Eastman Chemical (NYSE:EMN) Price Target Raised to $113.00

Eastman Chemical (NYSE:EMN) had its price objective increased by Mizuho from $107.00 to $113.00 in a report released on Friday morning, Benzinga reports. They currently have a neutral rating on the basic materials company’s stock.

A number of other research firms have also weighed in on EMN. Piper Sandler reaffirmed a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Wells Fargo & Company upped their price target on Eastman Chemical from $105.00 to $118.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 15th. Barclays increased their price target on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft boosted their price objective on Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Finally, Bank of America cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and raised their target price for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Eastman Chemical presently has an average rating of “Hold” and an average target price of $112.07.

Eastman Chemical Stock Performance

Shares of Eastman Chemical stock opened at $101.08 on Friday. The stock has a market capitalization of $11.81 billion, a price-to-earnings ratio of 13.53, a price-to-earnings-growth ratio of 0.80 and a beta of 1.44. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. The business has a 50-day moving average of $105.80 and a 200 day moving average of $101.01. Eastman Chemical has a 12 month low of $74.31 and a 12 month high of $114.50.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.13 by $0.13. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.45%. The business 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 earnings per share. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Eastman Chemical will post 7.66 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of EMN. Cultivar Capital Inc. purchased a new stake in Eastman Chemical in the second quarter valued at $29,000. Wolff Wiese Magana LLC increased its position in shares of Eastman Chemical by 238.1% during the third 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 in the last quarter. EntryPoint Capital LLC purchased a new stake in shares of Eastman Chemical in the 1st quarter valued at about $38,000. Rothschild Investment LLC acquired a new stake in shares of Eastman Chemical in the 2nd quarter valued at about $38,000. Finally, Northwest Investment Counselors LLC purchased a new position in Eastman Chemical during the 3rd quarter worth approximately $38,000. 83.65% of the stock is owned by hedge funds and other 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.