Eastman Chemical (NYSE:EMN) Price Target Cut to $105.00 by Analysts at Royal Bank of Canada

Eastman Chemical (NYSE:EMN) had its target price decreased by Royal Bank of Canada from $107.00 to $105.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the basic materials company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 2.82% from the company’s previous close.

Several other research firms have also recently commented on EMN. Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday. Piper Sandler reiterated a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a report on Tuesday, July 30th. Finally, Barclays raised their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $111.50.

Eastman Chemical Trading Down 1.4 %

NYSE:EMN traded down $1.42 on Wednesday, reaching $102.12. 143,816 shares of the company’s stock were exchanged, compared to its average volume of 947,394. The firm has a market capitalization of $11.84 billion, a price-to-earnings ratio of 13.86, a price-to-earnings-growth ratio of 0.77 and a beta of 1.44. Eastman Chemical has a 52-week low of $75.83 and a 52-week high of $114.50. The company has a quick ratio of 0.71, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. The business has a fifty day moving average of $105.90 and a 200-day moving average of $101.14.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. The company had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.47 EPS. As a group, analysts expect that Eastman Chemical will post 7.61 earnings per share for the current year.

Insider Activity at Eastman Chemical

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total transaction of $321,405.00. Following the completion of the transaction, the senior vice president now owns 12,366 shares in the company, valued at approximately $1,298,430. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.28% of the stock is currently owned by insiders.

Institutional Trading of Eastman Chemical

Several hedge funds have recently modified their holdings of EMN. Bessemer Group Inc. lifted its holdings in Eastman Chemical by 321.2% in the first quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock valued at $1,628,000 after acquiring an additional 12,392 shares during the period. Empowered Funds LLC purchased a new stake in Eastman Chemical during the first quarter worth about $594,000. Dakota Wealth Management grew its position in Eastman Chemical by 13.5% during the second quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock worth $2,183,000 after buying an additional 2,655 shares during the period. Envestnet Portfolio Solutions Inc. increased its holdings in Eastman Chemical by 11.1% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 76,969 shares of the basic materials company’s stock valued at $7,714,000 after buying an additional 7,717 shares in the last quarter. Finally, Cetera Advisors LLC lifted its position in shares of Eastman Chemical by 119.7% during the 1st quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company’s stock valued at $1,011,000 after acquiring an additional 5,496 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.