Eastman Chemical (NYSE:EMN) Given New $70.00 Price Target at Evercore ISI

Eastman Chemical (NYSE:EMN) had its target price decreased by investment analysts at Evercore ISI from $75.00 to $70.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “in-line” rating on the basic materials company’s stock. Evercore ISI’s price objective would suggest a potential upside of 14.24% from the company’s current price.

Several other brokerages have also commented on EMN. Wells Fargo & Company lowered their price objective on shares of Eastman Chemical from $80.00 to $70.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 5th. UBS Group lowered their price target on shares of Eastman Chemical from $75.00 to $73.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Bank of America dropped their price objective on Eastman Chemical from $78.00 to $74.00 and set a “buy” rating on the stock in a research note on Tuesday, October 14th. Mizuho decreased their target price on Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating for the company in a research report on Friday, October 3rd. Finally, The Goldman Sachs Group dropped their price target on Eastman Chemical from $87.00 to $65.00 and set a “neutral” rating on the stock in a research report on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $78.62.

Eastman Chemical Stock Performance

EMN stock traded down $0.26 during midday trading on Tuesday, hitting $61.27. The company’s stock had a trading volume of 110,793 shares, compared to its average volume of 1,711,152. The stock has a market cap of $6.99 billion, a price-to-earnings ratio of 8.60, a PEG ratio of 6.16 and a beta of 1.31. The company has a quick ratio of 0.78, a current ratio of 1.68 and a debt-to-equity ratio of 0.81. The stock’s 50-day moving average price is $63.25 and its 200 day moving average price is $71.03. Eastman Chemical has a 1 year low of $56.75 and a 1 year high of $107.50.

Eastman Chemical (NYSE:EMN) last released its earnings results on Monday, November 3rd. The basic materials company reported $1.14 EPS for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.04). The business had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.28 billion. Eastman Chemical had a return on equity of 15.24% and a net margin of 8.96%.The company’s revenue for the quarter was down 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.26 earnings per share. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. On average, equities analysts forecast that Eastman Chemical will post 8.55 EPS for the current year.

Hedge Funds Weigh In On Eastman Chemical

Large investors have recently made changes to their positions in the stock. Brighton Jones LLC purchased a new stake in Eastman Chemical during the 4th quarter worth about $202,000. Alps Advisors Inc. bought a new position in shares of Eastman Chemical in the first quarter valued at approximately $347,000. Ballentine Partners LLC purchased a new position in Eastman Chemical during the first quarter valued at approximately $204,000. Stephens Inc. AR increased its holdings in Eastman Chemical by 1,477.8% during the 1st quarter. Stephens Inc. AR now owns 45,268 shares of the basic materials company’s stock worth $3,989,000 after acquiring an additional 42,399 shares during the period. Finally, CWM LLC increased its holdings in Eastman Chemical by 34.1% during the 1st quarter. CWM LLC now owns 6,199 shares of the basic materials company’s stock worth $546,000 after acquiring an additional 1,578 shares during the period. 83.65% of the stock is owned by institutional investors.

About Eastman Chemical

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.