Piper Sandler Issues Pessimistic Forecast for Eastman Chemical (NYSE:EMN) Stock Price

Eastman Chemical (NYSE:EMN) had its price target lowered by stock analysts at Piper Sandler from $105.00 to $102.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the basic materials company’s stock. Piper Sandler’s target price would indicate a potential upside of 15.15% from the company’s previous close.

Several other equities research analysts have also weighed in on EMN. Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. StockNews.com lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, January 1st. Citigroup lowered Eastman Chemical from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $118.00 to $104.00 in a research note on Wednesday, December 18th. Royal Bank of Canada reissued a “sector perform” rating and set a $105.00 price objective on shares of Eastman Chemical in a research note on Friday, November 22nd. Finally, Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $110.00 to $125.00 in a research note on Tuesday, November 26th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $113.69.

Eastman Chemical Stock Down 0.1 %

Shares of EMN stock opened at $88.58 on Tuesday. Eastman Chemical has a 1 year low of $80.71 and a 1 year high of $114.50. The stock has a market cap of $10.27 billion, a PE ratio of 11.86, a price-to-earnings-growth ratio of 0.79 and a beta of 1.44. The business’s fifty day moving average is $98.83 and its 200-day moving average is $100.75. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The company had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same period last year, the firm earned $1.47 EPS. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. Equities analysts expect that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Eastman Chemical news, EVP Stephen Glenn Crawford sold 10,504 shares of the business’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 completion of the sale, the executive vice president now owns 47,287 shares of the company’s stock, valued at $4,965,135. The trade was a 18.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the sale, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at $1,298,430. This represents a 19.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,021 shares of company stock valued at $1,895,948 over the last quarter. Insiders own 1.93% of the company’s stock.

Hedge Funds Weigh In On Eastman Chemical

Several large investors have recently made changes to their positions in the business. CWA Asset Management Group LLC lifted its position in shares of Eastman Chemical by 32.7% during the 4th quarter. CWA Asset Management Group LLC now owns 6,614 shares of the basic materials company’s stock worth $604,000 after purchasing an additional 1,630 shares during the last quarter. Everence Capital Management Inc. acquired a new position in shares of Eastman Chemical during the 4th quarter worth about $259,000. GAMMA Investing LLC lifted its position in shares of Eastman Chemical by 4.4% during the 4th quarter. GAMMA Investing LLC now owns 4,198 shares of the basic materials company’s stock worth $383,000 after purchasing an additional 177 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of Eastman Chemical by 32.4% during the 4th quarter. Versant Capital Management Inc now owns 916 shares of the basic materials company’s stock worth $84,000 after purchasing an additional 224 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Eastman Chemical by 6.8% during the 3rd quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company’s stock worth $16,588,000 after purchasing an additional 9,447 shares during the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

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.