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

Eastman Chemical (NYSE:EMN) had its target price lifted by Piper Sandler from $102.00 to $105.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the basic materials company’s stock. Piper Sandler’s price objective would suggest a potential upside of 3.30% from the company’s current price.

A number of other equities research analysts also recently issued reports on the company. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $110.00 to $125.00 in a research note on Tuesday, November 26th. Barclays cut their target price on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $115.00 to $109.00 in a research report on Tuesday, January 14th. KeyCorp boosted their price objective on shares of Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Finally, StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, January 18th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $113.77.

Eastman Chemical Stock Performance

Shares of Eastman Chemical stock traded up $0.37 during trading on Thursday, hitting $101.65. 48,097 shares of the company’s stock traded hands, compared to its average volume of 1,133,353. Eastman Chemical has a 1 year low of $81.76 and a 1 year high of $114.50. The business has a 50-day simple moving average of $94.25 and a 200-day simple moving average of $100.17. The stock has a market capitalization of $11.78 billion, a P/E ratio of 13.24, a PEG ratio of 1.24 and a beta of 1.44. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.40%. As a group, analysts forecast that Eastman Chemical will post 8.47 EPS for the current year.

Insider Activity

In other news, SVP Julie A. Mcalindon sold 4,456 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total transaction of $471,623.04. Following the completion of the sale, the senior vice president now owns 4,403 shares of the company’s stock, valued at $466,013.52. This represents a 50.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the sale, the executive vice president now directly owns 47,287 shares of the company’s stock, valued at approximately $4,965,135. This represents a 18.18 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.93% of the company’s stock.

Institutional Investors Weigh In On Eastman Chemical

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Crews Bank & Trust acquired a new position in Eastman Chemical in the fourth quarter valued at approximately $27,000. Picton Mahoney Asset Management lifted its stake in shares of Eastman Chemical by 62.3% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 124 shares during the last quarter. Wolff Wiese Magana LLC grew its holdings in shares of Eastman Chemical by 238.1% during the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 200 shares during the period. Assetmark Inc. grew its holdings in shares of Eastman Chemical by 384.4% during the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 296 shares during the period. Finally, Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of Eastman Chemical during the 4th quarter worth about $35,000. 83.65% of the stock is currently 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.