Eastman Chemical (NYSE:EMN) Receives $112.86 Consensus Price Target from Analysts

Shares of Eastman Chemical (NYSE:EMN) have received a consensus recommendation of “Moderate Buy” from the fourteen brokerages that are covering the company, Marketbeat.com reports. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $112.86.

EMN has been the subject of a number of recent analyst reports. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and upped their target price for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $110.00 to $125.00 in a research report on Tuesday, November 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $105.00 target price on shares of Eastman Chemical in a report on Friday, November 22nd. Finally, Mizuho boosted their price target on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $104.27 on Friday. Eastman Chemical has a 52 week low of $80.71 and a 52 week high of $114.50. The company has a market capitalization of $12.09 billion, a price-to-earnings ratio of 13.96, a PEG ratio of 0.84 and a beta of 1.44. The company has a 50-day simple moving average of $106.18 and a 200 day simple moving average of $101.75. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS 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 business had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the prior year, the company posted $1.47 earnings per share. Eastman Chemical’s revenue was up 8.7% compared to the same quarter last year. On average, sell-side analysts predict that Eastman Chemical will post 7.63 earnings per share for the current year.

Insider Activity

In other news, SVP Julie A. Mcalindon sold 4,456 shares of Eastman Chemical stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total value of $471,623.04. Following the completion of the transaction, the senior vice president now directly owns 4,403 shares of the company’s stock, valued at approximately $466,013.52. This trade represents a 50.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Christopher Moore Killian sold 3,061 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value of $321,405.00. Following the sale, the senior vice president now owns 12,366 shares in the company, valued at approximately $1,298,430. The trade was a 19.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,021 shares of company stock valued at $1,895,948 over the last quarter. 1.93% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Franklin Resources Inc. grew its stake in shares of Eastman Chemical by 5.7% in the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock valued at $593,233,000 after buying an additional 282,458 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Eastman Chemical in the third quarter valued at approximately $656,000. Sanctuary Advisors LLC increased its holdings in shares of Eastman Chemical by 21.5% during the third quarter. Sanctuary Advisors LLC now owns 26,008 shares of the basic materials company’s stock valued at $2,746,000 after acquiring an additional 4,606 shares in the last quarter. Rehmann Capital Advisory Group acquired a new position in shares of Eastman Chemical during the third quarter worth approximately $202,000. Finally, Fortem Financial Group LLC acquired a new stake in Eastman Chemical in the 3rd quarter valued at $462,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

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.