Eastman Chemical (NYSE:EMN) Price Target Raised to $70.00

Eastman Chemical (NYSE:EMN) had its price objective boosted by Royal Bank Of Canada from $65.00 to $70.00 in a report published on Wednesday,Benzinga reports. The brokerage currently has a sector perform rating on the basic materials company’s stock.

Several other analysts have also issued reports on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Eastman Chemical in a report on Thursday, August 13th. Mizuho lowered their target price on Eastman Chemical from $85.00 to $80.00 and set an “outperform” rating on the stock in a research note on Thursday, October 1st. Wall Street Zen lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Saturday, September 12th. Barclays raised their price target on Eastman Chemical from $72.00 to $74.00 and gave the stock an “equal weight” rating in a research note on Monday, November 2nd. Finally, Citigroup reduced their price target on Eastman Chemical from $76.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday. Six research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell 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 $74.79.

Eastman Chemical Stock Down 2.1%

EMN traded down $1.35 on Wednesday, reaching $64.36. 1,072,685 shares of the company traded hands, compared to its average volume of 1,543,838. The stock’s 50 day moving average price is $66.16 and its 200-day moving average price is $70.85. Eastman Chemical has a 52-week low of $56.11 and a 52-week high of $83.47. The company has a market cap of $7.36 billion, a price-to-earnings ratio of 11.43, a PEG ratio of 0.90 and a beta of 1.07. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.57 and a quick ratio of 0.76.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, October 29th. The basic materials company reported $1.84 earnings per share for the quarter, missing the consensus estimate of $1.92 by ($0.08). Eastman Chemical had a net margin of 7.15% and a return on equity of 10.59%. The company had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.41 billion. During the same quarter in the prior year, the company posted $1.14 EPS. The firm’s quarterly revenue was up 8.3% compared to the same quarter last year. On average, sell-side analysts expect that Eastman Chemical will post 6.10 EPS for the current fiscal year.

Hedge Funds Weigh In On Eastman Chemical

Several hedge funds have recently bought and sold shares of EMN. BlackRock Inc. acquired a new stake in shares of Eastman Chemical in the second quarter worth about $1,134,421,000. Dimensional Fund Advisors LP increased its holdings in shares of Eastman Chemical by 7.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,936,789 shares of the basic materials company’s stock valued at $376,747,000 after acquiring an additional 338,914 shares during the last quarter. State Street Corp raised its stake in shares of Eastman Chemical by 0.7% in the 2nd quarter. State Street Corp now owns 4,169,105 shares of the basic materials company’s stock valued at $282,741,000 after acquiring an additional 29,010 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Eastman Chemical by 39.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,592,691 shares of the basic materials company’s stock worth $196,552,000 after purchasing an additional 732,693 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in Eastman Chemical by 10.1% in the 2nd quarter. Bank of America Corp DE now owns 2,469,976 shares of the basic materials company’s stock worth $165,439,000 after purchasing an additional 225,905 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

About Eastman Chemical

Eastman Chemical Company (NYSE: EMN) is a global specialty materials and chemicals company that develops and manufactures products used in transportation, building and construction, consumer goods, medical products, packaging, and other industrial applications. Its portfolio includes specialty plastics, coatings, adhesives, fibers, additives, intermediates, and other performance materials.

The company’s products are designed to provide properties such as durability, chemical resistance, lightweight performance, clarity, and enhanced functionality.