Eastman Chemical (NYSE:EMN) Receives $112.92 Average Price Target from Analysts

Shares of Eastman Chemical (NYSE:EMN) have been given an average recommendation of “Moderate Buy” by the thirteen ratings firms that are covering the stock, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month target price among analysts that have covered the stock in the last year is $112.92.

A number of research firms have weighed in on EMN. Mizuho raised their price target on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft decreased 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. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $110.00 to $125.00 in a research report on Tuesday, November 26th. Citigroup cut Eastman Chemical from a “buy” rating to a “neutral” rating and decreased their target price for the company from $118.00 to $104.00 in a research report on Wednesday, December 18th. Finally, StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, January 18th.

Insider Activity at Eastman Chemical

In related news, 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 value of $1,102,920.00. Following the completion of the sale, the executive vice president now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Julie A. Mcalindon sold 4,456 shares of the company’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction of $471,623.04. Following the transaction, the senior vice president now owns 4,403 shares in the company, valued at $466,013.52. The trade was a 50.30 % 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 worth $1,895,948 over the last three months. 1.93% of the stock is currently owned by corporate insiders.

Institutional Trading of Eastman Chemical

Institutional investors have recently bought and sold shares of the company. Crews Bank & Trust acquired a new position in shares of Eastman Chemical during the 4th quarter worth $27,000. Wolff Wiese Magana LLC raised its position in Eastman Chemical by 238.1% during the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 200 shares during the last quarter. Dunhill Financial LLC lifted its holdings in shares of Eastman Chemical by 94.7% in the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 162 shares in the last quarter. Northwest Investment Counselors LLC acquired a new stake in shares of Eastman Chemical in the third quarter valued at approximately $38,000. Finally, Benjamin F. Edwards & Company Inc. increased its stake in shares of Eastman Chemical by 30.9% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 610 shares of the basic materials company’s stock worth $60,000 after purchasing an additional 144 shares in the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Stock Performance

Shares of EMN opened at $93.13 on Friday. Eastman Chemical has a 1 year low of $80.71 and a 1 year high of $114.50. The stock has a market capitalization of $10.79 billion, a PE ratio of 12.47, a PEG ratio of 0.69 and a beta of 1.44. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. The stock has a 50-day simple moving average of $95.89 and a 200-day simple moving average of $100.15.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results 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 net margin of 9.47% and a return on equity of 15.37%. The company had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the previous year, the firm earned $1.47 earnings per share. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. On average, analysts predict that Eastman Chemical will post 7.6 earnings per share for the current fiscal year.

Eastman Chemical Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 8th. Stockholders of record on Monday, December 16th were issued a $0.83 dividend. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.81. This represents a $3.32 annualized dividend and a dividend yield of 3.56%. The ex-dividend date of this dividend was Monday, December 16th. Eastman Chemical’s dividend payout ratio (DPR) is currently 44.44%.

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.