Mizuho Forecasts Strong Price Appreciation for Eastman Chemical (NYSE:EMN) Stock

Eastman Chemical (NYSE:EMN) had its price objective raised by equities researchers at Mizuho from $113.00 to $117.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the basic materials company’s stock. Mizuho’s price target suggests a potential upside of 11.75% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $110.00 to $125.00 in a report on Tuesday. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research note on Monday, November 4th. Royal Bank of Canada restated a “sector perform” rating and set a $105.00 price objective on shares of Eastman Chemical in a research report on Friday. Barclays increased their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Finally, StockNews.com cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $112.86.

Eastman Chemical Stock Down 1.1 %

Shares of EMN stock traded down $1.14 during trading hours on Tuesday, reaching $104.70. 281,895 shares of the stock were exchanged, compared to its average volume of 956,134. The business’s fifty day moving average is $106.44 and its two-hundred day moving average is $101.62. The firm has a market capitalization of $12.14 billion, a P/E ratio of 14.01, a P/E/G ratio of 0.81 and a beta of 1.44. Eastman Chemical has a 12-month low of $80.71 and a 12-month high of $114.50. 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 quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.14 by $0.12. The business had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The company’s revenue was up 8.7% on a year-over-year basis. During the same period last year, the business earned $1.47 EPS. As a group, research analysts expect that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Insiders Place Their Bets

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction that occurred 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 sale, the senior vice president now owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. The trade was a 19.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.28% of the stock is owned by insiders.

Institutional Trading of Eastman Chemical

Several hedge funds have recently modified their holdings of the business. Dakota Wealth Management raised its position in Eastman Chemical by 13.5% in the second quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock worth $2,183,000 after acquiring an additional 2,655 shares in the last quarter. KBC Group NV grew its stake in shares of Eastman Chemical by 21.8% during the 3rd quarter. KBC Group NV now owns 110,610 shares of the basic materials company’s stock worth $12,383,000 after purchasing an additional 19,809 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Eastman Chemical by 6.8% in the 3rd quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company’s stock valued at $16,588,000 after purchasing an additional 9,447 shares in the last quarter. Cetera Advisors LLC lifted its stake in shares of Eastman Chemical by 119.7% in the first quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company’s stock valued at $1,011,000 after purchasing an additional 5,496 shares during the period. Finally, Comerica Bank boosted its holdings in Eastman Chemical by 18.5% during the first quarter. Comerica Bank now owns 39,306 shares of the basic materials company’s stock worth $3,939,000 after buying an additional 6,126 shares in the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

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.