Eastman Chemical (NYSE:EMN) PT Raised to $105.00 at Piper Sandler

Eastman Chemical (NYSE:EMN) had its price target increased by analysts at Piper Sandler from $90.00 to $105.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the basic materials company’s stock. Piper Sandler’s price target would suggest a potential upside of 10.81% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Stifel Nicolaus lowered their target price on shares of Eastman Chemical from $102.00 to $101.00 and set a “buy” rating on the stock in a report on Monday, February 5th. Bank of America lowered their target price on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a report on Monday. KeyCorp upped their target price on shares of Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Wells Fargo & Company upped their target price on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a report on Thursday, April 11th. Finally, Redburn Atlantic started coverage on shares of Eastman Chemical in a report on Thursday, February 15th. They issued a “buy” rating and a $110.00 target price on the stock. Eight research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $103.12.

Eastman Chemical Price Performance

EMN stock opened at $94.76 on Tuesday. The stock has a market capitalization of $11.15 billion, a PE ratio of 12.21, a price-to-earnings-growth ratio of 1.07 and a beta of 1.54. The company’s 50-day moving average is $94.60 and its 200-day moving average is $86.94. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.39 and a quick ratio of 0.70. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $102.71.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20. The company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The business’s revenue was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.63 EPS. Equities research analysts expect that Eastman Chemical will post 7.75 EPS for the current fiscal year.

Insider Activity

In other news, SVP Adrian James Holt sold 4,735 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total transaction of $415,496.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.28% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Burns J W & Co. Inc. NY bought a new position in Eastman Chemical in the 4th quarter worth approximately $205,000. Cetera Trust Company N.A bought a new position in Eastman Chemical in the 4th quarter worth approximately $812,000. Wedge Capital Management L L P NC boosted its holdings in Eastman Chemical by 17.6% in the 4th quarter. Wedge Capital Management L L P NC now owns 99,419 shares of the basic materials company’s stock worth $8,930,000 after buying an additional 14,898 shares during the period. International Assets Investment Management LLC bought a new position in Eastman Chemical in the 4th quarter worth approximately $8,592,000. Finally, Invesco Ltd. boosted its holdings in Eastman Chemical by 37.4% in the 3rd quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock worth $214,496,000 after buying an additional 760,974 shares during the period. 83.65% of the stock is owned by 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.