Royal Bank of Canada Reaffirms Sector Perform Rating for Eastman Chemical (NYSE:EMN)

Royal Bank of Canada reiterated their sector perform rating on shares of Eastman Chemical (NYSE:EMN) in a research note published on Friday morning,Benzinga reports. The brokerage currently has a $105.00 price objective on the basic materials company’s stock.

EMN has been the subject of several other reports. Piper Sandler reiterated a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Thursday, November 14th. Barclays lifted their price target on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and increased their price target for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Finally, Wells Fargo & Company reduced their target price on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating for the company in a research note on Monday, November 4th. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $111.50.

Eastman Chemical Trading Up 1.9 %

NYSE EMN opened at $105.59 on Friday. The company has a fifty day moving average of $106.43 and a 200 day moving average of $101.59. The company has a market capitalization of $12.24 billion, a PE ratio of 14.14, a P/E/G ratio of 0.79 and a beta of 1.44. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. Eastman Chemical has a 1 year low of $80.71 and a 1 year high of $114.50.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. The firm had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The company’s revenue was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.47 earnings per share. Research analysts forecast that Eastman Chemical will post 7.63 earnings per share for the current year.

Insider Transactions at Eastman Chemical

In other news, SVP Christopher Moore Killian sold 3,061 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the sale, the senior vice president now directly owns 12,366 shares in the company, valued at $1,298,430. This represents a 19.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.93% of the company’s stock.

Hedge Funds Weigh In On Eastman Chemical

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. raised its holdings in shares of Eastman Chemical by 1,104.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock worth $104,560,000 after acquiring an additional 856,432 shares during the period. Truist Financial Corp boosted its holdings in 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 purchasing an additional 617,889 shares during the last quarter. DekaBank Deutsche Girozentrale grew its stake in shares of Eastman Chemical by 318.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock valued at $69,516,000 after buying an additional 534,081 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Eastman Chemical by 57.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock valued at $104,755,000 after buying an additional 340,562 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in shares of Eastman Chemical by 34.5% during 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. Institutional investors and hedge funds own 83.65% of the company’s stock.

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.