Mizuho Forecasts Strong Price Appreciation for Eastman Chemical (NYSE:EMN) Stock

Eastman Chemical (NYSE:EMN) had its price target upped by investment analysts at Mizuho from $113.00 to $117.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the basic materials company’s stock. Mizuho’s target price would indicate a potential upside of 12.26% from the stock’s previous close.

A number of other research firms have also commented on EMN. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research note on Monday, November 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $105.00 price target on shares of Eastman Chemical in a research report on Friday, November 22nd. Barclays lifted their price objective on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Bank of America lowered 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. Finally, StockNews.com cut Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $112.86.

Eastman Chemical Stock Down 0.7 %

Shares of EMN opened at $104.22 on Tuesday. The stock’s 50-day moving average price is $106.42 and its two-hundred day moving average price is $101.65. Eastman Chemical has a 12 month low of $80.71 and a 12 month high of $114.50. The company has a market capitalization of $12.08 billion, a PE ratio of 13.95, a PEG ratio of 0.81 and a beta of 1.44. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80.

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

Insider Transactions at Eastman Chemical

In other news, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total transaction of $321,405.00. Following the completion of the sale, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at $1,298,430. The trade was a 19.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 47,287 shares in the company, valued at approximately $4,965,135. The trade was a 18.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,021 shares of company stock valued at $1,895,948 over the last ninety days. 2.28% of the stock is owned by company insiders.

Institutional Investors Weigh In On Eastman Chemical

Several institutional investors have recently bought and sold shares of EMN. Franklin Resources Inc. lifted its stake in Eastman Chemical by 5.7% during 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 acquiring an additional 282,458 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Eastman Chemical during the third quarter valued at about $656,000. Sanctuary Advisors LLC lifted its position 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 purchasing an additional 4,606 shares in the last quarter. Rehmann Capital Advisory Group purchased a new position in Eastman Chemical during the third quarter worth about $202,000. Finally, Fortem Financial Group LLC bought a new stake in Eastman Chemical in the 3rd quarter worth about $462,000. Institutional investors own 83.65% of the company’s stock.

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.