Eastman Chemical (NYSE:EMN) Given New $128.00 Price Target at KeyCorp

Eastman Chemical (NYSE:EMN) had its price objective increased by KeyCorp from $121.00 to $128.00 in a research note published on Monday morning,Benzinga reports. KeyCorp currently has an overweight rating on the basic materials company’s stock.

A number of other equities research analysts also recently commented on EMN. UBS Group lowered their price objective on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a research report on Friday. Bank of America raised Eastman Chemical from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $115.00 to $109.00 in a research report on Tuesday, January 14th. Royal Bank of Canada reissued a “sector perform” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research report on Friday, November 22nd. Mizuho lifted their price target on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Finally, Piper Sandler reduced their target price on Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $112.79.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $100.81 on Monday. The firm has a market cap of $11.68 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 0.73 and a beta of 1.44. Eastman Chemical has a 1 year low of $80.89 and a 1 year high of $114.50. The stock’s 50-day moving average is $94.70 and its two-hundred day moving average is $100.03. 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 released its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, topping 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%. Analysts predict that Eastman Chemical will post 8.46 earnings per share for the current year.

Eastman Chemical Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 8th. Shareholders of record on Monday, December 16th were given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.29%. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.81. The ex-dividend date was Monday, December 16th. Eastman Chemical’s dividend payout ratio is 43.23%.

Insider Transactions at Eastman Chemical

In related news, SVP Christopher Moore Killian sold 3,061 shares of the 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 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 this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the firm’s stock in a transaction on 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 sale, the executive vice president now owns 47,287 shares in the company, valued at approximately $4,965,135. The trade was a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,021 shares of company stock valued at $1,895,948. Corporate insiders own 2.28% of the company’s stock.

Institutional Trading of Eastman Chemical

A number of institutional investors have recently made changes to their positions in EMN. Assenagon Asset Management S.A. raised its holdings in shares of Eastman Chemical by 1,104.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock valued at $104,560,000 after purchasing an additional 856,432 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Eastman Chemical by 57.2% in the third quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock valued at $104,755,000 after buying an additional 340,562 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Eastman Chemical by 5.7% during the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock valued at $593,233,000 after acquiring an additional 282,458 shares during the period. National Bank of Canada FI increased its holdings in Eastman Chemical by 492.9% in the 3rd quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock valued at $23,863,000 after buying an additional 177,207 shares during the period. Finally, Victory Capital Management Inc. raised its position in Eastman Chemical by 443.1% during the third quarter. Victory Capital Management Inc. now owns 158,253 shares of the basic materials company’s stock valued at $17,716,000 after purchasing an additional 129,112 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

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.