Analysts Set Eastman Chemical (NYSE:EMN) PT at $107.31

Shares of Eastman Chemical (NYSE:EMN) have earned an average recommendation of “Moderate Buy” from the sixteen brokerages that are currently covering the company, Marketbeat reports. Six equities research analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $107.31.

A number of analysts have weighed in on EMN shares. Barclays raised their price target on Eastman Chemical from $85.00 to $103.00 and gave the company an “equal weight” rating in a research note on Monday, May 6th. Wells Fargo & Company increased their price target on shares of Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a research note on Thursday, April 11th. KeyCorp boosted their price objective on shares of Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. Piper Sandler upped their target price on shares of Eastman Chemical from $90.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday, April 30th. Finally, Mizuho lifted their price target 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.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $94.54 on Wednesday. The stock has a market capitalization of $11.12 billion, a PE ratio of 12.18, a P/E/G ratio of 1.05 and a beta of 1.46. The company has a quick ratio of 0.71, a current ratio of 1.39 and a debt-to-equity ratio of 0.77. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $105.98. The firm has a 50 day moving average of $99.20 and a two-hundred day moving average of $93.48.

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 the consensus estimate of $1.41 by $0.20. The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.29 billion. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. Eastman Chemical’s revenue was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.63 EPS. On average, research analysts predict that Eastman Chemical will post 7.69 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th will be issued a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date of this dividend is Monday, June 17th. Eastman Chemical’s payout ratio is currently 41.75%.

Insider Buying and Selling

In other Eastman Chemical news, SVP Adrian James Holt sold 3,662 shares of the company’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $101.26, for a total transaction of $370,814.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Mark J. Costa sold 102,390 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the sale, the chief executive officer now owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Adrian James Holt sold 3,662 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $101.26, for a total transaction of $370,814.12. The disclosure for this sale can be found here. Insiders sold a total of 108,027 shares of company stock valued at $10,885,638 over the last three months. 2.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Eastman Chemical

A number of institutional investors and hedge funds have recently modified their holdings of EMN. Capital Research Global Investors grew its holdings in Eastman Chemical by 649.8% in the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after purchasing an additional 3,909,740 shares during the last quarter. Norges Bank acquired a new position in shares of Eastman Chemical in the fourth quarter worth $121,847,000. DekaBank Deutsche Girozentrale raised its stake in Eastman Chemical by 318.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock valued at $69,516,000 after purchasing an additional 534,081 shares during the last quarter. Mackenzie Financial Corp boosted its position in Eastman Chemical by 274.5% during the fourth quarter. Mackenzie Financial Corp now owns 249,104 shares of the basic materials company’s stock worth $22,375,000 after acquiring an additional 391,848 shares during the last quarter. Finally, Earnest Partners LLC grew its position in shares of Eastman Chemical by 11.0% in the first quarter. Earnest Partners LLC now owns 2,199,943 shares of the basic materials company’s stock valued at $220,478,000 after purchasing an additional 217,720 shares during the period. 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.