Eastman Chemical (NYSE:EMN) Given New $102.00 Price Target at Piper Sandler

Eastman Chemical (NYSE:EMN) had its price target reduced by Piper Sandler from $105.00 to $102.00 in a research note released on Tuesday,Benzinga reports. Piper Sandler currently has a neutral rating on the basic materials company’s stock.

Other equities research analysts also recently issued research reports about the company. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and increased their price objective for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft reduced their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a report on Monday, November 4th. Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $110.00 to $125.00 in a research note on Tuesday, November 26th. Mizuho upped their price objective on shares of Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Finally, StockNews.com downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, January 1st. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $113.69.

Eastman Chemical Trading Down 0.2 %

Shares of Eastman Chemical stock opened at $88.45 on Tuesday. The business has a fifty day simple moving average of $98.50 and a 200-day simple moving average of $100.68. The firm has a market cap of $10.25 billion, a price-to-earnings ratio of 11.84, a price-to-earnings-growth ratio of 0.79 and a beta of 1.44. Eastman Chemical has a fifty-two week low of $80.71 and a fifty-two week high of $114.50. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.12. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The company had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the firm posted $1.47 EPS. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. On average, equities analysts forecast that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Monday, December 16th will be paid a $0.83 dividend. The ex-dividend date is Monday, December 16th. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.81. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.75%. Eastman Chemical’s dividend payout ratio is 44.44%.

Insider Activity at Eastman Chemical

In related news, EVP Stephen Glenn Crawford sold 10,504 shares of the firm’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 47,287 shares of the company’s stock, valued at approximately $4,965,135. This trade represents a 18.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was 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 directly 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,021 shares of company stock valued at $1,895,948. Insiders own 2.27% of the company’s stock.

Hedge Funds Weigh In On Eastman Chemical

Institutional investors have recently bought and sold shares of the stock. Wolff Wiese Magana LLC raised its stake in shares of Eastman Chemical by 238.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 200 shares in the last quarter. Dunhill Financial LLC raised its position in shares of Eastman Chemical by 94.7% in the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 162 shares during the period. Northwest Investment Counselors LLC bought a new position in shares of Eastman Chemical in the third quarter valued at approximately $38,000. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Eastman Chemical by 52.6% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 537 shares of the basic materials company’s stock worth $60,000 after buying an additional 185 shares during the period. Finally, Benjamin F. Edwards & Company Inc. grew its stake in Eastman Chemical by 30.9% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 610 shares of the basic materials company’s stock valued at $60,000 after buying an additional 144 shares during the last quarter. 83.65% of the stock is currently 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.