Royal Bank of Canada Reaffirms Sector Perform Rating for Eastman Chemical (NYSE:EMN)

Eastman Chemical (NYSE:EMN)‘s stock had its “sector perform” rating restated by analysts at Royal Bank of Canada in a research report issued on Tuesday, Benzinga reports. They currently have a $100.00 target price on the basic materials company’s stock. Royal Bank of Canada’s price target suggests a potential downside of 1.22% from the company’s current price.

Several other equities research analysts have also recently commented on the stock. Piper Sandler boosted their price target on shares of Eastman Chemical from $90.00 to $105.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 30th. Wells Fargo & Company boosted their price target on Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 11th. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday. Mizuho boosted their price objective on shares of Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research note on Friday. Finally, UBS Group upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $106.00 to $128.00 in a report on Thursday, May 23rd. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $108.50.

Eastman Chemical Price Performance

EMN stock opened at $101.24 on Tuesday. The stock has a market cap of $11.91 billion, a PE ratio of 13.05, a price-to-earnings-growth ratio of 1.11 and a beta of 1.46. The stock has a 50-day moving average price of $98.86 and a two-hundred day moving average price of $94.56. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $105.98. The company has a current ratio of 1.39, a quick ratio of 0.71 and a debt-to-equity ratio of 0.77.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14. Eastman Chemical had a return on equity of 14.06% and a net margin of 9.65%. The business had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same quarter last year, the firm earned $1.99 EPS. Eastman Chemical’s revenue for the quarter was up 1.7% compared to the same quarter last year. Equities analysts forecast that Eastman Chemical will post 7.69 EPS for the current fiscal year.

Insider Activity at Eastman Chemical

In other news, SVP Adrian James Holt sold 3,662 shares of the company’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $101.26, for a total transaction of $370,814.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Eastman Chemical news, SVP Adrian James Holt sold 3,662 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $101.26, for a total transaction of $370,814.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Mark J. Costa sold 102,390 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of the sale, the chief executive officer now directly owns 395,699 shares in the company, valued at approximately $39,878,545.22. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,027 shares of company stock worth $10,885,638. Company insiders own 1.93% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Bessemer Group Inc. increased its position in Eastman Chemical by 321.2% during the 1st quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock worth $1,628,000 after purchasing an additional 12,392 shares in the last quarter. CHURCHILL MANAGEMENT Corp bought a new position in shares of Eastman Chemical in the 1st quarter valued at $1,681,000. Massachusetts Financial Services Co. MA boosted its holdings in shares of Eastman Chemical by 7.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,575,783 shares of the basic materials company’s stock valued at $231,357,000 after acquiring an additional 168,009 shares in the last quarter. Empowered Funds LLC bought a new stake in Eastman Chemical during the 1st quarter worth $594,000. Finally, Envestnet Portfolio Solutions Inc. increased its holdings in Eastman Chemical by 11.1% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 76,969 shares of the basic materials company’s stock worth $7,714,000 after purchasing an additional 7,717 shares in the last quarter. Institutional investors 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.