Eastman Chemical (NYSE:EMN) Given New $105.00 Price Target at Piper Sandler

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

A number of other equities analysts have also recently issued reports on EMN. Redburn Atlantic began coverage on Eastman Chemical in a report on Thursday, February 15th. They issued a buy rating and a $110.00 price objective for the company. Citigroup upped their price objective on shares of Eastman Chemical from $95.00 to $114.00 and gave the company a buy rating in a research note on Wednesday, April 10th. Mizuho boosted 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. Wells Fargo & Company raised their price objective on Eastman Chemical from $89.00 to $100.00 and gave the company an equal weight rating in a research note on Thursday, April 11th. Finally, Royal Bank of Canada increased their target price on Eastman Chemical from $89.00 to $100.00 and gave the company a sector perform rating in a report on Friday, April 19th. Eight research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Eastman Chemical presently has a consensus rating of Moderate Buy and an average target price of $103.12.

Eastman Chemical Price Performance

Shares of NYSE:EMN traded up $1.58 on Tuesday, hitting $97.50. The company’s stock had a trading volume of 841,000 shares, compared to its average volume of 1,083,600. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $102.71. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.39 and a quick ratio of 0.70. The company has a market capitalization of $11.47 billion, a PE ratio of 12.56, a PEG ratio of 1.03 and a beta of 1.54. The company has a 50-day simple moving average of $95.01 and a 200 day simple moving average of $87.17.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.20. The business had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. Eastman Chemical’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.63 earnings per share. Sell-side analysts forecast that Eastman Chemical will post 7.75 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 17th will be given a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 3.32%. The ex-dividend date is Monday, June 17th. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Insider Buying and Selling

In other news, SVP Adrian James Holt sold 4,735 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total value of $415,496.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.93% of the stock is owned by insiders.

Institutional Trading of Eastman Chemical

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Czech National Bank grew its holdings in Eastman Chemical by 46.9% in the third quarter. Czech National Bank now owns 20,721 shares of the basic materials company’s stock worth $1,590,000 after purchasing an additional 6,616 shares during the period. Valeo Financial Advisors LLC increased its holdings in shares of Eastman Chemical by 15.9% during the third quarter. Valeo Financial Advisors LLC now owns 4,235 shares of the basic materials company’s stock valued at $325,000 after acquiring an additional 580 shares in the last quarter. Commonwealth Equity Services LLC raised its position in shares of Eastman Chemical by 6.4% in the 3rd quarter. Commonwealth Equity Services LLC now owns 76,744 shares of the basic materials company’s stock worth $5,888,000 after purchasing an additional 4,626 shares during the last quarter. Accurate Wealth Management LLC grew its position in Eastman Chemical by 9.6% during the 3rd quarter. Accurate Wealth Management LLC now owns 3,065 shares of the basic materials company’s stock valued at $228,000 after purchasing an additional 268 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its stake in Eastman Chemical by 9.3% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 65,941 shares of the basic materials company’s stock valued at $5,059,000 after purchasing an additional 5,608 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other 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.