JPMorgan Chase & Co. Issues Pessimistic Forecast for Eastman Chemical (NYSE:EMN) Stock Price

Eastman Chemical (NYSE:EMN) had its price objective lowered by equities research analysts at JPMorgan Chase & Co. from $66.00 to $65.00 in a report released on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential downside of 2.82% from the company’s current price.

Several other brokerages also recently weighed in on EMN. Wells Fargo & Company set a $68.00 target price on Eastman Chemical in a research note on Friday, October 16th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $85.00 price target on shares of Eastman Chemical in a research report on Friday, September 25th. Zacks Research downgraded Eastman Chemical from a “hold” rating to a “strong sell” rating in a research report on Monday, October 19th. Royal Bank Of Canada cut their price target on Eastman Chemical from $74.00 to $65.00 and set a “sector perform” rating for the company in a report on Tuesday, October 13th. Finally, KeyCorp began coverage on Eastman Chemical in a research report on Thursday, September 10th. They issued a “sector weight” rating for the company. Six research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Eastman Chemical has a consensus rating of “Hold” and an average price target of $74.36.

Eastman Chemical Stock Performance

EMN stock traded up $0.36 during mid-day trading on Monday, reaching $66.89. 92,802 shares of the stock traded hands, compared to its average volume of 1,383,253. The company has a quick ratio of 0.76, a current ratio of 1.50 and a debt-to-equity ratio of 0.72. Eastman Chemical has a 52 week low of $56.11 and a 52 week high of $83.47. The business has a 50-day moving average of $66.85 and a two-hundred day moving average of $70.92. The firm has a market capitalization of $7.65 billion, a PE ratio of 11.87, a P/E/G ratio of 0.91 and a beta of 1.06.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results 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 business 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 10.69%. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.14 earnings per share. As a group, equities analysts predict that Eastman Chemical will post 6.05 EPS for the current fiscal year.

Institutional Investors Weigh In On Eastman Chemical

Several large investors have recently modified their holdings of EMN. Elevation Wealth Partners LLC bought a new position in Eastman Chemical during the 3rd quarter valued at about $25,000. Continuum Advisory LLC bought a new stake in Eastman Chemical during the 2nd quarter worth approximately $40,000. Altshuler Shaham Ltd raised its position in 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 purchasing an additional 145 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Eastman Chemical during the second quarter worth $44,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Eastman Chemical in the second quarter valued at about $46,000. 83.65% of the stock is currently owned by institutional investors.

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.