Piper Sandler Cuts Eastman Chemical (NYSE:EMN) Price Target to $99.00

Eastman Chemical (NYSE:EMN) had its price target dropped by investment analysts at Piper Sandler from $105.00 to $99.00 in a report released on Monday,Benzinga reports. The firm currently has a “neutral” rating on the basic materials company’s stock. Piper Sandler’s price target indicates a potential upside of 35.15% from the company’s current price.

EMN has been the subject of several other research reports. Citigroup upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $105.00 to $101.00 in a research note on Friday. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Saturday, January 18th. Mizuho raised Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research report on Thursday. Barclays lowered their price target on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Finally, Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $115.00 to $109.00 in a research report on Tuesday, January 14th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $112.33.

Eastman Chemical Trading Down 3.0 %

EMN traded down $2.28 during mid-day trading on Monday, hitting $73.25. 174,981 shares of the stock were exchanged, compared to its average volume of 971,696. The firm’s fifty day moving average is $94.76 and its two-hundred day moving average is $98.67. Eastman Chemical has a 1-year low of $71.30 and a 1-year high of $114.50. The company has a market cap of $8.44 billion, a PE ratio of 9.48, a PEG ratio of 1.22 and a beta of 1.38. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity 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 EPS for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. Equities analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Institutional Trading of Eastman Chemical

A number of hedge funds have recently added to or reduced their stakes in the stock. James J. Burns & Company LLC acquired a new position in Eastman Chemical in the 4th quarter valued at $741,000. Goelzer Investment Management Inc. acquired a new position in shares of Eastman Chemical during the fourth quarter worth about $3,319,000. National Bank of Canada FI raised its holdings in Eastman Chemical by 492.9% during the third quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock worth $23,863,000 after purchasing an additional 177,207 shares in the last quarter. Dakota Wealth Management boosted its holdings in Eastman Chemical by 14.6% in the 4th quarter. Dakota Wealth Management now owns 44,675 shares of the basic materials company’s stock valued at $4,081,000 after purchasing an additional 5,700 shares in the last quarter. Finally, Franklin Resources Inc. increased its position in Eastman Chemical by 5.7% during the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock worth $593,233,000 after purchasing an additional 282,458 shares during the period. 83.65% of the stock is owned by institutional investors and hedge funds.

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.