Eastman Chemical (NYSE:EMN) Given New $113.00 Price Target at Mizuho

Eastman Chemical (NYSE:EMN) had its price target hoisted by Mizuho from $107.00 to $113.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the basic materials company’s stock. Mizuho’s target price would indicate a potential upside of 11.79% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. Bank of America cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and upped their target price for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. Piper Sandler restated a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Royal Bank of Canada upped their target price on Eastman Chemical from $100.00 to $107.00 and gave the company a “sector perform” rating in a research note on Friday, October 11th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Finally, Barclays increased their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $112.07.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $101.08 on Friday. Eastman Chemical has a 1-year low of $74.31 and a 1-year high of $114.50. The firm has a fifty day simple moving average of $105.80 and a 200-day simple moving average of $100.98. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $11.81 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 0.80 and a beta of 1.44.

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 $2.13 by $0.13. Eastman Chemical had a return on equity of 15.45% and a net margin of 9.47%. The company had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period last year, the business posted $1.47 earnings per share. The firm’s revenue was up 8.7% compared to the same quarter last year. On average, sell-side analysts expect that Eastman Chemical will post 7.66 earnings per share for the current year.

Hedge Funds Weigh In On Eastman Chemical

Several large investors have recently bought and sold shares of EMN. Cultivar Capital Inc. bought a new stake in Eastman Chemical in the second quarter valued at about $29,000. Wolff Wiese Magana LLC increased its stake in shares of Eastman Chemical by 238.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 200 shares during the last quarter. EntryPoint Capital LLC bought a new position in Eastman Chemical during the 1st quarter worth approximately $38,000. Rothschild Investment LLC bought a new position in Eastman Chemical during the 2nd quarter worth approximately $38,000. Finally, Northwest Investment Counselors LLC bought a new stake in Eastman Chemical in the third quarter valued at approximately $38,000. 83.65% of the stock is currently 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.