Eastman Chemical (NYSE:EMN) Price Target Lowered to $102.00 at Piper Sandler

Eastman Chemical (NYSE:EMN) had its price objective cut by investment analysts at Piper Sandler from $105.00 to $102.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the basic materials company’s stock. Piper Sandler’s target price would suggest a potential upside of 15.15% from the company’s previous close.

EMN has been the topic of several other reports. Mizuho upped 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. StockNews.com lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, January 1st. Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and upped their price objective for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. Wells Fargo & Company upgraded 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. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $113.69.

Eastman Chemical Trading Down 0.1 %

Eastman Chemical stock opened at $88.58 on Tuesday. The business has a 50 day moving average price of $98.83 and a two-hundred day moving average price of $100.75. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. The stock has a market cap of $10.27 billion, a price-to-earnings ratio of 11.86, a price-to-earnings-growth ratio of 0.79 and a beta of 1.44. Eastman Chemical has a 12 month low of $80.71 and a 12 month high of $114.50.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The firm had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the prior year, the firm posted $1.47 EPS. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. As a group, equities analysts forecast that Eastman Chemical will post 7.63 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Julie A. Mcalindon sold 4,456 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total value of $471,623.04. Following the transaction, the senior vice president now owns 4,403 shares of the company’s stock, valued at $466,013.52. This represents a 50.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value 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 approximately $1,298,430. This trade represents a 19.84 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,021 shares of company stock valued at $1,895,948. 1.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in EMN. National Bank of Canada FI raised its stake in Eastman Chemical by 492.9% during the 3rd quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock worth $23,863,000 after buying an additional 177,207 shares during the period. KBC Group NV raised its stake in Eastman Chemical by 21.8% during the 3rd quarter. KBC Group NV now owns 110,610 shares of the basic materials company’s stock worth $12,383,000 after buying an additional 19,809 shares during the period. Principal Financial Group Inc. raised its stake in Eastman Chemical by 6.8% during the 3rd quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company’s stock worth $16,588,000 after buying an additional 9,447 shares during the period. Ensign Peak Advisors Inc raised its stake in Eastman Chemical by 21.0% during the 2nd quarter. Ensign Peak Advisors Inc now owns 46,288 shares of the basic materials company’s stock worth $4,535,000 after buying an additional 8,035 shares during the period. Finally, Pathway Financial Advisers LLC acquired a new stake in Eastman Chemical during the 3rd quarter worth $632,000. 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.