Eastman Chemical’s (EMN) “Sector Perform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of Eastman Chemical (NYSE:EMN) in a research report sent to investors on Friday,Benzinga reports. They currently have a $105.00 target price on the basic materials company’s stock.

Other analysts also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft cut their price objective on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Wells Fargo & Company dropped their target price on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a report on Monday, November 4th. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $114.00 to $119.00 in a report on Wednesday, October 16th. Finally, Barclays increased their price objective on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Eastman Chemical presently has a consensus rating of “Hold” and an average price target of $111.50.

Eastman Chemical Stock Performance

Shares of EMN opened at $105.85 on Friday. Eastman Chemical has a 1 year low of $80.71 and a 1 year high of $114.50. The company has a market cap of $12.27 billion, a price-to-earnings ratio of 14.17, a price-to-earnings-growth ratio of 0.81 and a beta of 1.44. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. The firm has a fifty day moving average of $106.43 and a 200-day moving average of $101.59.

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

Insider Activity

In related news, SVP Christopher Moore Killian sold 3,061 shares of the company’s stock in a transaction 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 transaction, the senior vice president now directly owns 12,366 shares in the company, valued at approximately $1,298,430. This represents a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.28% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of EMN. Wolff Wiese Magana LLC raised its stake in Eastman Chemical by 238.1% during the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 200 shares in the last quarter. Cultivar Capital Inc. acquired a new position in Eastman Chemical during the second quarter worth $29,000. Dunhill Financial LLC raised its stake in Eastman Chemical by 94.7% during the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 162 shares in the last quarter. Northwest Investment Counselors LLC acquired a new position in Eastman Chemical during the third quarter worth $38,000. Finally, EntryPoint Capital LLC acquired a new position in Eastman Chemical during the first quarter worth $38,000. 83.65% of the stock is currently 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.