Royal Bank of Canada Increases Eastman Chemical (NYSE:EMN) Price Target to $103.00

Eastman Chemical (NYSE:EMN) had its target price hoisted by stock analysts at Royal Bank of Canada from $101.00 to $103.00 in a report released on Tuesday,Benzinga reports. The brokerage currently 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 1.13% from the company’s current price.

A number of other equities research analysts have also issued reports on EMN. Bank of America raised Eastman Chemical from a “neutral” rating to a “buy” rating and reduced their price target for the company from $115.00 to $109.00 in a research report on Tuesday, January 14th. Piper Sandler lowered their price objective on Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating for the company in a research report on Tuesday, January 7th. UBS Group cut their target price on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. JPMorgan Chase & Co. increased their price target on shares of Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Mizuho raised their price objective on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $113.54.

Eastman Chemical Trading Up 0.1 %

NYSE EMN opened at $101.85 on Tuesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. The stock has a market capitalization of $11.81 billion, a P/E ratio of 13.26, a PEG ratio of 0.73 and a beta of 1.44. The firm’s 50-day moving average is $94.59 and its two-hundred day moving average is $100.08. Eastman Chemical has a 12 month low of $81.00 and a 12 month high of $114.50.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.40%. On average, sell-side analysts anticipate that Eastman Chemical will post 8.46 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Stephen Glenn Crawford sold 10,504 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total value of $1,102,920.00. Following the sale, the executive vice president now directly owns 47,287 shares of the company’s stock, valued at approximately $4,965,135. This represents a 18.18 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Julie A. Mcalindon sold 4,456 shares of Eastman Chemical stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction of $471,623.04. Following the transaction, the senior vice president now owns 4,403 shares of the company’s stock, valued at approximately $466,013.52. The trade was a 50.30 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.28% of the company’s stock.

Hedge Funds Weigh In On Eastman Chemical

A number of institutional investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. raised its stake in Eastman Chemical by 1,104.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock valued at $104,560,000 after purchasing an additional 856,432 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Eastman Chemical by 57.2% in the third quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock valued at $104,755,000 after purchasing an additional 340,562 shares during the last quarter. Franklin Resources Inc. lifted its position in Eastman Chemical by 5.7% during the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock worth $593,233,000 after buying an additional 282,458 shares during the period. National Bank of Canada FI boosted its stake in Eastman Chemical by 492.9% in the 3rd quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock worth $23,863,000 after buying an additional 177,207 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of Eastman Chemical by 443.1% in the third quarter. Victory Capital Management Inc. now owns 158,253 shares of the basic materials company’s stock worth $17,716,000 after acquiring an additional 129,112 shares during the last quarter. 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.