Citigroup Issues Pessimistic Forecast for Eastman Chemical (NYSE:EMN) Stock Price

Eastman Chemical (NYSE:EMN) had its price target lowered by investment analysts at Citigroup from $84.00 to $83.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the basic materials company’s stock. Citigroup’s target price would suggest a potential upside of 14.64% from the company’s current price.

Several other research firms also recently weighed in on EMN. JPMorgan Chase & Co. raised shares of Eastman Chemical from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $70.00 to $80.00 in a research report on Tuesday. Zacks Research raised shares of Eastman Chemical from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 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. Deutsche Bank Aktiengesellschaft increased their target price on shares of Eastman Chemical from $64.00 to $72.00 and gave the stock a “hold” rating in a research report on Monday, February 2nd. Finally, Evercore set a $75.00 target price on shares of Eastman Chemical in a research report on Wednesday, February 18th. Seven analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $80.00.

Eastman Chemical Price Performance

Shares of EMN traded down $0.35 during mid-day trading on Thursday, hitting $72.40. The company’s stock had a trading volume of 403,106 shares, compared to its average volume of 1,697,509. The firm has a 50-day moving average price of $74.08 and a 200 day moving average price of $67.27. The stock has a market capitalization of $8.26 billion, a price-to-earnings ratio of 17.66, a PEG ratio of 1.61 and a beta of 1.16. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.37 and a quick ratio of 0.63. Eastman Chemical has a fifty-two week low of $56.11 and a fifty-two week high of $84.18.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.01). The firm had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.The business’s revenue was down 12.1% on a year-over-year basis. During the same period last year, the business earned $1.87 earnings per share. On average, research analysts predict that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. MUFG Securities EMEA plc bought a new position in Eastman Chemical during the 2nd quarter worth approximately $25,000. Altshuler Shaham Ltd bought a new stake in shares of Eastman Chemical during the 4th quarter valued at about $25,000. Brown Lisle Cummings Inc. raised its holdings in shares of Eastman Chemical by 70.0% during the 4th quarter. Brown Lisle Cummings Inc. now owns 425 shares of the basic materials company’s stock valued at $27,000 after buying an additional 175 shares in the last quarter. Garton & Associates Financial Advisors LLC purchased a new position in shares of Eastman Chemical during the 4th quarter valued at about $27,000. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Eastman Chemical during the 4th quarter valued at about $27,000. 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.