KeyCorp Issues Pessimistic Forecast for Eastman Chemical (NYSE:EMN) Stock Price

Key Points

• KeyCorp has lowered its target price for Eastman Chemical from $93.00 to $79.00, while still maintaining an "overweight" rating, suggesting a potential upside of 29.13% from its current price.
• Multiple analysts have revised their target prices for Eastman Chemical, with Mizuho reducing it to $80.00 and JPMorgan cutting theirs to $76.00, reflecting a generally pessimistic outlook.
• Despite these forecast downgrades, Eastman Chemical's stock experienced a 4.1% increase in value, reaching $61.18 in trading on Monday.

Eastman Chemical (NYSE:EMN - Get Free Report) had its target price dropped by equities researchers at KeyCorp from $93.00 to $79.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the basic materials company's stock. KeyCorp's target price would suggest a potential upside of 29.13% from the company's current price.

Other research analysts also recently issued reports about the company. Mizuho dropped their target price on Eastman Chemical from $92.00 to $80.00 and set an "outperform" rating on the stock in a research note on Friday. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $76.00 price objective (down from $112.00) on shares of Eastman Chemical in a research note on Monday, April 28th. Morgan Stanley cut their target price on Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th. Piper Sandler dropped their price target on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Finally, Wall Street Zen downgraded Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $92.54.

Eastman Chemical Stock Up 4.1%

NYSE EMN traded up $2.39 on Monday, reaching $61.18. 1,386,566 shares of the stock traded hands, compared to its average volume of 1,542,736. Eastman Chemical has a 12 month low of $56.78 and a 12 month high of $114.50. The company has a market cap of $7.06 billion, a price-to-earnings ratio of 8.58, a PEG ratio of 1.69 and a beta of 1.21. The company has a fifty day moving average price of $77.71 and a 200-day moving average price of $84.48. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.79 and a current ratio of 1.72.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. lifted its holdings in Eastman Chemical by 5.9% in the first quarter. Principal Financial Group Inc. now owns 155,509 shares of the basic materials company's stock valued at $13,702,000 after acquiring an additional 8,708 shares during the period. OneDigital Investment Advisors LLC grew its holdings in shares of Eastman Chemical by 36.9% in the 1st quarter. OneDigital Investment Advisors LLC now owns 3,029 shares of the basic materials company's stock worth $267,000 after acquiring an additional 816 shares during the period. Teacher Retirement System of Texas acquired a new position in Eastman Chemical during the first quarter worth $1,494,000. Farther Finance Advisors LLC grew its holdings in Eastman Chemical by 12.8% in the first quarter. Farther Finance Advisors LLC now owns 1,890 shares of the basic materials company's stock valued at $167,000 after purchasing an additional 214 shares during the last quarter. Finally, Golden State Wealth Management LLC increased its holdings in Eastman Chemical by 882.3% during the 1st quarter. Golden State Wealth Management LLC now owns 943 shares of the basic materials company's stock valued at $83,000 after acquiring an additional 847 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

About Eastman Chemical

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.