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

Eastman Chemical (NYSE:EMN) had its price objective raised by stock analysts at Royal Bank Of Canada from $65.00 to $70.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “sector perform” rating on the basic materials company’s stock. Royal Bank Of Canada‘s price objective would suggest a potential upside of 3.92% from the company’s current price.

Other equities analysts have also issued research reports about the company. UBS Group cut their price target on Eastman Chemical from $92.00 to $77.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $74.00 price objective on shares of Eastman Chemical in a research report on Monday, August 3rd. KeyCorp assumed coverage on Eastman Chemical in a report on Thursday, September 10th. They set a “sector weight” rating for the company. Mizuho dropped their price objective on Eastman Chemical from $85.00 to $80.00 and set an “outperform” rating for the company in a report on Thursday, October 1st. Finally, Citigroup cut their target price on shares of Eastman Chemical from $76.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday. Six analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $74.79.

Eastman Chemical Price Performance

Shares of EMN traded up $2.02 during mid-day trading on Wednesday, hitting $67.36. 473,990 shares of the company traded hands, compared to its average volume of 1,385,597. The company has a current ratio of 1.57, a quick ratio of 0.76 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $7.70 billion, a price-to-earnings ratio of 11.95, a PEG ratio of 0.90 and a beta of 1.07. The business has a 50-day moving average of $66.56 and a 200 day moving average of $70.89. Eastman Chemical has a one year low of $56.11 and a one year high of $83.47.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, October 29th. The basic materials company reported $1.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.92 by ($0.08). The firm had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.41 billion. Eastman Chemical had a return on equity of 10.59% and a net margin of 7.15%. The firm’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.14 EPS. As a group, equities analysts expect that Eastman Chemical will post 6.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Eastman Chemical

Several institutional investors have recently modified their holdings of EMN. Elevation Wealth Partners LLC bought a new stake in shares of Eastman Chemical in the 3rd quarter valued at about $25,000. Continuum Advisory LLC acquired a new stake in shares of Eastman Chemical in the 2nd quarter valued at approximately $40,000. Altshuler Shaham Ltd boosted its stake in Eastman Chemical by 36.9% during the 1st quarter. Altshuler Shaham Ltd now owns 538 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 145 shares during the last quarter. Quantbot Technologies LP bought a new position in Eastman Chemical during the 2nd quarter worth approximately $44,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Eastman Chemical during the second quarter valued at approximately $46,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Company Profile

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.