Eastman Chemical (NYSE:EMN) Price Target Raised to $74.00

Eastman Chemical (NYSE:EMN) had its target price raised by Barclays from $72.00 to $74.00 in a research report report published on Monday,Benzinga reports. Barclays currently has an equal weight rating on the basic materials company’s stock.

EMN has been the subject of several other research reports. KeyCorp started coverage on Eastman Chemical in a research note on Thursday, September 10th. They set a “sector weight” rating for the company. The Goldman Sachs Group reiterated a “neutral” rating and issued a $72.00 price target on shares of Eastman Chemical in a research note on Monday. Mizuho dropped their price target on shares of Eastman Chemical from $85.00 to $80.00 and set an “outperform” rating on the stock in a research note on Thursday, October 1st. Wells Fargo & Company set a $68.00 price objective on shares of Eastman Chemical in a report on Friday, October 16th. Finally, Citigroup reduced their price objective on shares of Eastman Chemical from $81.00 to $76.00 and set a “buy” rating for the company in a research report on Wednesday, September 30th. Six research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $74.79.

Eastman Chemical Trading Up 3.7%

Shares of NYSE:EMN opened at $67.74 on Monday. Eastman Chemical has a 52 week low of $56.11 and a 52 week high of $83.47. The company’s 50 day moving average is $66.47 and its two-hundred day moving average is $70.88. 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 company has a market cap of $7.75 billion, a PE ratio of 12.03, a P/E/G ratio of 0.91 and a beta of 1.07.

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

Institutional Investors Weigh In On Eastman Chemical

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Elevation Wealth Partners LLC acquired a new position in shares of Eastman Chemical during the 3rd quarter valued at about $25,000. Altshuler Shaham Ltd raised its stake in shares of Eastman Chemical by 36.9% in the 1st quarter. Altshuler Shaham Ltd now owns 538 shares of the basic materials company’s stock valued at $41,000 after acquiring an additional 145 shares during the period. Continuum Advisory LLC acquired a new position in shares of Eastman Chemical during the second quarter worth about $40,000. Quantbot Technologies LP acquired a new position in Eastman Chemical during the 2nd quarter worth approximately $44,000. Finally, First Bancorp Inc ME acquired a new position in shares of Eastman Chemical during the second quarter worth $46,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

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.