Piper Sandler Boosts Eastman Chemical (NYSE:EMN) Price Target to $105.00

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

EMN has been the subject of several other research reports. UBS Group raised their target price on Eastman Chemical from $91.00 to $93.00 and gave the company a neutral rating in a research note on Friday, February 2nd. Citigroup boosted their target price on shares of Eastman Chemical from $95.00 to $114.00 and gave the stock a buy rating in a report on Wednesday, April 10th. Royal Bank of Canada lifted their price target on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock a sector perform rating in a research report on Friday, April 19th. KeyCorp increased their price objective on Eastman Chemical from $101.00 to $121.00 and gave the company an overweight rating in a research report on Tuesday, April 9th. Finally, Mizuho lifted their target price on Eastman Chemical from $91.00 to $102.00 and gave the stock a neutral rating in a report on Friday, April 26th. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $103.12.

Eastman Chemical Price Performance

EMN stock traded up $1.58 during trading on Tuesday, hitting $97.50. The company had a trading volume of 841,000 shares, compared to its average volume of 1,083,600. The business has a 50 day moving average of $95.01 and a 200 day moving average of $87.17. The firm has a market capitalization of $11.47 billion, a price-to-earnings ratio of 12.56, a P/E/G ratio of 1.03 and a beta of 1.54. The company has a current ratio of 1.39, a quick ratio of 0.70 and a debt-to-equity ratio of 0.77. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $102.71.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The company had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.29 billion. During the same period in the prior year, the business posted $1.63 EPS. The business’s revenue for the quarter was down 4.2% compared to the same quarter last year. As a group, research analysts predict that Eastman Chemical will post 7.75 earnings per share for the current year.

Eastman Chemical Announces Dividend

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

Insider Buying and Selling at Eastman Chemical

In other news, SVP Adrian James Holt sold 4,735 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was 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 the SEC website. Corporate insiders own 1.93% of the company’s stock.

Hedge Funds Weigh In On Eastman Chemical

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EMN. Turtle Creek Wealth Advisors LLC acquired a new position in Eastman Chemical during the fourth quarter valued at approximately $26,000. Northwest Investment Counselors LLC bought a new position in Eastman Chemical in the 1st quarter worth $34,000. First Command Advisory Services Inc. acquired a new position in Eastman Chemical during the 3rd quarter worth $26,000. Sound Income Strategies LLC grew its position in shares of Eastman Chemical by 213.8% in the fourth quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 278 shares during the last quarter. Finally, Bruce G. Allen Investments LLC acquired a new stake in Eastman Chemical in the 4th quarter valued at approximately $38,000. Institutional investors own 83.65% of the company’s stock.

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.