The Goldman Sachs Group Lowers Eastman Chemical (NYSE:EMN) Price Target to $65.00

Key Points

• The Goldman Sachs Group has reduced its target price for Eastman Chemical from $87.00 to $65.00, maintaining a "neutral" rating, indicating a potential upside of 5.98% from the stock's last close.
• Other analysts have also lowered their price targets, with UBS reducing theirs from $107.00 to $101.00, while Barclays cut theirs from $108.00 to $85.00, highlighting a trend of decreasing expectations for the company's stock.
• Despite the recent downgrades, six analysts still rate the stock as a hold and eight as a buy, with a consensus rating of "Moderate Buy" and an average price target of $87.00.

Eastman Chemical (NYSE:EMN - Get Free Report) had its target price decreased by analysts at The Goldman Sachs Group from $87.00 to $65.00 in a report released on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the basic materials company's stock. The Goldman Sachs Group's target price would suggest a potential upside of 5.48% from the company's previous close.

EMN has been the topic of a number of other reports. Morgan Stanley cut their price objective on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. UBS Group decreased their price objective on shares of Eastman Chemical from $107.00 to $101.00 and set a "buy" rating for the company in a research note on Wednesday, July 9th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $76.00 target price (down previously from $112.00) on shares of Eastman Chemical in a research note on Monday, April 28th. Mizuho reduced their target price on Eastman Chemical from $92.00 to $80.00 and set an "outperform" rating for the company in a report on Friday, August 1st. Finally, KeyCorp set a $79.00 price target on Eastman Chemical and gave the stock an "overweight" rating in a report on Monday, August 4th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Eastman Chemical presently has a consensus rating of "Moderate Buy" and an average price target of $87.00.

Eastman Chemical Stock Up 0.6%

Shares of NYSE EMN traded up $0.35 during midday trading on Thursday, hitting $61.62. 1,246,580 shares of the stock traded hands, compared to its average volume of 1,875,927. Eastman Chemical has a one year low of $56.78 and a one year high of $114.50. The business has a 50 day moving average price of $75.75 and a two-hundred day moving average price of $83.49. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.79 and a current ratio of 1.68. The company has a market cap of $7.08 billion, a PE ratio of 8.65, a P/E/G ratio of 5.72 and a beta of 1.21.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The basic materials company reported $1.60 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.72 by ($0.12). The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.32 billion. Eastman Chemical had a net margin of 8.96% and a return on equity of 15.24%. The firm's quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.15 earnings per share. On average, equities analysts predict that Eastman Chemical will post 8.55 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Letko Brosseau & Associates Inc. lifted its position in shares of Eastman Chemical by 2.5% during the second quarter. Letko Brosseau & Associates Inc. now owns 850,596 shares of the basic materials company's stock worth $63,505,000 after acquiring an additional 21,070 shares in the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of Eastman Chemical by 15.1% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 27,393 shares of the basic materials company's stock valued at $2,045,000 after purchasing an additional 3,604 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in Eastman Chemical by 7.5% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 28,317 shares of the basic materials company's stock worth $2,114,000 after purchasing an additional 1,980 shares in the last quarter. Empower Advisory Group LLC boosted its stake in Eastman Chemical by 1.9% in the 2nd quarter. Empower Advisory Group LLC now owns 881,627 shares of the basic materials company's stock worth $65,822,000 after purchasing an additional 16,191 shares during the period. Finally, Foundations Investment Advisors LLC purchased a new position in Eastman Chemical during the 2nd quarter valued at about $224,000. 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.