Eastman Chemical (NYSE:EMN) Receives $106.24 Average Target Price from Analysts

Eastman Chemical (NYSE:EMN - Get Free Report) has been assigned an average rating of "Moderate Buy" from the sixteen brokerages that are currently covering the company, Marketbeat.com reports. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $106.24.

EMN has been the subject of several analyst reports. UBS Group upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and upped their price target for the stock from $106.00 to $128.00 in a research note on Thursday, May 23rd. Piper Sandler boosted their price target on shares of Eastman Chemical from $90.00 to $105.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 30th. KeyCorp raised their price objective on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, April 9th. Redburn Atlantic began coverage on Eastman Chemical in a research note on Thursday, February 15th. They set a "buy" rating and a $110.00 target price for the company. Finally, Wells Fargo & Company lifted their price target on Eastman Chemical from $89.00 to $100.00 and gave the company an "equal weight" rating in a research note on Thursday, April 11th.

Insider Transactions at Eastman Chemical

In related news, SVP Adrian James Holt sold 1,975 shares of Eastman Chemical stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $99.22, for a total transaction of $195,959.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Mark J. Costa sold 102,390 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total value of $10,318,864.20. Following the transaction, the chief executive officer now directly owns 395,699 shares of the company's stock, valued at approximately $39,878,545.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Adrian James Holt sold 1,975 shares of the business's stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $99.22, for a total value of $195,959.50. The disclosure for this sale can be found here. Insiders sold a total of 108,027 shares of company stock valued at $10,885,638 over the last three months. 1.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Eastman Chemical

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Eastman Chemical during the fourth quarter valued at approximately $26,000. Northwest Investment Counselors LLC purchased a new position in Eastman Chemical in the 1st quarter valued at about $34,000. Sound Income Strategies LLC grew its stake in shares of Eastman Chemical by 213.8% during the fourth quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company's stock valued at $37,000 after acquiring an additional 278 shares in the last quarter. Bruce G. Allen Investments LLC purchased a new stake in shares of Eastman Chemical during the fourth quarter worth about $38,000. Finally, EntryPoint Capital LLC acquired a new position in shares of Eastman Chemical in the first quarter worth about $38,000. Institutional investors and hedge funds own 83.65% of the company's stock.

Eastman Chemical Stock Performance

Shares of Eastman Chemical stock traded up $2.29 during trading on Friday, reaching $103.30. The company's stock had a trading volume of 1,715,253 shares, compared to its average volume of 662,727. The firm has a market cap of $12.15 billion, a PE ratio of 13.31, a P/E/G ratio of 1.09 and a beta of 1.51. The company has a 50-day moving average price of $99.05 and a two-hundred day moving average price of $91.49. The company has a current ratio of 1.39, a quick ratio of 0.71 and a debt-to-equity ratio of 0.77. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $103.67.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its earnings results on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, beating analysts' consensus estimates of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The business had revenue of $2.31 billion during the quarter, compared to analysts' expectations of $2.29 billion. During the same period in the prior year, the company earned $1.63 earnings per share. The business's revenue was down 4.2% compared to the same quarter last year. On average, analysts forecast that Eastman Chemical will post 7.75 EPS for the current year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 17th will be issued a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date is Monday, June 17th. Eastman Chemical's dividend payout ratio (DPR) is presently 41.75%.

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.