Mizuho Increases Eastman Chemical (NYSE:EMN) Price Target to $107.00

Eastman Chemical (NYSE:EMN) had its target price upped by analysts at Mizuho from $102.00 to $107.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the basic materials company’s stock. Mizuho’s price objective suggests a potential upside of 6.51% from the stock’s previous close.

Several other research firms have also weighed in on EMN. KeyCorp upped their price objective on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Barclays upped their price target on shares of Eastman Chemical from $85.00 to $103.00 and gave the stock an “equal weight” rating in a research note on Monday, May 6th. Piper Sandler lifted their price objective on Eastman Chemical from $90.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday, April 30th. Bank of America dropped their target price on Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. Finally, UBS Group raised Eastman Chemical from a “neutral” rating to a “buy” rating and raised their price target for the stock from $106.00 to $128.00 in a research note on Thursday, May 23rd. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Eastman Chemical has an average rating of “Moderate Buy” and an average price target of $107.63.

Eastman Chemical Stock Up 3.4 %

NYSE:EMN traded up $3.32 during trading hours on Friday, hitting $100.46. 723,353 shares of the stock traded hands, compared to its average volume of 976,320. The firm has a market cap of $11.82 billion, a price-to-earnings ratio of 12.95, a PEG ratio of 1.06 and a beta of 1.46. The firm has a 50 day moving average price of $98.90 and a 200 day moving average price of $94.26. The company has a current ratio of 1.39, a quick ratio of 0.71 and a debt-to-equity ratio of 0.77. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $105.98.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $1.99 by $0.16. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The firm had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same period last year, the company posted $1.99 EPS. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. Equities research analysts anticipate that Eastman Chemical will post 7.69 earnings per share for the current year.

Insider Buying and Selling

In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total value of $195,959.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other 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 transaction of $10,318,864.20. Following the completion of the transaction, the chief executive officer now directly owns 395,699 shares of the company’s stock, valued at approximately $39,878,545.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Adrian James Holt sold 1,975 shares of Eastman Chemical 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 three months. 1.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EMN. Atomi Financial Group Inc. raised its holdings in shares of Eastman Chemical by 19.4% in the 2nd quarter. Atomi Financial Group Inc. now owns 9,036 shares of the basic materials company’s stock worth $885,000 after buying an additional 1,470 shares in the last quarter. State of Michigan Retirement System grew its position in Eastman Chemical by 1.8% in the second quarter. State of Michigan Retirement System now owns 34,568 shares of the basic materials company’s stock valued at $3,387,000 after acquiring an additional 600 shares during the period. Bank of New York Mellon Corp raised its stake in Eastman Chemical by 0.6% during the second quarter. Bank of New York Mellon Corp now owns 1,220,463 shares of the basic materials company’s stock worth $119,569,000 after acquiring an additional 7,847 shares in the last quarter. Raymond James Trust N.A. lifted its holdings in shares of Eastman Chemical by 6.6% during the second quarter. Raymond James Trust N.A. now owns 77,993 shares of the basic materials company’s stock valued at $7,641,000 after acquiring an additional 4,859 shares during the period. Finally, Red Cedar Investment Management LLC boosted its stake in shares of Eastman Chemical by 139.9% in the 2nd quarter. Red Cedar Investment Management LLC now owns 13,444 shares of the basic materials company’s stock valued at $1,317,000 after purchasing an additional 7,839 shares in the last quarter. Institutional investors 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.