Eastman Chemical (NYSE:EMN) Price Target Raised to $84.00

Eastman Chemical (NYSE:EMN) had its price target upped by equities researchers at Citigroup from $78.00 to $84.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the basic materials company’s stock. Citigroup’s target price indicates a potential upside of 23.76% from the stock’s previous close.

Several other brokerages have also recently issued reports on EMN. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $70.00 target price on shares of Eastman Chemical in a report on Friday, December 19th. Evercore set a $75.00 price objective on Eastman Chemical in a research report on Wednesday, February 18th. Zacks Research upgraded Eastman Chemical from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. KeyCorp reaffirmed an “overweight” rating on shares of Eastman Chemical in a research report on Monday, February 2nd. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Eastman Chemical from $64.00 to $72.00 and gave the stock a “hold” rating in a research report on Monday, February 2nd. Seven research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $79.64.

Eastman Chemical Trading Up 0.2%

NYSE:EMN traded up $0.16 during midday trading on Thursday, reaching $67.88. 837,084 shares of the stock traded hands, compared to its average volume of 1,692,359. The stock has a market capitalization of $7.74 billion, a P/E ratio of 16.57, a PEG ratio of 1.53 and a beta of 1.20. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.63 and a current ratio of 1.37. The company has a fifty day moving average of $72.48 and a 200 day moving average of $66.35. Eastman Chemical has a 12 month low of $56.11 and a 12 month high of $94.11.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.01). The company had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $2.03 billion. Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. The business’s revenue was down 12.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.87 EPS. On average, research analysts predict that Eastman Chemical will post 8.55 EPS for the current year.

Institutional Trading of Eastman Chemical

A number of hedge funds and other institutional investors have recently bought and sold shares of EMN. MUFG Securities EMEA plc purchased a new stake in shares of Eastman Chemical in the 2nd quarter worth $25,000. Altshuler Shaham Ltd bought a new stake in shares of Eastman Chemical in the fourth quarter valued at about $25,000. Brown Lisle Cummings Inc. grew its holdings in Eastman Chemical by 70.0% during the 4th 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 in the last quarter. Garton & Associates Financial Advisors LLC purchased a new position in Eastman Chemical during the 4th quarter valued at about $27,000. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Eastman Chemical in the 4th quarter valued at about $27,000. Hedge funds and other institutional investors 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.