Eastman Chemical (NYSE:EMN) Price Target Raised to $117.00

Eastman Chemical (NYSE:EMN) had its price objective upped by stock analysts at Mizuho from $113.00 to $117.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the basic materials company’s stock. Mizuho’s price target indicates a potential upside of 11.75% from the company’s current price.

Other analysts have also recently issued research reports about the stock. StockNews.com cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday. Piper Sandler reiterated a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and raised their target price for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft dropped their price target on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday, November 4th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $105.00 price objective on shares of Eastman Chemical in a report on Friday. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Eastman Chemical currently has a consensus rating of “Hold” and an average price target of $112.86.

Eastman Chemical Price Performance

NYSE EMN traded down $1.14 during trading hours on Tuesday, reaching $104.70. The company’s stock had a trading volume of 281,895 shares, compared to its average volume of 956,134. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. Eastman Chemical has a 1-year low of $80.71 and a 1-year high of $114.50. The company’s 50-day moving average is $106.44 and its two-hundred day moving average is $101.62. The firm has a market capitalization of $12.14 billion, a price-to-earnings ratio of 14.01, a P/E/G ratio of 0.81 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last announced 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 15.37% and a net margin of 9.47%. The firm had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the firm posted $1.47 EPS. The business’s revenue was up 8.7% on a year-over-year basis. On average, equities analysts predict that Eastman Chemical will post 7.63 EPS for the current year.

Insider Activity

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the sale, the senior vice president now owns 12,366 shares of the company’s stock, valued at $1,298,430. The trade was a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.28% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of EMN. Dakota Wealth Management lifted its stake in Eastman Chemical by 13.5% during the 2nd quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock worth $2,183,000 after acquiring an additional 2,655 shares in the last quarter. KBC Group NV grew its holdings in shares of Eastman Chemical by 21.8% in the third quarter. KBC Group NV now owns 110,610 shares of the basic materials company’s stock valued at $12,383,000 after purchasing an additional 19,809 shares in the last quarter. Principal Financial Group Inc. increased its stake in Eastman Chemical by 6.8% during the 3rd quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company’s stock worth $16,588,000 after buying an additional 9,447 shares during the period. Cetera Advisors LLC lifted its holdings in Eastman Chemical by 119.7% during the 1st quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company’s stock worth $1,011,000 after buying an additional 5,496 shares in the last quarter. Finally, Comerica Bank boosted its position in Eastman Chemical by 18.5% in the 1st quarter. Comerica Bank now owns 39,306 shares of the basic materials company’s stock valued at $3,939,000 after buying an additional 6,126 shares during the period. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

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.