Eastman Chemical gets new order for Tritan
On July 12, Eastman Chemical (EMN) announced that it has a new order for its Tritan from Bangkok-based JCP Plastic, a manufacturer of high-quality plastic products. JCP selected Tritan for its Super Lock line of premium bottles. Eastman claims that Tritan has features of temperature resistance, toughness, and glass-like clarity. In addition, it’s BPA-free.
JCP Plastic will sell its bottles made from Tritan in department stores in Thailand. It expects the bottles to be exported throughout the region as well as in Europe and the United States. The bottles are also available online in popular shopping sites and at micronware.co.th. Prakit Charoenchitmun, president of JCP Plastic, said, “Tritan is the best material for a new generation of consumers who are concerned with healthy living.”
Eastman Chemical (EMN) stock fell marginally 0.25% and closed at $99.48 for the week ended July 13. It underperformed the First Trust Materials AlphaDEX ETF (FXZ), which rose 0.55%. The fund invests 3.7% of its portfolio in Eastman Chemical. It also provides exposure to LyondellBasell Industries (LYB), Westlake Chemical (WLK), and Huntsman (HUN) with weights of 3.6%, 3.7%, and 2.7%, respectively.
The decline in EMN stock resulted in Eastman Chemical’s trading 5.2% below its 100-day moving average of $104.88, indicating a downward trend in the stock. However, on a year-to-date basis, the stock has risen 7.4%.
Analysts expect Eastman Chemical’s target price to reach $113.75, which implies a return potential of 14.3% from its closing price on July 13. Eastman Chemical’s 14-day RSI (relative strength index) of 40 indicates that the stock is neither overbought nor oversold.