Eastman Chemical (EMN) Price Target Cut to $86.00 by Analysts at Citigroup

Eastman Chemical (NYSE:EMN) had its price target reduced by Citigroup from $94.00 to $86.00 in a report published on Monday. Citigroup currently has a neutral rating on the basic materials company’s stock.

Several other research analysts have also recently weighed in on the company. KeyCorp reduced their price target on Eastman Chemical from $122.00 to $110.00 and set an overweight rating for the company in a research report on Monday. SunTrust Banks reduced their price target on Eastman Chemical from $95.00 to $83.00 and set a hold rating for the company in a research report on Monday. Nomura reduced their price target on Eastman Chemical from $111.00 to $99.00 and set a neutral rating for the company in a research report on Monday, October 15th. JPMorgan Chase & Co. upgraded Eastman Chemical from a neutral rating to an overweight rating in a research report on Friday, October 12th. Finally, Zacks Investment Research cut Eastman Chemical from a buy rating to a hold rating in a research report on Monday, October 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $99.00.

Shares of EMN stock opened at $78.35 on Monday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.69 and a quick ratio of 0.95. The company has a market cap of $11.07 billion, a P/E ratio of 10.30, a P/E/G ratio of 1.08 and a beta of 1.07. Eastman Chemical has a twelve month low of $73.95 and a twelve month high of $112.45.



Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, October 25th. The basic materials company reported $2.34 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.05. The company had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.53 billion. Eastman Chemical had a return on equity of 21.18% and a net margin of 16.05%. As a group, equities analysts predict that Eastman Chemical will post 8.41 earnings per share for the current year.

In other news, CEO Mark J. Costa sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $100.00, for a total value of $2,000,000.00. Following the completion of the sale, the chief executive officer now directly owns 190,584 shares in the company, valued at $19,058,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Scott V. King sold 16,192 shares of the business’s stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $101.35, for a total value of $1,641,059.20. Following the completion of the sale, the chief accounting officer now owns 5,898 shares of the company’s stock, valued at $597,762.30. The disclosure for this sale can be found here. 1.14% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the company. First Mercantile Trust Co. purchased a new stake in shares of Eastman Chemical in the second quarter valued at approximately $113,000. Fort L.P. purchased a new stake in shares of Eastman Chemical in the second quarter valued at approximately $116,000. Point72 Asset Management L.P. purchased a new stake in shares of Eastman Chemical in the second quarter valued at approximately $120,000. Cornerstone Wealth Management LLC purchased a new stake in shares of Eastman Chemical in the second quarter valued at approximately $177,000. Finally, Acadian Asset Management LLC purchased a new stake in shares of Eastman Chemical in the second quarter valued at approximately $218,000. Institutional investors and hedge funds own 82.71% of the company’s stock.

About Eastman Chemical

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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