Mizuho Raises Eastman Chemical (NYSE:EMN) Price Target to $113.00

Eastman Chemical (NYSE:EMN) had its price target lifted by Mizuho from $107.00 to $113.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “neutral” rating on the basic materials company’s stock. Mizuho’s price objective points to a potential upside of 11.06% from the stock’s previous close.

A number of other research firms have also recently weighed in on EMN. Wells Fargo & Company lifted their price objective on Eastman Chemical from $105.00 to $118.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 15th. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Barclays increased their target price on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada raised their price objective on Eastman Chemical from $100.00 to $107.00 and gave the stock a “sector perform” rating in a research note on Friday, October 11th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $112.07.

Eastman Chemical Stock Down 3.2 %

Shares of Eastman Chemical stock traded down $3.34 during midday trading on Friday, hitting $101.75. The company had a trading volume of 954,999 shares, compared to its average volume of 938,692. Eastman Chemical has a 52-week low of $74.31 and a 52-week high of $114.50. The company has a 50 day moving average of $105.66 and a 200 day moving average of $100.92. The stock has a market capitalization of $11.89 billion, a P/E ratio of 13.69, a P/E/G ratio of 0.80 and a beta of 1.44. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.13 by $0.13. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The firm had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same period in the previous year, the business posted $1.47 earnings per share. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. On average, equities analysts predict that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Eastman Chemical

Hedge funds and other institutional investors have recently bought and sold shares of the company. Capital Research Global Investors increased its position in Eastman Chemical by 649.8% during the 1st quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock worth $452,139,000 after purchasing an additional 3,909,740 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Eastman Chemical by 1,104.3% in the third quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock worth $104,560,000 after buying an additional 856,432 shares during the last quarter. Truist Financial Corp increased its holdings in shares of Eastman Chemical by 201.5% in the 2nd quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock valued at $90,572,000 after acquiring an additional 617,889 shares during the last quarter. DekaBank Deutsche Girozentrale raised its holdings in shares of Eastman Chemical by 318.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock worth $69,516,000 after purchasing an additional 534,081 shares during the period. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of Eastman Chemical by 34.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock valued at $83,524,000 after buying an additional 218,531 shares during the period. 83.65% of the stock is owned by institutional investors and hedge funds.

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.