Eastman Chemical (EMN) Price Target Cut to $79.00 by Analysts at Royal Bank of Canada

Eastman Chemical (NYSE:EMN) had its price objective lowered by Royal Bank of Canada to $79.00 in a report released on Monday, The Fly reports. The firm currently has a sector perform rating on the basic materials company’s stock.

EMN has been the subject of a number of other research reports. JPMorgan Chase & Co. downgraded Eastman Chemical from an overweight rating to a neutral rating in a report on Friday, October 5th. Citigroup reduced their price target on Eastman Chemical from $108.00 to $94.00 and set a neutral rating for the company in a report on Thursday, October 11th. Zacks Investment Research downgraded Eastman Chemical from a buy rating to a hold rating in a report on Monday, October 8th. ValuEngine downgraded Eastman Chemical from a hold rating to a sell rating in a report on Saturday, October 6th. Finally, Morgan Stanley raised their price target on Eastman Chemical from $98.00 to $107.00 and gave the company an equal weight rating in a report on Tuesday, July 31st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $100.91.

EMN traded up $0.63 during trading on Monday, reaching $77.02. The stock had a trading volume of 341,281 shares, compared to its average volume of 1,615,581. The company has a current ratio of 1.69, a quick ratio of 0.95 and a debt-to-equity ratio of 1.04. The company has a market cap of $11.04 billion, a price-to-earnings ratio of 10.12, a price-to-earnings-growth ratio of 1.06 and a beta of 1.07. Eastman Chemical has a one year low of $73.95 and a one year high of $112.45.



Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, October 25th. The basic materials company reported $2.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.05. The business had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.53 billion. Eastman Chemical had a return on equity of 21.53% and a net margin of 16.05%. On average, analysts predict that Eastman Chemical will post 8.5 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, October 5th. Stockholders of record on Friday, September 14th were issued a dividend of $0.56 per share. The ex-dividend date was Thursday, September 13th. This represents a $2.24 annualized dividend and a dividend yield of 2.91%. Eastman Chemical’s payout ratio is presently 29.43%.

In related news, CEO Mark J. Costa sold 20,000 shares of the stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the sale, the chief executive officer now directly owns 190,584 shares of the company’s stock, valued at $19,058,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Scott V. King sold 16,192 shares of the stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $101.35, for a total value of $1,641,059.20. Following the sale, the chief accounting officer now directly owns 5,898 shares in the company, valued at $597,762.30. The disclosure for this sale can be found here. 1.18% of the stock is owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in EMN. Allianz Asset Management GmbH boosted its position in shares of Eastman Chemical by 10.9% during the first quarter. Allianz Asset Management GmbH now owns 1,730,877 shares of the basic materials company’s stock valued at $182,746,000 after buying an additional 169,568 shares during the last quarter. CenturyLink Investment Management Co purchased a new stake in shares of Eastman Chemical during the second quarter valued at $1,405,000. Dorsey Wright & Associates purchased a new stake in shares of Eastman Chemical during the second quarter valued at $2,799,000. DnB Asset Management AS purchased a new stake in shares of Eastman Chemical during the second quarter valued at $2,213,000. Finally, Clinton Group Inc. purchased a new stake in shares of Eastman Chemical during the second quarter valued at $1,170,000. 82.71% of the stock is currently owned by institutional investors.

Eastman Chemical Company Profile

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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