Piper Sandler Increases Eastman Chemical (NYSE:EMN) Price Target to $105.00

Eastman Chemical (NYSE:EMN) had its price objective raised by analysts at Piper Sandler from $90.00 to $105.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the basic materials company’s stock. Piper Sandler’s price target would indicate a potential upside of 7.87% from the stock’s previous close.

A number of other brokerages have also issued reports on EMN. Bank of America decreased their target price on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a research report on Monday. Stifel Nicolaus decreased their price objective on Eastman Chemical from $102.00 to $101.00 and set a “buy” rating on the stock in a report on Monday, February 5th. StockNews.com downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday. UBS Group increased their target price on Eastman Chemical from $91.00 to $93.00 and gave the stock a “neutral” rating in a research report on Friday, February 2nd. Finally, KeyCorp upped their price objective 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. Eight research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $102.88.

Eastman Chemical Stock Performance

Eastman Chemical stock opened at $97.34 on Tuesday. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $102.71. The company has a market capitalization of $11.45 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 1.06 and a beta of 1.54. The stock has a fifty day moving average of $94.23 and a two-hundred day moving average of $86.73. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.70 and a current ratio of 1.35.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20. The firm 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 firm’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.63 EPS. On average, analysts anticipate that Eastman Chemical will post 7.71 EPS for the current fiscal year.

Insider Activity at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total transaction of $415,496.25. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.28% of the stock is owned by insiders.

Hedge Funds Weigh In On Eastman Chemical

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Eastman Chemical by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 14,839,723 shares of the basic materials company’s stock worth $1,332,904,000 after buying an additional 61,580 shares during the last quarter. Putnam Investments LLC lifted its stake in Eastman Chemical by 4.0% during the fourth quarter. Putnam Investments LLC now owns 4,355,408 shares of the basic materials company’s stock worth $391,203,000 after purchasing an additional 168,038 shares during the last quarter. Morgan Stanley boosted its holdings in Eastman Chemical by 1.0% in the third quarter. Morgan Stanley now owns 3,978,856 shares of the basic materials company’s stock worth $305,258,000 after purchasing an additional 39,860 shares during the period. Invesco Ltd. boosted its holdings in Eastman Chemical by 37.4% in the third quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock worth $214,496,000 after purchasing an additional 760,974 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its stake in Eastman Chemical by 7.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,575,783 shares of the basic materials company’s stock valued at $231,357,000 after purchasing an additional 168,009 shares during the last quarter. Institutional investors and hedge funds 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.