Eastman Chemical (NYSE:EMN) Given New $102.00 Price Target at Mizuho

Eastman Chemical (NYSE:EMN) had its target price raised by equities researchers at Mizuho from $91.00 to $102.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “neutral” rating on the basic materials company’s stock. Mizuho’s price objective would indicate a potential upside of 7.56% from the stock’s previous close.

Several other analysts have also recently weighed in on the stock. Stifel Nicolaus reduced their target price on shares of Eastman Chemical from $102.00 to $101.00 and set a “buy” rating on the stock in a report on Monday, February 5th. UBS Group raised their price objective on shares of Eastman Chemical from $91.00 to $93.00 and gave the stock a “neutral” rating in a report on Friday, February 2nd. KeyCorp raised their price objective on shares of Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Citigroup raised their price objective on shares of Eastman Chemical from $95.00 to $114.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Finally, Wells Fargo & Company lifted their target price on shares of Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a report on Thursday, April 11th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $99.31.

Eastman Chemical Stock Down 1.4 %

NYSE:EMN traded down $1.30 during mid-day trading on Friday, hitting $94.83. The stock had a trading volume of 365,562 shares, compared to its average volume of 1,079,682. The stock has a 50-day simple moving average of $93.56 and a two-hundred day simple moving average of $86.16. The company has a market capitalization of $11.15 billion, a PE ratio of 12.72, a PEG ratio of 1.07 and a beta of 1.54. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $102.71. The company has a current ratio of 1.35, a quick ratio of 0.70 and a debt-to-equity ratio of 0.78.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.20. The firm had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.29 billion. Eastman Chemical had a net margin of 9.71% and a return on equity of 14.15%. The firm’s revenue was down 4.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.63 earnings per share. On average, equities research analysts anticipate that Eastman Chemical will post 7.71 EPS for the current year.

Insider Buying and Selling

In related news, SVP Adrian James Holt sold 4,735 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.93% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Burns J W & Co. Inc. NY acquired a new position in Eastman Chemical in the 4th quarter valued at about $205,000. Cetera Trust Company N.A acquired a new position in shares of Eastman Chemical during the 4th quarter valued at about $812,000. Wedge Capital Management L L P NC increased its stake in shares of Eastman Chemical by 17.6% during the 4th quarter. Wedge Capital Management L L P NC now owns 99,419 shares of the basic materials company’s stock valued at $8,930,000 after acquiring an additional 14,898 shares during the last quarter. International Assets Investment Management LLC acquired a new position in shares of Eastman Chemical during the 4th quarter valued at about $8,592,000. Finally, Invesco Ltd. increased its stake in shares of Eastman Chemical by 37.4% during the 3rd quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock valued at $214,496,000 after acquiring an additional 760,974 shares during the last quarter. Institutional investors and hedge funds 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.