Royal Bank of Canada Increases Eastman Chemical (NYSE:EMN) Price Target to $104.00

Eastman Chemical (NYSE:EMN) had its target price upped by investment analysts at Royal Bank of Canada from $100.00 to $104.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “sector perform” rating on the basic materials company’s stock. Royal Bank of Canada’s price target suggests a potential upside of 9.75% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Stifel Nicolaus reduced their price objective on shares of Eastman Chemical from $102.00 to $101.00 and set a “buy” rating for the company in a research report on Monday, February 5th. Wells Fargo & Company upped their price target on shares of Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a research report on Thursday, April 11th. Mizuho upped their price target on shares of Eastman Chemical from $91.00 to $102.00 and gave the company a “neutral” rating in a research report on Friday, April 26th. Piper Sandler upped their price target on shares of Eastman Chemical from $90.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Redburn Atlantic started coverage on shares of Eastman Chemical in a research report on Thursday, February 15th. They issued a “buy” rating and a $110.00 price target for the company. Eight investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Eastman Chemical presently has a consensus rating of “Moderate Buy” and a consensus price target of $103.12.

Eastman Chemical Stock Up 0.3 %

Shares of Eastman Chemical stock opened at $94.76 on Tuesday. The company has a market capitalization of $11.15 billion, a P/E ratio of 12.21, a P/E/G ratio of 1.07 and a beta of 1.54. The company has a quick ratio of 0.70, a current ratio of 1.39 and a debt-to-equity ratio of 0.77. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $102.71. The company has a 50 day moving average of $94.60 and a 200 day moving average of $86.94.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.20. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The company’s revenue was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.63 EPS. As a group, research analysts forecast that Eastman Chemical will post 7.75 EPS for the current fiscal year.

Insider Buying and Selling at Eastman Chemical

In other news, SVP Adrian James Holt sold 4,735 shares of the company’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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Eastman Chemical

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Cross Staff Investments Inc acquired a new position in shares of Eastman Chemical during the 1st quarter worth $216,000. Blackhawk Capital Partners LLC. acquired a new position in shares of Eastman Chemical during the 1st quarter worth $232,000. Janney Montgomery Scott LLC grew its stake in shares of Eastman Chemical by 8.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 23,712 shares of the basic materials company’s stock worth $2,376,000 after purchasing an additional 1,940 shares during the period. Prosperity Consulting Group LLC acquired a new position in shares of Eastman Chemical during the 1st quarter worth $254,000. Finally, Diversify Advisory Services LLC acquired a new position in shares of Eastman Chemical during the 1st quarter worth $222,000. 83.65% of the stock is 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.