Eastman Chemical (NYSE:EMN) Price Target Raised to $104.00

Eastman Chemical (NYSE:EMN) had its price objective raised by equities research analysts at Royal Bank of Canada from $100.00 to $104.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the basic materials company’s stock. Royal Bank of Canada’s price target points to a potential upside of 8.25% from the company’s current price.

Several other equities analysts have also issued reports on EMN. Citigroup lifted their target price on Eastman Chemical from $95.00 to $114.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Jefferies Financial Group upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $102.00 to $125.00 in a research note on Monday. StockNews.com downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday. Bank of America lowered their price objective on Eastman Chemical from $113.00 to $112.00 and set a “buy” rating for the company in a research report on Monday. Finally, Stifel Nicolaus reduced their target price on Eastman Chemical from $102.00 to $101.00 and set a “buy” rating on the stock in a research report on Monday, February 5th. Eight investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Eastman Chemical has a consensus rating of “Moderate Buy” and an average price target of $103.12.

Eastman Chemical Trading Down 1.3 %

Shares of NYSE EMN traded down $1.27 during trading hours on Tuesday, reaching $96.07. The stock had a trading volume of 80,457 shares, compared to its average volume of 1,082,247. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $102.71. The firm has a market cap of $11.30 billion, a price-to-earnings ratio of 12.39, a P/E/G ratio of 1.06 and a beta of 1.54. The business’s fifty day moving average price is $94.23 and its two-hundred day moving average price is $86.73. The company has a current ratio of 1.35, a quick ratio of 0.70 and a debt-to-equity ratio of 0.78.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, beating the consensus estimate of $1.41 by $0.20. Eastman Chemical had a return on equity of 13.95% and a net margin of 10.16%. The firm had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.29 billion. During the same quarter last year, the firm posted $1.63 earnings per share. The business’s revenue for the quarter was down 4.2% on a year-over-year basis. Analysts expect that Eastman Chemical will post 7.71 EPS for the current fiscal year.

Insider Transactions at Eastman Chemical

In related news, SVP Adrian James Holt sold 4,735 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were 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 through this link. Company insiders own 2.28% of the company’s stock.

Institutional Trading of Eastman Chemical

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Turtle Creek Wealth Advisors LLC acquired a new position in Eastman Chemical in the fourth quarter valued at approximately $26,000. Northwest Investment Counselors LLC purchased a new position in shares of Eastman Chemical during the 1st quarter valued at approximately $34,000. First Command Advisory Services Inc. acquired a new position in shares of Eastman Chemical in the 3rd quarter valued at $26,000. Sound Income Strategies LLC boosted its holdings in Eastman Chemical by 213.8% during the fourth quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock worth $37,000 after buying an additional 278 shares in the last quarter. Finally, Bruce G. Allen Investments LLC acquired a new stake in Eastman Chemical during the fourth quarter valued at $38,000. 83.65% of the stock is owned by institutional investors and hedge funds.

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.