Eastman Chemical (NYSE:EMN) Stock Price Expected to Rise, Bank of America Analyst Says

Eastman Chemical (NYSE:EMN) had its target price hoisted by stock analysts at Bank of America from $74.00 to $79.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the basic materials company’s stock. Bank of America‘s price objective would indicate a potential upside of 13.90% from the stock’s current price.

Several other research analysts also recently commented on the company. Weiss Ratings reissued a “hold (c-)” rating on shares of Eastman Chemical in a research note on Wednesday, January 21st. UBS Group lowered their target price on Eastman Chemical from $75.00 to $73.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $70.00 target price on shares of Eastman Chemical in a research report on Friday, December 19th. Evercore ISI reduced their price target on Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating on the stock in a report on Tuesday, November 11th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Eastman Chemical from $64.00 to $72.00 and gave the company a “hold” rating in a report on Monday. Six investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $78.43.

Eastman Chemical Trading Up 0.5%

Eastman Chemical stock opened at $69.36 on Monday. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.76 and a quick ratio of 0.86. The firm has a 50-day moving average of $65.00 and a 200-day moving average of $65.00. The company has a market cap of $7.91 billion, a price-to-earnings ratio of 16.96, a P/E/G ratio of 6.81 and a beta of 1.23. Eastman Chemical has a one year low of $56.11 and a one year high of $103.82.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). Eastman Chemical had a return on equity of 10.63% and a net margin of 5.42%.The business had revenue of $1.97 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period last year, the firm earned $1.87 EPS. Eastman Chemical’s quarterly revenue was down 12.1% compared to the same quarter last year. On average, 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

Several hedge funds and other institutional investors have recently bought and sold shares of EMN. Vanguard Group Inc. raised its position in shares of Eastman Chemical by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 14,659,591 shares of the basic materials company’s stock worth $1,094,485,000 after acquiring an additional 79,988 shares in the last quarter. State Street Corp increased its holdings in Eastman Chemical by 24.3% in the third quarter. State Street Corp now owns 5,687,097 shares of the basic materials company’s stock worth $363,314,000 after purchasing an additional 1,112,391 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Eastman Chemical by 14.4% in the third quarter. Dimensional Fund Advisors LP now owns 4,052,656 shares of the basic materials company’s stock worth $255,515,000 after purchasing an additional 509,290 shares in the last quarter. Invesco Ltd. grew its position in shares of Eastman Chemical by 6.8% during the 2nd quarter. Invesco Ltd. now owns 2,993,687 shares of the basic materials company’s stock worth $223,509,000 after buying an additional 191,461 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Eastman Chemical by 1.4% in the 2nd quarter. Geode Capital Management LLC now owns 2,955,625 shares of the basic materials company’s stock valued at $220,252,000 after acquiring an additional 39,510 shares in the last quarter. Institutional investors and hedge funds 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.