Barclays Increases Eastman Chemical (NYSE:EMN) Price Target to $103.00

Eastman Chemical (NYSE:EMN) had its price objective hoisted by investment analysts at Barclays from $85.00 to $103.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the basic materials company’s stock. Barclays‘s price objective points to a potential upside of 4.95% from the stock’s previous close.

Several other research firms have also issued reports on EMN. Mizuho raised their price objective on Eastman Chemical from $91.00 to $102.00 and gave the company a “neutral” rating in a research note on Friday, April 26th. Citigroup lifted their price objective on shares of Eastman Chemical from $95.00 to $114.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Stifel Nicolaus dropped their price objective on shares of Eastman Chemical from $102.00 to $101.00 and set a “buy” rating on the stock in a research note on Monday, February 5th. UBS Group upped their price target on shares of Eastman Chemical from $91.00 to $93.00 and gave the company a “neutral” rating in a report on Friday, February 2nd. Finally, Redburn Atlantic initiated coverage on shares of Eastman Chemical in a report on Thursday, February 15th. They set a “buy” rating and a $110.00 price target for the company. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $104.18.

Eastman Chemical Trading Up 0.7 %

Shares of NYSE:EMN traded up $0.64 during mid-day trading on Monday, reaching $98.14. The stock had a trading volume of 134,475 shares, compared to its average volume of 1,072,494. The firm has a market cap of $11.55 billion, a PE ratio of 12.63, a price-to-earnings-growth ratio of 1.06 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 firm has a 50 day simple moving average of $95.01 and a two-hundred day simple moving average of $87.36. 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 (NYSE:EMN) last posted its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The firm had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.29 billion. During the same period in the prior year, the business earned $1.63 EPS. The company’s revenue for the quarter was down 4.2% compared to the same quarter last year. On average, research analysts predict that Eastman Chemical will post 7.75 EPS for the current fiscal year.

Insider Transactions at Eastman Chemical

In related news, SVP Adrian James Holt sold 4,735 shares of the firm’s stock in a transaction that occurred on 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 Securities & Exchange Commission, which is accessible through this link. Insiders own 2.28% of the company’s stock.

Institutional Trading of Eastman Chemical

A number of large investors have recently bought and sold shares of EMN. Norges Bank purchased a new stake in Eastman Chemical during the 4th quarter valued at about $121,847,000. Invesco Ltd. increased its position in Eastman Chemical by 37.4% in 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 period. Capital Research Global Investors purchased a new stake in shares of Eastman Chemical during the 4th quarter worth approximately $54,047,000. Mackenzie Financial Corp lifted its stake in shares of Eastman Chemical by 274.5% during the 4th quarter. Mackenzie Financial Corp now owns 249,104 shares of the basic materials company’s stock worth $22,375,000 after purchasing an additional 391,848 shares during the period. Finally, Schonfeld Strategic Advisors LLC increased its holdings in Eastman Chemical by 1,031.0% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 333,655 shares of the basic materials company’s stock valued at $25,598,000 after purchasing an additional 304,155 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

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.