Eastman Chemical (NYSE:EMN) PT Raised to $107.00 at Mizuho

Eastman Chemical (NYSE:EMN) had its target price hoisted by Mizuho from $102.00 to $107.00 in a research note issued to investors on Friday morning, Benzinga reports. Mizuho currently has a neutral rating on the basic materials company’s stock.

Several other brokerages have also issued reports on EMN. StockNews.com lowered shares of Eastman Chemical from a buy rating to a hold rating in a report on Thursday, June 20th. UBS Group raised shares of Eastman Chemical from a neutral rating to a buy rating and lifted their price target for the company from $106.00 to $128.00 in a report on Thursday, May 23rd. KeyCorp lifted their price target on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an overweight rating in a report on Tuesday, April 9th. Wells Fargo & Company lifted their price target 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. Finally, Jefferies Financial Group raised shares of Eastman Chemical from a hold rating to a buy rating and boosted their target price for the stock from $102.00 to $125.00 in a report on Monday, April 29th. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $108.75.

Eastman Chemical Price Performance

EMN stock opened at $101.24 on Friday. The company has a quick ratio of 0.71, a current ratio of 1.39 and a debt-to-equity ratio of 0.77. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $105.98. The firm has a market cap of $11.91 billion, a P/E ratio of 13.05, a P/E/G ratio of 1.11 and a beta of 1.46. The company’s 50-day moving average price is $98.86 and its two-hundred day moving average price is $94.56.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, beating the consensus estimate of $2.01 by $0.14. Eastman Chemical had a net margin of 9.65% and a return on equity of 14.06%. The firm had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same period last year, the firm earned $1.99 EPS. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, analysts anticipate that Eastman Chemical will post 7.69 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th were given a $0.81 dividend. The ex-dividend date was Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.20%. Eastman Chemical’s dividend payout ratio (DPR) is currently 41.75%.

Insider Transactions at Eastman Chemical

In other news, CEO Mark J. Costa sold 102,390 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were 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 owns 395,699 shares in the company, valued at approximately $39,878,545.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Mark J. Costa sold 102,390 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the transaction, the chief executive officer now owns 395,699 shares in the company, valued at approximately $39,878,545.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Adrian James Holt sold 1,975 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $99.22, for a total transaction of $195,959.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,027 shares of company stock worth $10,885,638. Company insiders own 1.93% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of EMN. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Eastman Chemical during the 4th quarter valued at $26,000. Cultivar Capital Inc. acquired a new position in Eastman Chemical during the second quarter worth $29,000. Northwest Investment Counselors LLC acquired a new position in Eastman Chemical during the first quarter worth $34,000. EntryPoint Capital LLC acquired a new position in Eastman Chemical during the first quarter worth $38,000. Finally, Advantage Trust Co acquired a new position in Eastman Chemical during the fourth quarter worth $40,000. 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.