Piper Sandler Issues Positive Forecast for Eastman Chemical (NYSE:EMN) Stock Price

Eastman Chemical (NYSE:EMN) had its price target lifted by Piper Sandler from $102.00 to $105.00 in a research note released on Thursday,Benzinga reports. Piper Sandler currently has a neutral rating on the basic materials company’s stock.

EMN has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft decreased their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday, November 4th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Saturday, January 18th. Royal Bank of Canada raised their target price on Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 4th. KeyCorp raised their target price on Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Finally, Barclays decreased their target price on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $113.77.

Eastman Chemical Stock Up 0.4 %

Shares of EMN stock opened at $101.64 on Thursday. Eastman Chemical has a 1 year low of $81.76 and a 1 year high of $114.50. The stock has a market cap of $11.78 billion, a PE ratio of 13.23, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. The business’s fifty day moving average is $94.26 and its 200-day moving average is $100.18. 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 issued its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.40% and a net margin of 9.65%. Equities analysts expect that Eastman Chemical will post 8.47 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.27%. Eastman Chemical’s dividend payout ratio (DPR) is currently 43.23%.

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, EVP Stephen Glenn Crawford sold 10,504 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was 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 directly owns 47,287 shares in the company, valued at $4,965,135. This trade represents a 18.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total value of $471,623.04. Following the transaction, the senior vice president now owns 4,403 shares in the company, valued at approximately $466,013.52. This trade represents a 50.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.93% of the company’s stock.

Hedge Funds Weigh In On Eastman Chemical

A number of institutional investors have recently made changes to their positions in EMN. Crews Bank & Trust bought a new position in shares of Eastman Chemical in the fourth quarter worth about $27,000. Picton Mahoney Asset Management increased its stake in shares of Eastman Chemical by 62.3% in the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 124 shares during the period. Wolff Wiese Magana LLC increased its stake in shares of Eastman Chemical by 238.1% in 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 during the period. Assetmark Inc. increased its stake in shares of Eastman Chemical by 384.4% in the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 296 shares during the period. Finally, Bradley & Co. Private Wealth Management LLC bought a new position in shares of Eastman Chemical in the fourth quarter worth about $35,000. 83.65% of the stock is currently owned by 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.