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

Eastman Chemical (NYSE:EMN) had its target price raised by Piper Sandler from $102.00 to $105.00 in a research report released on Thursday morning,Benzinga reports. They currently have a neutral rating on the basic materials company’s stock.

Several other equities research analysts have also commented on the stock. Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and lowered their price target for the company from $115.00 to $109.00 in a report on Tuesday, January 14th. Barclays lowered their price target 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. Citigroup lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and lowered their price target for the company from $118.00 to $104.00 in a report on Wednesday, December 18th. KeyCorp upped their price target on shares of Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Finally, StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, January 18th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Eastman Chemical presently has an average rating of “Moderate Buy” and an average price target of $114.08.

Eastman Chemical Price Performance

Shares of EMN opened at $100.99 on Thursday. The firm has a market capitalization of $11.71 billion, a PE ratio of 13.15, a price-to-earnings-growth 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 has a 1-year low of $83.38 and a 1-year high of $114.50. The company’s fifty day moving average price is $94.26 and its 200-day moving average price is $100.15.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, beating 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%. On average, equities research analysts predict that Eastman Chemical will post 8.47 EPS for the current year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be given a dividend of $0.83 per share. The ex-dividend date is Friday, March 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.29%. Eastman Chemical’s dividend payout ratio (DPR) is presently 43.23%.

Insider Buying and Selling

In related news, EVP Stephen Glenn Crawford sold 10,504 shares of the company’s stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 47,287 shares in the company, valued at $4,965,135. This represents a 18.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of the company’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction of $471,623.04. Following the transaction, the senior vice president now owns 4,403 shares of the company’s stock, valued at approximately $466,013.52. This trade represents a 50.30 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.93% of the company’s stock.

Institutional Trading of Eastman Chemical

A number of hedge funds have recently bought and sold shares of EMN. Exchange Traded Concepts LLC raised its holdings in Eastman Chemical by 784.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 681 shares of the basic materials company’s stock valued at $76,000 after acquiring an additional 604 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings in Eastman Chemical by 12.3% in the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 25,616 shares of the basic materials company’s stock valued at $2,868,000 after acquiring an additional 2,806 shares during the last quarter. Wolff Wiese Magana LLC raised its holdings in Eastman Chemical by 238.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 200 shares during the last quarter. Bleakley Financial Group LLC purchased a new stake in shares of Eastman Chemical in the 3rd quarter valued at approximately $217,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Eastman Chemical by 4.3% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 11,967 shares of the basic materials company’s stock valued at $1,340,000 after buying an additional 498 shares during the period. Institutional investors and hedge funds 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.