The Goldman Sachs Group Has Lowered Expectations for Eastman Chemical (NYSE:EMN) Stock Price

Eastman Chemical (NYSE:EMN) had its price objective dropped by The Goldman Sachs Group from $112.00 to $87.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the basic materials company’s stock. The Goldman Sachs Group’s target price would indicate a potential upside of 16.15% from the company’s current price.

EMN has been the subject of a number of other research reports. Mizuho upgraded Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a research note on Thursday, April 3rd. Barclays dropped their price target on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Wells Fargo & Company reduced their price objective on shares of Eastman Chemical from $125.00 to $90.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, January 18th. Finally, Morgan Stanley lowered their price objective on Eastman Chemical from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Monday. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Eastman Chemical has a consensus rating of “Moderate Buy” and an average target price of $102.64.

Eastman Chemical Trading Down 1.2 %

Shares of EMN traded down $0.94 during trading hours on Monday, reaching $74.90. 846,695 shares of the company traded hands, compared to its average volume of 1,033,622. Eastman Chemical has a 12 month low of $70.90 and a 12 month high of $114.50. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. The company’s fifty day moving average price is $87.38 and its two-hundred day moving average price is $94.89. The company has a market capitalization of $8.63 billion, a price-to-earnings ratio of 9.75, a price-to-earnings-growth ratio of 1.22 and a beta of 1.38.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.02. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The business’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.61 EPS. Equities research analysts predict that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Eastman Chemical

Hedge funds and other institutional investors have recently modified their holdings of the stock. BLB&B Advisors LLC raised its stake in shares of Eastman Chemical by 11.7% in the first quarter. BLB&B Advisors LLC now owns 3,069 shares of the basic materials company’s stock worth $270,000 after buying an additional 322 shares during the period. RKL Wealth Management LLC raised its stake in Eastman Chemical by 3.7% during the 1st quarter. RKL Wealth Management LLC now owns 14,834 shares of the basic materials company’s stock worth $1,307,000 after acquiring an additional 534 shares during the period. Mather Group LLC. lifted its holdings in Eastman Chemical by 37.5% during the first quarter. Mather Group LLC. now owns 2,021 shares of the basic materials company’s stock valued at $178,000 after purchasing an additional 551 shares in the last quarter. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Eastman Chemical in the first quarter worth $113,000. Finally, Advisors Management Group Inc. ADV raised its position in shares of Eastman Chemical by 20.2% during the 1st quarter. Advisors Management Group Inc. ADV now owns 11,737 shares of the basic materials company’s stock valued at $1,034,000 after purchasing an additional 1,972 shares during the period. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Company Profile

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.