Eastman Chemical (NYSE:EMN) Given New $113.00 Price Target at Mizuho

Eastman Chemical (NYSE:EMN) had its price target raised by research analysts at Mizuho from $107.00 to $113.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the basic materials company’s stock. Mizuho’s price objective would suggest a potential upside of 11.06% from the stock’s current price.

A number of other brokerages have also recently weighed in on EMN. Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. 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. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Finally, Piper Sandler reissued a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a research report on Tuesday, July 30th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $112.07.

Eastman Chemical Price Performance

Shares of NYSE EMN traded down $3.34 during mid-day trading on Friday, reaching $101.75. 954,999 shares of the company traded hands, compared to its average volume of 938,692. The firm has a market cap of $11.89 billion, a PE ratio of 13.69, a price-to-earnings-growth ratio of 0.80 and a beta of 1.44. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. Eastman Chemical has a fifty-two week low of $74.31 and a fifty-two week high of $114.50. The stock has a fifty day simple moving average of $105.66 and a 200-day simple moving average of $100.92.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.13 by $0.13. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The firm had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the previous year, the business earned $1.47 earnings per share. Eastman Chemical’s revenue for the quarter was up 8.7% compared to the same quarter last year. Equities research analysts anticipate that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of EMN. Capital Research Global Investors boosted its holdings in Eastman Chemical by 649.8% during the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock worth $452,139,000 after purchasing an additional 3,909,740 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Eastman Chemical by 1,104.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock valued at $104,560,000 after purchasing an additional 856,432 shares during the last quarter. Truist Financial Corp increased its position in Eastman Chemical by 201.5% during the second quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock worth $90,572,000 after buying an additional 617,889 shares during the last quarter. DekaBank Deutsche Girozentrale raised its stake in Eastman Chemical by 318.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock valued at $69,516,000 after buying an additional 534,081 shares during the period. Finally, Envestnet Asset Management Inc. boosted its stake in shares of Eastman Chemical by 34.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock worth $83,524,000 after acquiring an additional 218,531 shares during the period. 83.65% of the stock is 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.