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

Eastman Chemical (NYSE:EMN) had its target price dropped by stock analysts at Piper Sandler from $105.00 to $102.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the basic materials company’s stock. Piper Sandler’s price objective suggests a potential upside of 15.79% from the company’s current price.

Several other brokerages have also issued reports on EMN. Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and increased their target price for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $105.00 price objective on shares of Eastman Chemical in a report on Friday, November 22nd. Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $110.00 to $125.00 in a report on Tuesday, November 26th. Citigroup cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and lowered their price target for the company from $118.00 to $104.00 in a research report on Wednesday, December 18th. Finally, StockNews.com cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Wednesday, January 1st. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Eastman Chemical currently has a consensus rating of “Hold” and a consensus price target of $113.69.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $88.09 on Tuesday. The firm has a market capitalization of $10.21 billion, a price-to-earnings ratio of 11.79, a PEG ratio of 0.79 and a beta of 1.44. The stock has a fifty day moving average of $98.17 and a 200 day moving average of $100.59. Eastman Chemical has a 52 week low of $80.71 and a 52 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 announced its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.14 by $0.12. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The firm had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the previous year, the firm posted $1.47 EPS. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, research analysts expect that Eastman Chemical will post 7.63 earnings per share for the current year.

Insider Activity at Eastman Chemical

In related news, EVP Stephen Glenn Crawford sold 10,504 shares of the 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 in the company, valued at $4,965,135. This represents a 18.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction that occurred on Wednesday, November 6th. The stock was 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 approximately $1,298,430. This trade represents a 19.84 % 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. Insiders own 2.27% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. UMB Bank n.a. lifted its stake in shares of Eastman Chemical by 4.3% in the 3rd quarter. UMB Bank n.a. now owns 2,343 shares of the basic materials company’s stock worth $262,000 after purchasing an additional 96 shares during the period. V Square Quantitative Management LLC boosted its stake in shares of Eastman Chemical by 3.8% during the 3rd quarter. V Square Quantitative Management LLC now owns 2,683 shares of the basic materials company’s stock worth $300,000 after acquiring an additional 98 shares during the last quarter. Patrick M Sweeney & Associates Inc. grew its position in shares of Eastman Chemical by 3.3% during the 3rd quarter. Patrick M Sweeney & Associates Inc. now owns 3,434 shares of the basic materials company’s stock valued at $384,000 after acquiring an additional 111 shares during the period. Prosperity Consulting Group LLC increased its stake in shares of Eastman Chemical by 4.8% in the 2nd quarter. Prosperity Consulting Group LLC now owns 2,662 shares of the basic materials company’s stock worth $261,000 after purchasing an additional 123 shares in the last quarter. Finally, RKL Wealth Management LLC raised its holdings in Eastman Chemical by 0.9% in the 3rd quarter. RKL Wealth Management LLC now owns 13,576 shares of the basic materials company’s stock worth $1,520,000 after purchasing an additional 123 shares during the period. 83.65% of the stock is 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.