Eastman Chemical (NYSE:EMN) PT Raised to $100.00 at Royal Bank of Canada

Eastman Chemical (NYSE:EMN) had its target price hoisted by investment analysts at Royal Bank of Canada from $89.00 to $100.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “sector perform” rating on the basic materials company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 3.28% from the stock’s previous close.

Other equities analysts also recently issued research reports about the stock. Redburn Atlantic started coverage on shares of Eastman Chemical in a research note on Thursday, February 15th. They issued a “buy” rating and a $110.00 price objective for the company. Citigroup raised their price objective on Eastman Chemical from $95.00 to $114.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Stifel Nicolaus lowered their target price on Eastman Chemical from $102.00 to $101.00 and set a “buy” rating for the company in a report on Monday, February 5th. KeyCorp lifted their target price on shares of Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. Finally, Wells Fargo & Company lifted their price objective on Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 11th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Eastman Chemical presently has a consensus rating of “Moderate Buy” and an average target price of $97.81.

Eastman Chemical Price Performance

Shares of EMN stock traded up $0.80 during trading hours on Friday, reaching $96.82. The company’s stock had a trading volume of 265,254 shares, compared to its average volume of 1,085,875. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $102.71. The firm’s 50 day simple moving average is $92.43 and its 200-day simple moving average is $85.47. The company has a quick ratio of 0.70, a current ratio of 1.35 and a debt-to-equity ratio of 0.78. The company has a market capitalization of $11.39 billion, a price-to-earnings ratio of 12.92, a PEG ratio of 1.06 and a beta of 1.54.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Friday, February 2nd. The basic materials company reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.03. The business had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.21 billion. Eastman Chemical had a return on equity of 14.15% and a net margin of 9.71%. Eastman Chemical’s revenue was down 7.0% compared to the same quarter last year. During the same period last year, the firm posted $0.89 earnings per share. Sell-side analysts forecast that Eastman Chemical will post 7.7 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Adrian James Holt sold 4,735 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total transaction of $415,496.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.93% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Burns J W & Co. Inc. NY purchased a new stake in Eastman Chemical in the 4th quarter valued at $205,000. International Assets Investment Management LLC bought a new position in shares of Eastman Chemical during the fourth quarter valued at about $8,592,000. Invesco Ltd. boosted its holdings in Eastman Chemical by 37.4% during the third quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock worth $214,496,000 after purchasing an additional 760,974 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Eastman Chemical by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,079,130 shares of the basic materials company’s stock worth $82,791,000 after purchasing an additional 19,450 shares in the last quarter. Finally, Morgan Stanley grew its position in Eastman Chemical by 1.0% in the 3rd quarter. Morgan Stanley now owns 3,978,856 shares of the basic materials company’s stock worth $305,258,000 after purchasing an additional 39,860 shares in the last quarter. 83.65% of the stock is owned by 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.