Eastman Chemical (NYSE:EMN) Receives $113.92 Consensus PT from Brokerages

Eastman Chemical (NYSE:EMN) has been assigned an average rating of “Hold” from the thirteen research firms that are covering the company, Marketbeat.com reports. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $113.92.

Several research firms recently weighed in on EMN. Royal Bank of Canada reissued a “sector perform” rating and set a $105.00 price objective on shares of Eastman Chemical in a report on Friday, November 22nd. Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $110.00 to $125.00 in a research note on Tuesday, November 26th. Citigroup downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $118.00 to $104.00 in a research note on Wednesday, December 18th. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Tuesday, December 3rd. Finally, Bank of America cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and upped their price target for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th.

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 shares were sold at an average price of $105.00, for a total transaction of $321,405.00. Following the transaction, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at $1,298,430. This represents a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of Eastman Chemical stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total transaction of $471,623.04. Following the completion of the sale, the senior vice president now directly owns 4,403 shares of the company’s stock, 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. In the last ninety days, insiders sold 18,021 shares of company stock valued at $1,895,948. Corporate insiders own 1.93% of the company’s stock.

Hedge Funds Weigh In On Eastman Chemical

Institutional investors and hedge funds have recently made changes to their positions in the stock. Assenagon Asset Management S.A. raised its stake in Eastman Chemical by 1,104.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock worth $104,560,000 after buying an additional 856,432 shares during the period. Truist Financial Corp raised its position in shares of Eastman Chemical by 201.5% during the second quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock worth $90,572,000 after purchasing an additional 617,889 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Eastman Chemical by 57.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock worth $104,755,000 after purchasing an additional 340,562 shares in the last quarter. Franklin Resources Inc. grew its position in Eastman Chemical by 5.7% in 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 purchasing an additional 282,458 shares during the period. Finally, Envestnet Asset Management Inc. increased its stake in Eastman Chemical by 34.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock valued at $83,524,000 after purchasing an additional 218,531 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Up 0.3 %

Shares of NYSE EMN opened at $91.74 on Wednesday. The company has a market cap of $10.63 billion, a price-to-earnings ratio of 12.28, a PEG ratio of 0.79 and a beta of 1.42. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80. Eastman Chemical has a 12 month low of $80.71 and a 12 month high of $114.50. The stock has a 50-day moving average price of $100.86 and a two-hundred day moving average price of $101.18.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data 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. The business had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.47 EPS. As a group, analysts forecast that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Eastman Chemical Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Monday, December 16th will be issued a dividend of $0.83 per share. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.81. This represents a $3.32 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date is Monday, December 16th. Eastman Chemical’s dividend payout ratio (DPR) is presently 44.44%.

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.