Mizuho Raises Eastman Chemical (NYSE:EMN) Price Target to $117.00

Eastman Chemical (NYSE:EMN) had its target price upped by Mizuho from $113.00 to $117.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a neutral rating on the basic materials company’s stock.

Other research analysts also recently issued reports about the company. Piper Sandler reaffirmed a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Barclays upped their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $110.00 to $125.00 in a research report on Tuesday. StockNews.com cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday. Finally, Bank of America lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and raised their price target for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $112.86.

Eastman Chemical Stock Down 0.9 %

EMN opened at $104.92 on Tuesday. The company has a fifty day moving average of $106.44 and a two-hundred day moving average of $101.62. The stock has a market capitalization of $12.16 billion, a price-to-earnings ratio of 14.01, a PEG ratio of 0.81 and a beta of 1.44. Eastman Chemical has a fifty-two week low of $80.71 and a fifty-two week high of $114.50. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52.

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

Insider Transactions at Eastman Chemical

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the sale, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at $1,298,430. This trade represents a 19.84 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.93% of the company’s stock.

Institutional Investors Weigh In On Eastman Chemical

A number of hedge funds have recently modified their holdings of the company. State Street Corp lifted its holdings in Eastman Chemical by 1.4% in the third quarter. State Street Corp now owns 5,285,230 shares of the basic materials company’s stock valued at $595,820,000 after acquiring an additional 70,692 shares during the last quarter. Geode Capital Management LLC raised its position in Eastman Chemical by 0.5% in the third quarter. Geode Capital Management LLC now owns 2,784,102 shares of the basic materials company’s stock valued at $310,628,000 after purchasing an additional 13,381 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of Eastman Chemical by 3.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock valued at $306,093,000 after purchasing an additional 83,504 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Eastman Chemical by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock worth $223,435,000 after purchasing an additional 198,645 shares during the period. Finally, Earnest Partners LLC increased its position in shares of Eastman Chemical by 1.8% during the 2nd quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company’s stock worth $219,454,000 after purchasing an additional 40,070 shares during the last quarter. Hedge funds and other 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.