Eastman Chemical (NYSE:EMN) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Eastman Chemical (NYSE:EMN) had its price objective hoisted by equities research analysts at JPMorgan Chase & Co. from $60.00 to $70.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential downside of 2.06% from the stock’s previous close.

A number of other equities analysts also recently commented on the company. Deutsche Bank Aktiengesellschaft lifted their price objective on Eastman Chemical from $64.00 to $72.00 and gave the stock a “hold” rating in a research report on Monday. Royal Bank Of Canada lowered Eastman Chemical from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $74.00 to $70.00 in a research report on Friday, January 16th. UBS Group cut their price objective on Eastman Chemical from $75.00 to $73.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Citigroup increased their target price on shares of Eastman Chemical from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, January 15th. Finally, KeyCorp restated an “overweight” rating on shares of Eastman Chemical in a report on Monday. Seven analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $78.00.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock traded up $2.15 on Monday, hitting $71.47. The company’s stock had a trading volume of 797,902 shares, compared to its average volume of 1,687,148. The company has a market capitalization of $8.15 billion, a price-to-earnings ratio of 17.47, a price-to-earnings-growth ratio of 6.81 and a beta of 1.23. The firm has a fifty day moving average price of $65.00 and a 200-day moving average price of $65.00. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.86 and a current ratio of 1.76. Eastman Chemical has a 1 year low of $56.11 and a 1 year high of $103.82.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (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 10.63%. The company had revenue of $1.97 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same quarter last year, the business earned $1.87 EPS. The firm’s revenue for the quarter was down 12.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. grew its holdings in shares of Eastman Chemical by 0.8% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 20,145 shares of the basic materials company’s stock worth $1,286,000 after purchasing an additional 162 shares during the last quarter. Amalgamated Bank lifted its stake in Eastman Chemical by 0.8% in the second quarter. Amalgamated Bank now owns 22,291 shares of the basic materials company’s stock valued at $1,664,000 after buying an additional 168 shares during the last quarter. Brown Lisle Cummings Inc. grew its position in shares of Eastman Chemical by 70.0% during the fourth quarter. Brown Lisle Cummings Inc. now owns 425 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 175 shares during the last quarter. Advisors Management Group Inc. ADV raised its position in Eastman Chemical by 1.5% in the 3rd quarter. Advisors Management Group Inc. ADV now owns 12,327 shares of the basic materials company’s stock valued at $777,000 after purchasing an additional 181 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its stake in Eastman Chemical by 2.6% during the 1st quarter. NewEdge Advisors LLC now owns 7,310 shares of the basic materials company’s stock worth $644,000 after purchasing an additional 183 shares during the period. 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.