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

Eastman Chemical (NYSE:EMN) had its price objective raised by Mizuho from $113.00 to $117.00 in a report published on Tuesday morning,Benzinga reports. Mizuho currently has a neutral rating on the basic materials company’s stock.

Other research analysts have also issued reports about the company. StockNews.com lowered Eastman Chemical from a “buy” rating to a “hold” rating in a report on Monday. Bank of America lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and raised their price target for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Wells Fargo & Company raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $110.00 to $125.00 in a report on Tuesday. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $105.00 price target on shares of Eastman Chemical in a research report on Friday, November 22nd. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $112.86.

Eastman Chemical Price Performance

Shares of EMN opened at $104.23 on Tuesday. The company’s 50-day moving average is $106.37 and its 200-day moving average is $101.67. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. The firm has a market capitalization of $12.08 billion, a PE ratio of 13.95, a PEG ratio of 0.81 and a beta of 1.44. Eastman Chemical has a fifty-two week low of $80.71 and a fifty-two week high of $114.50.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.12. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The firm had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same period last year, the business posted $1.47 earnings per share. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. Equities analysts forecast that Eastman Chemical will post 7.63 EPS for the current year.

Insider Buying and Selling

In related news, SVP Christopher Moore Killian sold 3,061 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total transaction of $321,405.00. Following the completion of the transaction, the senior vice president now directly owns 12,366 shares in the company, valued at $1,298,430. This represents a 19.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Julie A. Mcalindon sold 4,456 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total transaction of $471,623.04. Following the completion of the sale, the senior vice president now owns 4,403 shares in the company, valued at $466,013.52. This represents a 50.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,021 shares of company stock worth $1,895,948 in the last ninety days. 2.28% of the stock is owned by insiders.

Hedge Funds Weigh In On Eastman Chemical

Institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp boosted its stake in shares of Eastman Chemical by 1.4% during the third quarter. State Street Corp now owns 5,285,230 shares of the basic materials company’s stock valued at $595,820,000 after purchasing an additional 70,692 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Eastman Chemical by 5.7% during the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock worth $593,233,000 after purchasing an additional 282,458 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Eastman Chemical by 0.5% during the third quarter. Geode Capital Management LLC now owns 2,784,102 shares of the basic materials company’s stock worth $310,628,000 after purchasing an additional 13,381 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in Eastman Chemical by 3.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock valued at $306,093,000 after purchasing an additional 83,504 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Eastman Chemical by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock worth $223,435,000 after purchasing an additional 198,645 shares during the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

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.