Deutsche Bank Aktiengesellschaft Has Lowered Expectations for Eastman Chemical (NYSE:EMN) Stock Price

Eastman Chemical (NYSE:EMN) had its price target cut by investment analysts at Deutsche Bank Aktiengesellschaft from $115.00 to $110.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a “hold” rating on the basic materials company’s stock. Deutsche Bank Aktiengesellschaft’s price target indicates a potential upside of 9.47% from the stock’s previous close.

A number of other research analysts have also commented on EMN. Piper Sandler reissued a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a report on Tuesday, July 30th. Mizuho raised their price objective on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday. Royal Bank of Canada raised their price target on Eastman Chemical from $100.00 to $107.00 and gave the stock a “sector perform” rating in a research note on Friday, October 11th. Wells Fargo & Company cut their price objective on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Monday. Finally, StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $111.64.

Eastman Chemical Price Performance

Shares of NYSE:EMN traded down $0.60 on Monday, hitting $100.48. The company had a trading volume of 534,211 shares, compared to its average volume of 940,586. The business has a 50 day moving average of $105.80 and a 200 day moving average of $101.04. Eastman Chemical has a 52-week low of $75.01 and a 52-week high of $114.50. The company has a market cap of $11.74 billion, a PE ratio of 13.50, a PEG ratio of 0.80 and a beta of 1.44. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.45% and a net margin of 9.47%. The business had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the firm earned $1.47 earnings per share. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, equities analysts anticipate that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EMN. Cultivar Capital Inc. bought a new stake in shares of Eastman Chemical in the second quarter worth about $29,000. Wolff Wiese Magana LLC lifted its holdings in Eastman Chemical by 238.1% in the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after buying an additional 200 shares during the period. EntryPoint Capital LLC purchased a new stake in Eastman Chemical in the first quarter worth about $38,000. Rothschild Investment LLC purchased a new stake in Eastman Chemical in the second quarter worth about $38,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Eastman Chemical in the third quarter worth about $38,000. 83.65% of the stock is currently owned by hedge funds and other 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.