Eastman Chemical’s (EMN) Sector Perform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of Eastman Chemical (NYSE:EMN) in a report released on Friday morning,Benzinga reports. Royal Bank of Canada currently has a $105.00 target price on the basic materials company’s stock.

Several other research analysts have also commented on EMN. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Thursday, November 14th. Piper Sandler reissued a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft lowered their price target on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday, November 4th. Barclays boosted their price objective 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. Finally, Wells Fargo & Company lowered their target price on shares of Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating for the company in a report on Monday, November 4th. Eight 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.com, the company currently has a consensus rating of “Hold” and a consensus price target of $111.50.

Eastman Chemical Stock Performance

NYSE:EMN opened at $105.59 on Friday. Eastman Chemical has a 12-month low of $80.71 and a 12-month high of $114.50. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $12.24 billion, a P/E ratio of 14.14, a P/E/G ratio of 0.79 and a beta of 1.44. The stock has a 50-day moving average price of $106.43 and a 200 day moving average price of $101.59.

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

Insider Buying and Selling

In related news, SVP Christopher Moore Killian sold 3,061 shares of the company’s stock in a transaction dated 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 sale, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at $1,298,430. This represents a 19.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.93% of the stock is owned by insiders.

Institutional Investors Weigh In On Eastman Chemical

Large investors have recently modified their holdings of the business. Bessemer Group Inc. raised its stake in Eastman Chemical by 321.2% in the first quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock worth $1,628,000 after buying an additional 12,392 shares in the last quarter. Dakota Wealth Management raised its position in shares of Eastman Chemical by 13.5% in the 2nd quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock worth $2,183,000 after acquiring an additional 2,655 shares in the last quarter. KBC Group NV boosted its position in Eastman Chemical by 21.8% during the third quarter. KBC Group NV now owns 110,610 shares of the basic materials company’s stock valued at $12,383,000 after purchasing an additional 19,809 shares in the last quarter. Principal Financial Group Inc. grew its stake in Eastman Chemical by 6.8% in the third quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company’s stock valued at $16,588,000 after purchasing an additional 9,447 shares during the last quarter. Finally, Cetera Advisors LLC raised its holdings in Eastman Chemical by 119.7% in the first quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company’s stock worth $1,011,000 after purchasing an additional 5,496 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

About Eastman Chemical

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.