Eastman Chemical (NYSE:EMN) Stock Price Expected to Rise, Piper Sandler Analyst Says

Eastman Chemical (NYSE:EMN) had its target price lifted by investment analysts at Piper Sandler from $102.00 to $105.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the basic materials company’s stock. Piper Sandler’s price target indicates a potential upside of 3.30% from the stock’s current price.

A number of other analysts also recently weighed in on EMN. Deutsche Bank Aktiengesellschaft dropped their target price 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. Wells Fargo & Company raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $110.00 to $125.00 in a research note on Tuesday, November 26th. Barclays reduced their target price on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and cut their price target for the company from $115.00 to $109.00 in a research report on Tuesday, January 14th. Finally, Mizuho raised their price objective on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $113.77.

Eastman Chemical Price Performance

NYSE EMN traded up $0.37 during trading on Thursday, reaching $101.65. The company’s stock had a trading volume of 48,097 shares, compared to its average volume of 1,133,353. The firm has a fifty day moving average of $94.25 and a 200 day moving average of $100.17. Eastman Chemical has a one year low of $81.76 and a one year high of $114.50. The stock has a market capitalization of $11.78 billion, a PE ratio of 13.24, a P/E/G ratio of 1.24 and a beta of 1.44. 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 (NYSE:EMN) last posted its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.40%. Analysts expect that Eastman Chemical will post 8.47 EPS for the current fiscal year.

Insider Activity at Eastman Chemical

In other Eastman Chemical news, SVP Julie A. Mcalindon sold 4,456 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total value of $471,623.04. Following the sale, the senior vice president now owns 4,403 shares in the company, valued at approximately $466,013.52. This represents a 50.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of Eastman Chemical stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the transaction, the executive vice president now owns 47,287 shares of the company’s stock, valued at $4,965,135. The trade was a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC boosted its holdings in Eastman Chemical by 3.8% in the third quarter. V Square Quantitative Management LLC now owns 2,683 shares of the basic materials company’s stock worth $300,000 after acquiring an additional 98 shares in the last quarter. Private Trust Co. NA boosted its stake in Eastman Chemical by 14.0% in the 4th quarter. Private Trust Co. NA now owns 837 shares of the basic materials company’s stock worth $76,000 after purchasing an additional 103 shares in the last quarter. Patrick M Sweeney & Associates Inc. boosted its stake in Eastman Chemical by 3.3% in the 3rd quarter. Patrick M Sweeney & Associates Inc. now owns 3,434 shares of the basic materials company’s stock worth $384,000 after purchasing an additional 111 shares in the last quarter. Blue Trust Inc. grew its position in Eastman Chemical by 2.2% during the 4th quarter. Blue Trust Inc. now owns 5,505 shares of the basic materials company’s stock valued at $503,000 after purchasing an additional 116 shares during the last quarter. Finally, RKL Wealth Management LLC increased its stake in Eastman Chemical by 0.9% during the 3rd quarter. RKL Wealth Management LLC now owns 13,576 shares of the basic materials company’s stock valued at $1,520,000 after purchasing an additional 123 shares in the last quarter. Institutional investors 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.