Eastman Chemical (NYSE:EMN) Price Target Raised to $104.00

Eastman Chemical (NYSE:EMN) had its price objective boosted by stock analysts at Royal Bank of Canada from $100.00 to $104.00 in a research report issued on Tuesday, Benzinga reports. The firm presently 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 current price.

Several other equities research analysts have also recently commented on the stock. StockNews.com cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday. Piper Sandler boosted their price objective on Eastman Chemical from $90.00 to $105.00 and gave the stock a “neutral” rating in a report on Tuesday. KeyCorp boosted their price objective on Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. UBS Group boosted their price objective on Eastman Chemical from $91.00 to $93.00 and gave the stock a “neutral” rating in a report on Friday, February 2nd. Finally, Jefferies Financial Group upgraded Eastman Chemical from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $102.00 to $125.00 in a report on Monday. Eight investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Eastman Chemical has an average rating of “Moderate Buy” and a consensus target price of $103.12.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $94.76 on Tuesday. The company has a current ratio of 1.39, a quick ratio of 0.70 and a debt-to-equity ratio of 0.77. The company’s 50-day moving average price is $94.60 and its two-hundred day moving average price is $86.94. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $102.71. The stock has a market cap of $11.15 billion, a PE ratio of 12.21, a price-to-earnings-growth ratio of 1.07 and a beta of 1.54.

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

Insider Activity at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of Eastman Chemical stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total value of $415,496.25. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Eastman Chemical

Several institutional investors have recently added to or reduced their stakes in the business. Cross Staff Investments Inc acquired a new stake in Eastman Chemical in the first quarter worth about $216,000. Blackhawk Capital Partners LLC. acquired a new stake in Eastman Chemical in the first quarter worth about $232,000. Janney Montgomery Scott LLC boosted its holdings in Eastman Chemical by 8.9% in the first quarter. Janney Montgomery Scott LLC now owns 23,712 shares of the basic materials company’s stock worth $2,376,000 after acquiring an additional 1,940 shares in the last quarter. Prosperity Consulting Group LLC acquired a new stake in Eastman Chemical in the first quarter worth about $254,000. Finally, Diversify Advisory Services LLC acquired a new stake in Eastman Chemical in the first quarter worth about $222,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

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.