The stock of Eastman Chemical Company (NYSE:EMN) is now priced at $76.61 and the shares are 3.5 points up or 4.79% higher compared to its previous closing price of $73.11. The stock had 1.183 million contracts set over the past session. EMN shares’ daily volume is compared to its average trading volume at 1.029 million shares. However, it has a float of 135 million and although its performance was 4.29% over the week, it’s one to watch. Analysts have given the EMN stock a yearly average price target of $81.42 per share. It means the stock’s upside potential is 6.28% with the EMN share price recently placing at $72.02 to $76.64. However, some brokerage firms have priced the stock below the average, including one that has called $72.
The shorts are running away from the Eastman Chemical Company stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the EMN shares have declined. Short interest in the stock represents just 1.99% of its float, but the volume has dropped by 0.
In the last trading session, Eastman Chemical Company (NYSE:EMN) raised by $3.15 over the week and gained $5.53 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $83.99. The stock recorded its established 52-week high on 11/08/19.
Since 03/18/20, the stock has traded to a low of $34.44 at 122.44%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.65. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Eastman Chemical Company’s two-week RSI is 61.39. This suggests that the stock is neutral at the moment and that EMN shares’ price movement remains stable. The stochastic readings are equally revealing at 71.1% meaning the EMN share price is currently in oversold territory.
The technical chart shows that the EMN stock will likely settle at between $78.16 and $79.71 per share. However, if the stock dips below $73.54, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $70.47.
Currently, the stock is trading in the green of MACD, with a reading of 1.34. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at BofA Securities cut their recommendation for EMN from Buy to Neutral in August 05 review while maintai their target price of $75. Scotiabank analysts downgraded their recommendation of the stock from Sector Outperform to Sector Perform while keeping its target price at $73 in a flash note released to investors on August 04. Standpoint Research seeing the stock struggling downgraded it from Buy to Hold on June 09.
The average rating for the EMN equity is 2 and is currently gathering a bullish momentum. Of 19 analysts tracking Eastman Chemical Company polled by Reuters, 7 rated EMN as a hold. The remaining 12 analysts were split evenly. However, the split wasn’t equal as a majority (12) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the EMN stock price is 11.08X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Eastman Chemical Company (NYSE:EMN) will increase by about 6.36%, which will see them reach $2040 million. The company’s full-year revenues are, however, expected to diminish by about -10.68%, down from $9270 million to $8280 million. EMN’s expected adjusted earnings should drop almost -34.02% to end up at $1.28 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -22.02% to record $5.56/share.