Eastman Chemical (NYSE:EMN) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Eastman Chemical (NYSE:EMN) had its price objective increased by equities researchers at JPMorgan Chase & Co. from $110.00 to $112.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 10.60% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the company. KeyCorp increased their price target on Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a report on Monday. Barclays dropped their price objective on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating on the stock in a research note on Monday. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $110.00 to $125.00 in a report on Tuesday, November 26th. UBS Group cut their price target on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research note on Monday, November 4th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $112.79.

Eastman Chemical Trading Up 1.6 %

Shares of Eastman Chemical stock traded up $1.61 on Monday, reaching $101.26. The company had a trading volume of 1,246,145 shares, compared to its average volume of 1,134,818. The firm’s 50-day moving average price is $94.80 and its two-hundred day moving average price is $100.02. Eastman Chemical has a 1 year low of $80.89 and a 1 year high of $114.50. The firm has a market cap of $11.74 billion, a price-to-earnings ratio of 13.17, a P/E/G ratio of 0.73 and a beta of 1.44. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.40%. As a group, research analysts predict that Eastman Chemical will post 8.46 earnings per share for the current fiscal year.

Insider Transactions at Eastman Chemical

In related news, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the transaction, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This represents a 19.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the 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 sale, the executive vice president now owns 47,287 shares of the company’s stock, valued at $4,965,135. This trade represents a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,021 shares of company stock valued at $1,895,948 in the last ninety days. 2.28% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Concurrent Investment Advisors LLC purchased a new stake in Eastman Chemical in the fourth quarter valued at $234,000. Cumberland Partners Ltd boosted its stake in Eastman Chemical by 22.5% during the fourth quarter. Cumberland Partners Ltd now owns 63,125 shares of the basic materials company’s stock worth $5,765,000 after buying an additional 11,590 shares during the period. Private Advisor Group LLC boosted its stake in Eastman Chemical by 16.4% during the fourth quarter. Private Advisor Group LLC now owns 13,296 shares of the basic materials company’s stock worth $1,214,000 after buying an additional 1,870 shares during the period. Global Retirement Partners LLC raised its stake in shares of Eastman Chemical by 1.4% in the 4th quarter. Global Retirement Partners LLC now owns 9,268 shares of the basic materials company’s stock valued at $846,000 after acquiring an additional 132 shares during the period. Finally, Kentucky Retirement Systems Insurance Trust Fund lifted its holdings in shares of Eastman Chemical by 57.5% in the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 5,451 shares of the basic materials company’s stock worth $498,000 after acquiring an additional 1,990 shares during the last quarter. Institutional investors and hedge funds 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.