Eastman Chemical’s (EMN) Neutral Rating Reaffirmed at Piper Sandler

Eastman Chemical (NYSE:EMN)‘s stock had its “neutral” rating reiterated by stock analysts at Piper Sandler in a note issued to investors on Tuesday, Benzinga reports. They currently have a $105.00 target price on the basic materials company’s stock. Piper Sandler’s price objective indicates a potential upside of 1.93% from the company’s current price.

Several other analysts have also recently issued reports on the stock. Barclays upped their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research note on Monday. Mizuho upped their price objective on shares of Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a report on Friday. KeyCorp upped their price objective on shares of Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. UBS Group upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $106.00 to $128.00 in a report on Thursday, May 23rd. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $100.00 price objective on shares of Eastman Chemical in a report on Tuesday. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $108.50.

Eastman Chemical Stock Up 1.7 %

EMN traded up $1.76 during trading on Tuesday, hitting $103.01. The stock had a trading volume of 330,705 shares, compared to its average volume of 977,555. The company has a market capitalization of $12.12 billion, a PE ratio of 13.27, a PEG ratio of 1.11 and a beta of 1.46. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $105.98. The stock has a 50 day simple moving average of $98.86 and a two-hundred day simple moving average of $94.56.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.01 by $0.14. The business had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 14.06%. The company’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.99 earnings per share. On average, research analysts predict that Eastman Chemical will post 7.69 earnings per share for the current year.

Insider Activity

In other news, CEO Mark J. Costa sold 102,390 shares of Eastman Chemical stock in a transaction dated 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 sale, the chief executive officer now 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 SEC, which can be accessed through this hyperlink. In related news, CEO Mark J. Costa sold 102,390 shares of the firm’s stock in a transaction dated 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 owns 395,699 shares in the company, valued at $39,878,545.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Adrian James Holt sold 1,975 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $99.22, for a total transaction of $195,959.50. The disclosure for this sale can be found here. Insiders have sold a total of 108,027 shares of company stock valued at $10,885,638 over the last quarter. Corporate insiders own 1.93% of the company’s stock.

Institutional Investors Weigh In On Eastman Chemical

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in 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 worth $1,332,904,000 after buying an additional 61,580 shares during the period. Capital Research Global Investors lifted its position in shares of Eastman Chemical by 649.8% during the first 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 raised its holdings in Eastman Chemical by 4.0% in the fourth quarter. Putnam Investments LLC now owns 4,355,408 shares of the basic materials company’s stock valued at $391,203,000 after acquiring an additional 168,038 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Eastman Chemical by 7.0% in 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 acquiring an additional 168,009 shares in the last quarter. Finally, Earnest Partners LLC raised its holdings in Eastman Chemical by 11.0% in 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 acquiring an additional 217,720 shares in the last quarter. 83.65% of the stock is currently owned by hedge funds and other 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.