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

Eastman Chemical (NYSE:EMN) had its target price lifted by equities researchers at Citigroup from $78.00 to $84.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the basic materials company’s stock. Citigroup’s target price would suggest a potential upside of 21.34% from the company’s current price.

Several other brokerages have also recently commented on EMN. JPMorgan Chase & Co. boosted their price target on shares of Eastman Chemical from $60.00 to $70.00 and gave the stock an “overweight” rating in a research report on Monday, February 2nd. KeyCorp restated an “overweight” rating on shares of Eastman Chemical in a research report on Monday, February 2nd. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $79.00 price objective on shares of Eastman Chemical in a research note on Wednesday, February 4th. Weiss Ratings upgraded shares of Eastman Chemical from a “sell (d+)” rating to a “hold (c)” rating in a report on Wednesday, February 18th. Finally, Zacks Research raised shares of Eastman Chemical from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. Seven investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, Eastman Chemical has a consensus rating of “Hold” and a consensus price target of $79.64.

Eastman Chemical Stock Performance

EMN stock opened at $69.23 on Thursday. The company has a 50-day simple moving average of $72.71 and a 200 day simple moving average of $66.39. The company has a market capitalization of $7.90 billion, a P/E ratio of 16.93, a PEG ratio of 1.56 and a beta of 1.20. The company has a quick ratio of 0.63, a current ratio of 1.37 and a debt-to-equity ratio of 0.70. Eastman Chemical has a fifty-two week low of $56.11 and a fifty-two week high of $92.19.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, January 29th. The basic materials company reported $0.75 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 10.57%. The company had revenue of $1.97 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period in the previous year, the business posted $1.87 EPS. The firm’s quarterly revenue was down 12.1% on a year-over-year basis. Sell-side analysts predict that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Eastman Chemical

A number of large investors have recently made changes to their positions in EMN. Brighton Jones LLC purchased a new stake in shares of Eastman Chemical in the fourth quarter worth approximately $202,000. Integrated Wealth Concepts LLC grew its stake in Eastman Chemical by 185.6% in the first quarter. Integrated Wealth Concepts LLC now owns 6,686 shares of the basic materials company’s stock valued at $589,000 after purchasing an additional 4,345 shares in the last quarter. Millennium Management LLC grew its stake in shares of Eastman Chemical by 69.2% in the 1st quarter. Millennium Management LLC now owns 194,052 shares of the basic materials company’s stock valued at $17,098,000 after buying an additional 79,376 shares in the last quarter. NewEdge Advisors LLC increased its stake in shares of 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 last quarter. Finally, United Services Automobile Association acquired a new position in Eastman Chemical during the first quarter worth $252,000. 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.