23.8% upside from the current share price.
• Analyst views are mixed—seven Buys and nine Holds leave a MarketBeat consensus rating of Hold with a consensus target of $79.64.
• Eastman slightly missed the latest quarter (EPS $0.75 vs $0.76) and revenue fell 12.1% YoY to $1.97B; the stock trades around $67.88 with a P/E of 16.57 and a market cap of $7.74B.

Eastman Chemical (NYSE:EMN - Get Free Report) had its price target upped by Citigroup from $78.00 to $84.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the basic materials company's stock. Citigroup's price objective would suggest a potential upside of 23.76% from the stock's current price.

Several other equities analysts also recently weighed in on the stock. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $79.00 target price on shares of Eastman Chemical in a research note on Wednesday, February 4th. Zacks Research raised shares of Eastman Chemical from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 4th. KeyCorp reaffirmed an "overweight" rating on shares of Eastman Chemical in a report on Monday, February 2nd. Evercore set a $75.00 price target on Eastman Chemical in a research report on Wednesday, February 18th. Finally, Weiss Ratings upgraded Eastman Chemical from a "sell (d+)" rating to a "hold (c)" rating in a research note on Wednesday, February 18th. Seven analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $79.64.

Eastman Chemical Stock Up 0.2%

Shares of EMN traded up $0.16 during trading hours on Thursday, reaching $67.88. The stock had a trading volume of 837,084 shares, compared to its average volume of 1,692,359. The company has a current ratio of 1.37, a quick ratio of 0.63 and a debt-to-equity ratio of 0.70. The firm has a 50-day simple moving average of $72.48 and a 200 day simple moving average of $66.35. Eastman Chemical has a 12 month low of $56.11 and a 12 month high of $94.11. The company has a market capitalization of $7.74 billion, a price-to-earnings ratio of 16.57, a P/E/G ratio of 1.53 and a beta of 1.20.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its earnings results on Thursday, January 29th. The basic materials company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.01). Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. The firm had revenue of $1.97 billion during the quarter, compared to analysts' expectations of $2.03 billion. During the same quarter in the prior year, the company earned $1.87 EPS. The business's revenue for the quarter was down 12.1% on a year-over-year basis. Equities research analysts predict that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. MUFG Securities EMEA plc bought a new stake in shares of Eastman Chemical during the 2nd quarter worth $25,000. Altshuler Shaham Ltd bought a new stake in Eastman Chemical during the fourth quarter worth about $25,000. Brown Lisle Cummings Inc. boosted its holdings in shares of Eastman Chemical by 70.0% in the 4th quarter. Brown Lisle Cummings Inc. now owns 425 shares of the basic materials company's stock worth $27,000 after purchasing an additional 175 shares in the last quarter. Garton & Associates Financial Advisors LLC bought a new position in shares of Eastman Chemical during the 4th quarter valued at about $27,000. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Eastman Chemical during the 4th quarter valued at about $27,000. Hedge funds and other institutional investors own 83.65% of the company's stock.

About Eastman Chemical

Eastman Chemical Company NYSE: EMN is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company's main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.

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