Eastman Chemical (NYSE:EMN) Price Target Raised to $105.00

Eastman Chemical (NYSE:EMN) had its price target raised by Piper Sandler from $90.00 to $105.00 in a report issued on Tuesday morning, Benzinga reports. They currently have a neutral rating on the basic materials company’s stock.

A number of other research firms have also recently issued reports on EMN. Redburn Atlantic began coverage on Eastman Chemical in a research report on Thursday, February 15th. They set a buy rating and a $110.00 price objective on the stock. UBS Group boosted their price objective on Eastman Chemical from $91.00 to $93.00 and gave the company a neutral rating in a research report on Friday, February 2nd. Jefferies Financial Group upgraded Eastman Chemical from a hold rating to a buy rating and boosted their price objective for the company from $102.00 to $125.00 in a research report on Monday, April 29th. Royal Bank of Canada boosted their price objective on Eastman Chemical from $89.00 to $100.00 and gave the company a sector perform rating in a research report on Friday, April 19th. Finally, Mizuho upped their price target on Eastman Chemical from $91.00 to $102.00 and gave the company a neutral rating in a research report on Friday, April 26th. Eight investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Eastman Chemical presently has an average rating of Moderate Buy and a consensus target price of $103.12.

Eastman Chemical Stock Up 1.6 %

Shares of EMN stock opened at $97.50 on Tuesday. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $102.71. The firm has a market cap of $11.47 billion, a PE ratio of 12.56, a price-to-earnings-growth ratio of 1.03 and a beta of 1.54. The stock has a 50 day moving average of $95.01 and a 200-day moving average of $87.17. The company has a quick ratio of 0.70, a current ratio of 1.39 and a debt-to-equity ratio of 0.77.

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, beating analysts’ consensus estimates of $1.41 by $0.20. The business had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.29 billion. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. Eastman Chemical’s quarterly revenue was down 4.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.63 earnings per share. On average, equities analysts predict that Eastman Chemical will post 7.75 EPS for the current year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th will be issued a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend is Monday, June 17th. Eastman Chemical’s payout ratio is presently 41.75%.

Insider Transactions at Eastman Chemical

In other news, SVP Adrian James Holt sold 4,735 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total transaction of $415,496.25. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 1.93% of the company’s stock.

Hedge Funds Weigh In On Eastman Chemical

Several large investors have recently made changes to their positions in EMN. Czech National Bank lifted its stake in shares of Eastman Chemical by 46.9% during the third quarter. Czech National Bank now owns 20,721 shares of the basic materials company’s stock valued at $1,590,000 after acquiring an additional 6,616 shares during the period. Valeo Financial Advisors LLC lifted its stake in shares of Eastman Chemical by 15.9% during the third quarter. Valeo Financial Advisors LLC now owns 4,235 shares of the basic materials company’s stock valued at $325,000 after acquiring an additional 580 shares during the period. Commonwealth Equity Services LLC lifted its stake in shares of Eastman Chemical by 6.4% during the third quarter. Commonwealth Equity Services LLC now owns 76,744 shares of the basic materials company’s stock valued at $5,888,000 after acquiring an additional 4,626 shares during the period. Accurate Wealth Management LLC lifted its stake in shares of Eastman Chemical by 9.6% during the third quarter. Accurate Wealth Management LLC now owns 3,065 shares of the basic materials company’s stock valued at $228,000 after acquiring an additional 268 shares during the period. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in Eastman Chemical by 9.3% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 65,941 shares of the basic materials company’s stock valued at $5,059,000 after buying an additional 5,608 shares during the period. 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.