JPMorgan Chase & Co. Raises Eastman Chemical (NYSE:EMN) Price Target to $112.00

Eastman Chemical (NYSE:EMN) had its target price raised by JPMorgan Chase & Co. from $110.00 to $112.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 9.97% from the company’s current price.

Other analysts have also issued research reports about the company. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, January 18th. Royal Bank of Canada reissued a “sector perform” rating and issued a $105.00 price target on shares of Eastman Chemical in a report on Friday, November 22nd. UBS Group reduced their price objective on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a report on Friday, January 31st. Piper Sandler lowered their target price on shares of Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Finally, Barclays cut their price target on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a research note on Monday. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $112.64.

Eastman Chemical Price Performance

NYSE:EMN opened at $101.85 on Monday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. The stock has a market cap of $11.80 billion, a P/E ratio of 13.26, a PEG ratio of 0.73 and a beta of 1.44. The company has a fifty day moving average price of $94.63 and a 200 day moving average price of $100.07. Eastman Chemical has a one year low of $80.89 and a one year high of $114.50.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.40%. Analysts anticipate that Eastman Chemical will post 8.46 earnings per share for the current year.

Insider Buying and Selling at Eastman Chemical

In related news, EVP Stephen Glenn Crawford sold 10,504 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total value of $1,102,920.00. Following the transaction, the executive vice president now owns 47,287 shares in the company, valued at $4,965,135. This trade represents a 18.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of Eastman Chemical stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction of $471,623.04. Following the sale, the senior vice president now owns 4,403 shares of the company’s stock, valued at approximately $466,013.52. This represents a 50.30 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.28% of the company’s stock.

Hedge Funds Weigh In On Eastman Chemical

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wolff Wiese Magana LLC increased its position in shares of Eastman Chemical by 238.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after buying an additional 200 shares in the last quarter. Crews Bank & Trust acquired a new position in Eastman Chemical in the fourth quarter valued at about $27,000. Dunhill Financial LLC increased its holdings in shares of Eastman Chemical by 94.7% in the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 162 shares in the last quarter. Northwest Investment Counselors LLC bought a new stake in shares of Eastman Chemical in the third quarter worth about $38,000. Finally, Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of Eastman Chemical during the fourth quarter worth about $35,000. Institutional investors own 83.65% of the company’s stock.

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.