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

Royal Bank of Canada reaffirmed their sector perform rating on shares of Eastman Chemical (NYSE:EMN) in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has a $105.00 price objective on the basic materials company’s stock.

EMN has been the topic of several other research reports. Barclays lifted their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Piper Sandler reiterated a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. Mizuho increased their target price on Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, November 1st. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Thursday, November 14th. Finally, Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and increased their price objective for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $111.50.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $105.64 on Friday. The firm has a market cap of $12.24 billion, a PE ratio of 14.14, a P/E/G ratio of 0.79 and a beta of 1.44. Eastman Chemical has a twelve month low of $80.71 and a twelve month high of $114.50. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. The business has a 50-day moving average price of $106.38 and a 200 day moving average price of $101.53.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The business had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the prior year, the company posted $1.47 EPS. The business’s quarterly revenue was up 8.7% on a year-over-year basis. Sell-side analysts predict that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the transaction, the senior vice president now owns 12,366 shares in the company, valued at $1,298,430. The trade was a 19.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.93% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cultivar Capital Inc. purchased a new stake in Eastman Chemical during the 2nd quarter worth about $29,000. Wolff Wiese Magana LLC raised its holdings in Eastman Chemical by 238.1% in the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 200 shares in the last quarter. Dunhill Financial LLC grew its holdings in Eastman Chemical by 94.7% during the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 162 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in shares of Eastman Chemical in the 1st quarter valued at approximately $38,000. Finally, Rothschild Investment LLC purchased a new stake in shares of Eastman Chemical in the 2nd quarter valued at approximately $38,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

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.