Eastman Chemical (NYSE:EMN) Price Target Increased to $105.00 by Analysts at Piper Sandler

Eastman Chemical (NYSE:EMN) had its target price boosted by Piper Sandler from $90.00 to $105.00 in a research note issued to investors on Tuesday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the basic materials company’s stock.

A number of other research analysts have also weighed in on EMN. Stifel Nicolaus reduced their price objective on shares of Eastman Chemical from $102.00 to $101.00 and set a buy rating for the company in a research note on Monday, February 5th. UBS Group boosted their price objective on Eastman Chemical from $91.00 to $93.00 and gave the company a neutral rating in a research note on Friday, February 2nd. Redburn Atlantic assumed coverage on Eastman Chemical in a report on Thursday, February 15th. They set a buy rating and a $110.00 target price for the company. Bank of America lowered their price target on shares of Eastman Chemical from $113.00 to $112.00 and set a buy rating on the stock in a report on Monday. Finally, Jefferies Financial Group raised shares of Eastman Chemical from a hold rating to a buy rating and boosted their price objective for the company from $102.00 to $125.00 in a research note on Monday. Eight equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $103.12.

Eastman Chemical Stock Performance

Eastman Chemical stock opened at $94.44 on Tuesday. The company has a market capitalization of $11.11 billion, a P/E ratio of 12.17, a P/E/G ratio of 1.06 and a beta of 1.54. The business has a 50 day moving average of $94.42 and a 200-day moving average of $86.88. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.35 and a quick ratio of 0.70. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $102.71.

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, 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 return on equity of 13.95% and a net margin of 10.16%. The business’s quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.63 earnings per share. On average, equities research analysts predict that Eastman Chemical will post 7.71 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were paid a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 3.43%. The ex-dividend date of this dividend was Thursday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

Insider Activity

In related news, SVP Adrian James Holt sold 4,735 shares of Eastman Chemical stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of EMN. First Command Advisory Services Inc. purchased a new stake in Eastman Chemical in the third quarter worth $26,000. Turtle Creek Wealth Advisors LLC bought a new position in Eastman Chemical in the fourth quarter valued at about $26,000. Northwest Investment Counselors LLC bought a new stake in Eastman Chemical during the 1st quarter worth approximately $34,000. Sound Income Strategies LLC lifted its holdings in shares of Eastman Chemical by 213.8% in the fourth quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock worth $37,000 after buying an additional 278 shares in the last quarter. Finally, Bruce G. Allen Investments LLC purchased a new position in Eastman Chemical during the fourth quarter worth $38,000. 83.65% of the stock is owned by institutional investors.

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.