Eastman Chemical (NYSE:EMN) Rating Increased to Buy at Citigroup

Eastman Chemical (NYSE:EMN) was upgraded by analysts at Citigroup from a “neutral” rating to a “buy” rating in a report issued on Friday,Benzinga reports. The brokerage presently has a $101.00 price target on the basic materials company’s stock, down from their previous price target of $105.00. Citigroup’s price target would suggest a potential upside of 26.28% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Royal Bank of Canada lifted their price objective on shares of Eastman Chemical from $101.00 to $103.00 and gave the company a “sector perform” rating in a report on Tuesday, February 4th. KeyCorp boosted their price target on shares of Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Saturday, January 18th. JPMorgan Chase & Co. increased their target price on Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Finally, Piper Sandler boosted their price target on Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Eastman Chemical presently has an average rating of “Moderate Buy” and an average price target of $112.83.

Eastman Chemical Stock Performance

NYSE EMN opened at $79.98 on Friday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. The business’s 50 day moving average price is $95.09 and its 200-day moving average price is $98.98. The company has a market cap of $9.21 billion, a P/E ratio of 10.41, a P/E/G ratio of 1.22 and a beta of 1.43. Eastman Chemical has a fifty-two week low of $76.02 and a fifty-two week high of $114.50.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. Sell-side analysts predict that Eastman Chemical will post 8.55 earnings per share for the current year.

Institutional Investors Weigh In On Eastman Chemical

Institutional investors and hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc raised its stake in shares of Eastman Chemical by 227.6% in the first quarter. Versant Capital Management Inc now owns 3,001 shares of the basic materials company’s stock worth $264,000 after purchasing an additional 2,085 shares during the last quarter. Wellington Management Group LLP purchased a new position in Eastman Chemical during the 4th quarter worth approximately $1,543,000. Wealth Enhancement Advisory Services LLC lifted its stake in Eastman Chemical by 11.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 16,037 shares of the basic materials company’s stock valued at $1,465,000 after acquiring an additional 1,674 shares during the period. Siemens Fonds Invest GmbH boosted its holdings in shares of Eastman Chemical by 151.3% in the 4th quarter. Siemens Fonds Invest GmbH now owns 9,315 shares of the basic materials company’s stock valued at $851,000 after acquiring an additional 5,608 shares during the last quarter. Finally, QSM Asset Management Ltd acquired a new stake in shares of Eastman Chemical in the fourth quarter worth $6,052,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

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.