Brokerages Set Eastman Chemical (NYSE:EMN) Price Target at $113.92

Shares of Eastman Chemical (NYSE:EMN) have been assigned a consensus rating of “Hold” from the thirteen analysts that are presently covering the company, MarketBeat.com reports. Seven equities research analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $113.92.

EMN has been the subject of several research analyst reports. Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $114.00 to $119.00 in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft lowered their price objective on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Tuesday, December 3rd. Mizuho increased their target price on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Finally, Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $110.00 to $125.00 in a report on Tuesday, November 26th.

Insider Activity at Eastman Chemical

In other Eastman Chemical news, EVP Stephen Glenn Crawford sold 10,504 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the completion of the sale, the executive vice president now directly owns 47,287 shares in the company, valued at approximately $4,965,135. The trade was a 18.18 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the transaction, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This represents a 19.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,021 shares of company stock worth $1,895,948. 1.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On Eastman Chemical

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wolff Wiese Magana LLC lifted its holdings in Eastman Chemical by 238.1% in the third 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. Dunhill Financial LLC lifted its stake in shares of Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 162 shares during the last quarter. Rothschild Investment LLC purchased a new position in shares of Eastman Chemical during the 2nd quarter worth $38,000. Northwest Investment Counselors LLC acquired a new stake in shares of Eastman Chemical during the 3rd quarter worth about $38,000. Finally, Benjamin F. Edwards & Company Inc. raised its holdings in Eastman Chemical by 30.9% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 610 shares of the basic materials company’s stock valued at $60,000 after buying an additional 144 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Stock Up 0.3 %

Shares of Eastman Chemical stock opened at $91.74 on Wednesday. Eastman Chemical has a 1 year low of $80.71 and a 1 year high of $114.50. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. The company has a 50-day moving average of $101.20 and a 200 day moving average of $101.27. The firm has a market cap of $10.63 billion, a price-to-earnings ratio of 12.28, a PEG ratio of 0.79 and a beta of 1.42.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping 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 business’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.47 EPS. As a group, sell-side analysts anticipate that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Eastman Chemical Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Investors of record on Monday, December 16th will be given a dividend of $0.83 per share. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.81. This represents a $3.32 annualized dividend and a yield of 3.62%. The ex-dividend date is Monday, December 16th. Eastman Chemical’s dividend payout ratio (DPR) is currently 44.44%.

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.