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

Eastman Chemical (NYSE:EMN) had its target price upped by equities researchers at Piper Sandler from $90.00 to $105.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the basic materials company’s stock. Piper Sandler’s price target suggests a potential upside of 10.81% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. Bank of America cut their target price on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating for the company in a research note on Monday. Jefferies Financial Group raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $102.00 to $125.00 in a research note on Monday. Mizuho lifted their price objective on shares of Eastman Chemical from $91.00 to $102.00 and gave the stock a “neutral” rating in a research note on Friday, April 26th. KeyCorp lifted their price objective on shares of Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Finally, StockNews.com cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday. Eight investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Eastman Chemical has an average rating of “Moderate Buy” and a consensus target price of $103.12.

Eastman Chemical Stock Performance

EMN opened at $94.76 on Tuesday. The stock has a market capitalization of $11.15 billion, a price-to-earnings ratio of 12.21, a PEG ratio of 1.07 and a beta of 1.54. The company has a fifty day moving average of $94.60 and a 200 day moving average of $86.94. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $102.71. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.70 and a current ratio of 1.39.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.20. The company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. Eastman Chemical’s quarterly revenue was down 4.2% on a year-over-year basis. During the same period last year, the company posted $1.63 earnings per share. As a group, sell-side analysts forecast that Eastman Chemical will post 7.75 earnings per share for the current fiscal year.

Insider Transactions 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 shares were sold at an average price of $87.75, for a total value of $415,496.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.28% of the company’s stock.

Institutional Investors Weigh In On Eastman Chemical

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quadrant Capital Group LLC lifted its holdings in Eastman Chemical by 8.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,639 shares of the basic materials company’s stock valued at $147,000 after buying an additional 128 shares in the last quarter. Tucker Asset Management LLC lifted its holdings in Eastman Chemical by 19.5% during the 3rd quarter. Tucker Asset Management LLC now owns 870 shares of the basic materials company’s stock valued at $67,000 after buying an additional 142 shares in the last quarter. Atria Wealth Solutions Inc. lifted its holdings in Eastman Chemical by 4.6% during the 4th quarter. Atria Wealth Solutions Inc. now owns 3,452 shares of the basic materials company’s stock valued at $310,000 after buying an additional 151 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in shares of Eastman Chemical by 26.2% in the 3rd quarter. Parkside Financial Bank & Trust now owns 814 shares of the basic materials company’s stock valued at $62,000 after purchasing an additional 169 shares in the last quarter. Finally, Steph & Co. raised its holdings in shares of Eastman Chemical by 12.8% in the 3rd quarter. Steph & Co. now owns 1,765 shares of the basic materials company’s stock valued at $135,000 after purchasing an additional 200 shares in the last quarter. 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.