Eastman Chemical (NYSE:EMN) Price Target Raised to $70.00 at JPMorgan Chase & Co.

Eastman Chemical (NYSE:EMN) had its price target hoisted by research analysts at JPMorgan Chase & Co. from $60.00 to $70.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential downside of 2.06% from the stock’s previous close.

EMN has been the subject of several other research reports. Citigroup raised their price objective on shares of Eastman Chemical from $72.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, January 15th. UBS Group dropped their target price on shares of Eastman Chemical from $75.00 to $73.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Royal Bank Of Canada lowered shares of Eastman Chemical from an “outperform” rating to a “sector perform” rating and lowered their price target for the company from $74.00 to $70.00 in a research report on Friday, January 16th. Bank of America increased their target price on Eastman Chemical from $74.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Eastman Chemical from $64.00 to $72.00 and gave the company a “hold” rating in a research note on Monday. Seven equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Eastman Chemical has an average rating of “Hold” and an average target price of $78.00.

Eastman Chemical Stock Performance

Eastman Chemical stock traded up $2.15 during trading hours on Monday, reaching $71.47. 797,902 shares of the stock were exchanged, compared to its average volume of 1,687,148. The stock has a market cap of $8.15 billion, a P/E ratio of 17.47, a P/E/G ratio of 6.81 and a beta of 1.23. The firm’s 50 day moving average is $65.00 and its 200 day moving average is $65.00. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.86 and a current ratio of 1.76. Eastman Chemical has a 52-week low of $56.11 and a 52-week high of $103.82.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, January 29th. The basic materials company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). Eastman Chemical had a net margin of 5.42% and a return on equity of 10.63%. The business had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the prior year, the firm posted $1.87 EPS. Eastman Chemical’s revenue for the quarter was down 12.1% compared to the same quarter last year. Analysts predict that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Institutional Trading of Eastman Chemical

Several hedge funds have recently added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. increased its holdings in shares of Eastman Chemical by 0.8% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 20,145 shares of the basic materials company’s stock valued at $1,286,000 after purchasing an additional 162 shares during the period. Amalgamated Bank lifted its stake in shares of Eastman Chemical by 0.8% in the 2nd quarter. Amalgamated Bank now owns 22,291 shares of the basic materials company’s stock worth $1,664,000 after acquiring an additional 168 shares during the period. Brown Lisle Cummings Inc. boosted its holdings in shares of Eastman Chemical by 70.0% in the fourth quarter. Brown Lisle Cummings Inc. now owns 425 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 175 shares in the last quarter. Advisors Management Group Inc. ADV lifted its position in Eastman Chemical by 1.5% in the third quarter. Advisors Management Group Inc. ADV now owns 12,327 shares of the basic materials company’s stock worth $777,000 after purchasing an additional 181 shares during the period. Finally, NewEdge Advisors LLC boosted its stake in Eastman Chemical by 2.6% during the 1st quarter. NewEdge Advisors LLC now owns 7,310 shares of the basic materials company’s stock valued at $644,000 after purchasing an additional 183 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Company Profile

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.