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

Key Points

• Mizuho has reduced the price target for Eastman Chemical's stock from $92.00 to $80.00, suggesting a potential upside of 38.53% from the stock's previous close.
• Eastman Chemical's stock has been rated by various analysts, with KeyCorp lowering its target to $93.00 and Barclays to $85.00, while Goldman Sachs set a target of $87.00.
• For the last quarter, Eastman Chemical reported an earnings per share (EPS) of $1.60, which fell short of the consensus estimate by $0.12.

Eastman Chemical (NYSE:EMN - Get Free Report) had its price target lowered by analysts at Mizuho from $92.00 to $80.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an "outperform" rating on the basic materials company's stock. Mizuho's price target would suggest a potential upside of 38.53% from the stock's previous close.

EMN has been the topic of a number of other research reports. KeyCorp reduced their price objective on Eastman Chemical from $106.00 to $93.00 and set an "overweight" rating on the stock in a research report on Monday, July 14th. Barclays dropped their price objective on Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 29th. The Goldman Sachs Group dropped their price target on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th. Royal Bank Of Canada raised Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price target on the stock in a research note on Wednesday, April 9th. Finally, Wall Street Zen downgraded Eastman Chemical from a "buy" rating to a "hold" rating in a research note on Monday, April 28th. 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 MarketBeat.com, Eastman Chemical has a consensus rating of "Moderate Buy" and a consensus target price of $95.15.

Eastman Chemical Price Performance

Shares of EMN traded down $14.86 during midday trading on Friday, hitting $57.75. The company's stock had a trading volume of 3,978,658 shares, compared to its average volume of 1,519,094. Eastman Chemical has a one year low of $56.78 and a one year high of $114.50. The company's fifty day simple moving average is $78.15 and its two-hundred day simple moving average is $84.81. The company has a quick ratio of 0.79, a current ratio of 1.72 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $6.67 billion, a price-to-earnings ratio of 7.35, a price-to-earnings-growth ratio of 2.11 and a beta of 1.22.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued 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 net margin of 9.85% and a return on equity of 16.59%. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.32 billion. During the same quarter in the previous year, the business posted $2.15 EPS. The company's revenue for the quarter was down 3.2% on a year-over-year basis. As a group, equities analysts expect that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Eastman Chemical

A number of large investors have recently made changes to their positions in EMN. Principal Financial Group Inc. boosted its stake in Eastman Chemical by 5.9% during 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 buying an additional 8,708 shares during the period. OneDigital Investment Advisors LLC boosted its position 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 purchasing an additional 816 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in Eastman Chemical in the 1st quarter worth approximately $1,494,000. Farther Finance Advisors LLC raised its holdings in Eastman Chemical by 12.8% in the 1st quarter. Farther Finance Advisors LLC now owns 1,890 shares of the basic materials company's stock worth $167,000 after acquiring an additional 214 shares during the last quarter. Finally, Golden State Wealth Management LLC raised its stake 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 buying an additional 847 shares during the last quarter. 83.65% of the stock is owned by 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.

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