Eastman Chemical (NYSE:EMN) PT Raised to $107.00 at Mizuho

Eastman Chemical (NYSE:EMN) had its target price raised by research analysts at Mizuho from $102.00 to $107.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the basic materials company’s stock. Mizuho’s price objective indicates a potential upside of 6.51% from the company’s previous close.

Several other equities research analysts have also issued reports on the company. KeyCorp raised their target price on Eastman Chemical from $101.00 to $121.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. Bank of America decreased their price objective on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating for the company in a report on Monday, April 29th. Royal Bank of Canada boosted their target price on shares of Eastman Chemical from $100.00 to $104.00 and gave the company a “sector perform” rating in a research note on Tuesday, April 30th. StockNews.com lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Thursday, June 20th. Finally, Citigroup dropped their price objective on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research note on Thursday, June 27th. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Eastman Chemical has an average rating of “Moderate Buy” and a consensus target price of $107.63.

Eastman Chemical Stock Up 3.4 %

Shares of NYSE EMN traded up $3.32 during trading on Friday, hitting $100.46. The stock had a trading volume of 723,353 shares, compared to its average volume of 976,320. The firm has a fifty day moving average of $98.90 and a two-hundred day moving average of $94.26. The company has a market capitalization of $11.82 billion, a PE ratio of 12.95, a PEG ratio of 1.06 and a beta of 1.46. 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 has a 12 month low of $68.89 and a 12 month high of $105.98.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.99 by $0.16. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The business had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the prior year, the firm posted $1.99 EPS. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. As a group, equities research analysts forecast that Eastman Chemical will post 7.69 EPS for the current fiscal year.

Insider Activity at Eastman Chemical

In other news, CEO Mark J. Costa sold 102,390 shares of the business’s stock in a transaction that occurred on 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 completion of 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 document filed with the SEC, which is available at this hyperlink. In other news, CEO Mark J. Costa sold 102,390 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the transaction, the chief executive officer now directly owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Adrian James Holt sold 3,662 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $101.26, for a total value of $370,814.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 108,027 shares of company stock valued at $10,885,638. Company insiders own 1.93% of the company’s stock.

Institutional Trading of Eastman Chemical

Several large investors have recently modified their holdings of EMN. Vanguard Group Inc. raised its holdings in shares of Eastman Chemical by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 14,839,723 shares of the basic materials company’s stock valued at $1,332,904,000 after acquiring an additional 61,580 shares in the last quarter. Capital Research Global Investors raised its holdings in Eastman Chemical by 649.8% in the 1st quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock worth $452,139,000 after purchasing an additional 3,909,740 shares in the last quarter. Putnam Investments LLC lifted its position in shares of Eastman Chemical by 4.0% in the 4th 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 period. Massachusetts Financial Services Co. MA boosted its stake in shares of Eastman Chemical by 7.0% during the 4th 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 in the last quarter. Finally, Earnest Partners LLC increased its position in shares of Eastman Chemical by 11.0% during the first quarter. Earnest Partners LLC now owns 2,199,943 shares of the basic materials company’s stock valued at $220,478,000 after buying an additional 217,720 shares during the period. 83.65% of the stock is owned by institutional investors.

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.