Eastman Chemical (NYSE:EMN) Receives $112.86 Consensus Target Price from Analysts

Shares of Eastman Chemical (NYSE:EMN - Get Free Report) have earned an average recommendation of "Moderate Buy" from the fourteen brokerages that are presently covering the company, Marketbeat Ratings reports. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $112.86.

Several brokerages recently issued reports on EMN. Mizuho upped their price objective on shares of Eastman Chemical from $113.00 to $117.00 and gave the company a "neutral" rating in a research note on Tuesday. StockNews.com lowered Eastman Chemical from a "buy" rating to a "hold" rating in a research note on Monday, November 25th. Bank of America downgraded Eastman Chemical from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. Royal Bank of Canada reiterated a "sector perform" rating and set a $105.00 target price on shares of Eastman Chemical in a research report on Friday, November 22nd. Finally, Wells Fargo & Company raised Eastman Chemical from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $110.00 to $125.00 in a research note on Tuesday.

Insider Activity

In related news, SVP Christopher Moore Killian sold 3,061 shares of the business's 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 transaction, the senior vice president now directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of the business's stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total value of $471,623.04. Following the transaction, the senior vice president now directly owns 4,403 shares in the company, valued at $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. Insiders have sold 18,021 shares of company stock valued at $1,895,948 in the last three months. Corporate insiders own 1.93% of the company's stock.

Institutional Investors Weigh In On Eastman Chemical

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Franklin Resources Inc. increased its holdings in 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 worth $593,233,000 after purchasing an additional 282,458 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Eastman Chemical during the 3rd quarter worth approximately $656,000. Sanctuary Advisors LLC increased its holdings in Eastman Chemical by 21.5% during the 3rd quarter. Sanctuary Advisors LLC now owns 26,008 shares of the basic materials company's stock worth $2,746,000 after purchasing an additional 4,606 shares during the last quarter. Rehmann Capital Advisory Group bought a new stake in shares of Eastman Chemical in the 3rd quarter valued at approximately $202,000. Finally, Fortem Financial Group LLC bought a new stake in shares of Eastman Chemical in the 3rd quarter valued at approximately $462,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Price Performance

Eastman Chemical stock traded up $0.49 during mid-day trading on Friday, hitting $104.72. 498,661 shares of the company were exchanged, compared to its average volume of 956,347. 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 has a 12-month low of $80.71 and a 12-month high of $114.50. The business's 50 day simple moving average is $106.26 and its two-hundred day simple moving average is $101.71. The company has a market capitalization of $12.14 billion, a P/E ratio of 14.02, a PEG ratio of 0.83 and a beta of 1.44.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.12. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The firm 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 company posted $1.47 EPS. The firm's revenue for the quarter was up 8.7% on a year-over-year basis. Analysts forecast that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

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.