Eastman Chemical (NYSE:EMN) Price Target Increased to $100.00 by Analysts at Royal Bank of Canada

Eastman Chemical (NYSE:EMN) had its price target lifted by research analysts at Royal Bank of Canada from $89.00 to $100.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “sector perform” rating on the basic materials company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 3.28% from the stock’s current price.

A number of other research firms also recently commented on EMN. Stifel Nicolaus decreased 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. Redburn Atlantic initiated coverage on Eastman Chemical in a report on Thursday, February 15th. They set a “buy” rating and a $110.00 price objective on the stock. Wells Fargo & Company raised their target price on shares of Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a report on Thursday, April 11th. Citigroup boosted their price target on shares of Eastman Chemical from $95.00 to $114.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Finally, KeyCorp increased their price objective on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Eastman Chemical presently has a consensus rating of “Moderate Buy” and an average price target of $97.81.

Eastman Chemical Price Performance

Shares of EMN traded up $0.80 during mid-day trading on Friday, reaching $96.82. The stock had a trading volume of 265,254 shares, compared to its average volume of 1,085,875. The firm has a market cap 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 has a 12 month low of $68.89 and a 12 month high of $102.71. The business has a fifty day moving average of $92.43 and a 200 day moving average of $85.47. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.70 and a current ratio of 1.35.

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

Insider Activity at Eastman Chemical

In other 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On Eastman Chemical

A number of institutional investors have recently modified their holdings of EMN. Vanguard Group Inc. raised its holdings in shares of Eastman Chemical by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 14,839,723 shares of the basic materials company’s stock valued at $1,332,904,000 after acquiring an additional 61,580 shares in the last quarter. Putnam Investments LLC increased its position in Eastman Chemical by 4.0% during the 4th quarter. Putnam Investments LLC now owns 4,355,408 shares of the basic materials company’s stock valued at $391,203,000 after purchasing an additional 168,038 shares during the period. Morgan Stanley raised its holdings in shares of Eastman Chemical by 1.0% in the 3rd quarter. Morgan Stanley now owns 3,978,856 shares of the basic materials company’s stock valued at $305,258,000 after purchasing an additional 39,860 shares in the last quarter. Invesco Ltd. lifted its position in shares of Eastman Chemical by 37.4% in the 3rd 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 period. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Eastman Chemical by 7.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,575,783 shares of the basic materials company’s stock valued at $231,357,000 after purchasing an additional 168,009 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

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.