Eastman Chemical (NYSE:EMN) Price Target Raised to $111.00

Eastman Chemical (NYSE:EMN) had its price objective increased by Barclays from $103.00 to $111.00 in a research note published on Monday morning, Benzinga reports. Barclays currently has an equal weight rating on the basic materials company’s stock.

A number of other research firms have also recently issued reports on EMN. Citigroup dropped their price target on shares of Eastman Chemical from $114.00 to $111.00 and set a buy rating on the stock in a research note on Thursday, June 27th. UBS Group raised shares of Eastman Chemical from a neutral rating to a buy rating and lifted their price target for the company from $106.00 to $128.00 in a research note on Thursday, May 23rd. Jefferies Financial Group raised shares of Eastman Chemical from a hold rating to a buy rating and lifted their price target for the company from $102.00 to $125.00 in a research note on Monday, April 29th. KeyCorp lifted their price target on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an overweight rating in a research note on Tuesday, April 9th. Finally, Royal Bank of Canada raised their price objective on Eastman Chemical from $100.00 to $104.00 and gave the company a sector perform rating in a report on Tuesday, April 30th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $108.07.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $103.36 on Monday. The stock has a market capitalization of $12.08 billion, a price-to-earnings ratio of 13.32, a PEG ratio of 1.11 and a beta of 1.46. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $105.98. The firm’s 50 day simple moving average is $98.92 and its 200-day simple moving average is $94.67. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.39 and a quick ratio of 0.71.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.01 by $0.14. The business had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 14.06%. The business’s revenue was up 1.7% on a year-over-year basis. During the same quarter last year, the company earned $1.99 EPS. Analysts expect that Eastman Chemical will post 7.68 EPS for the current year.

Insider Transactions at Eastman Chemical

In other news, SVP Adrian James Holt sold 1,975 shares of Eastman Chemical stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total transaction of $195,959.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. 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 value of $10,318,864.20. Following the sale, the chief executive officer now directly owns 395,699 shares in the company, valued at approximately $39,878,545.22. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Adrian James Holt sold 1,975 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $99.22, for a total transaction of $195,959.50. The disclosure for this sale can be found here. Insiders have sold a total of 108,027 shares of company stock worth $10,885,638 in the last quarter. Company insiders own 1.93% of the company’s stock.

Hedge Funds Weigh In On Eastman Chemical

Several institutional investors have recently bought and sold shares of the company. Lcnb Corp grew its position in Eastman Chemical by 1.7% in the 1st quarter. Lcnb Corp now owns 6,275 shares of the basic materials company’s stock valued at $629,000 after acquiring an additional 103 shares in the last quarter. Kingswood Wealth Advisors LLC grew its position in Eastman Chemical by 2.8% in the 2nd quarter. Kingswood Wealth Advisors LLC now owns 4,026 shares of the basic materials company’s stock valued at $394,000 after acquiring an additional 111 shares in the last quarter. Quadrant Capital Group LLC grew its position in shares of Eastman Chemical by 8.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,639 shares of the basic materials company’s stock worth $147,000 after buying an additional 128 shares in the last quarter. IFG Advisory LLC grew its position in shares of Eastman Chemical by 0.9% during the second quarter. IFG Advisory LLC now owns 15,438 shares of the basic materials company’s stock worth $1,513,000 after buying an additional 137 shares in the last quarter. Finally, Empirical Finance LLC grew its position in shares of Eastman Chemical by 3.3% during the first quarter. Empirical Finance LLC now owns 4,525 shares of the basic materials company’s stock worth $453,000 after buying an additional 145 shares in the last quarter. 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.