KeyCorp Has Lowered Expectations for Eastman Chemical (NYSE:EMN) Stock Price

Eastman Chemical (NYSE:EMN) had its price target dropped by stock analysts at KeyCorp from $106.00 to $93.00 in a report released on Monday,Benzinga reports. The firm presently has an “overweight” rating on the basic materials company’s stock. KeyCorp’s price objective indicates a potential upside of 20.62% from the company’s previous close.

Several other equities research analysts have also recently commented on EMN. Citigroup raised Eastman Chemical from a “neutral” rating to a “buy” rating and lowered their price target for the company from $105.00 to $101.00 in a research note on Friday, April 4th. Morgan Stanley dropped their price target on shares of Eastman Chemical from $125.00 to $115.00 and set an “overweight” rating on the stock in a research note on Monday, April 28th. Piper Sandler cut their price target on shares of Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating on the stock in a report on Monday, April 7th. Mizuho upgraded Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a report on Thursday, April 3rd. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $76.00 target price (down previously from $112.00) on shares of Eastman Chemical in a research report on Monday, April 28th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $97.08.

Eastman Chemical Stock Down 2.3%

Shares of NYSE:EMN opened at $77.10 on Monday. The firm has a 50 day simple moving average of $79.01 and a 200 day simple moving average of $85.79. The company has a market cap of $8.90 billion, a PE ratio of 9.81, a price-to-earnings-growth ratio of 1.89 and a beta of 1.22. Eastman Chemical has a 52 week low of $70.90 and a 52 week high of $114.50. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.79 and a current ratio of 1.72.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, topping the consensus estimate of $1.89 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a net margin of 9.85% and a return on equity of 16.59%. The firm’s quarterly revenue was down .9% compared to the same quarter last year. During the same period last year, the company posted $1.61 earnings per share. As a group, research analysts expect that Eastman Chemical will post 8.55 earnings per share for the current year.

Institutional Trading of Eastman Chemical

Institutional investors and hedge funds have recently modified their holdings of the company. Capital World Investors acquired a new stake in Eastman Chemical during the fourth quarter valued at approximately $137,848,000. Norges Bank acquired a new stake in Eastman Chemical in the 4th quarter valued at $137,416,000. Capital Research Global Investors boosted its stake in Eastman Chemical by 13.4% in the 4th quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company’s stock valued at $537,561,000 after buying an additional 697,388 shares in the last quarter. Franklin Resources Inc. raised its stake in Eastman Chemical by 10.8% during the fourth quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company’s stock worth $528,310,000 after acquiring an additional 565,821 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in Eastman Chemical by 11,261.1% during the first quarter. GAMMA Investing LLC now owns 476,939 shares of the basic materials company’s stock worth $42,023,000 after acquiring an additional 472,741 shares in the last quarter. 83.65% of the stock is currently 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.