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

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

A number of other brokerages have also recently issued reports on EMN. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. Wells Fargo & Company lowered their price target on shares of Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Monday, November 4th. Mizuho boosted their target price on shares of Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Barclays boosted their target price on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $105.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. Nine research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $111.50.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $105.85 on Friday. The business’s 50-day simple moving average is $106.43 and its 200 day simple moving average is $101.59. The stock has a market cap of $12.27 billion, a price-to-earnings ratio of 14.17, a P/E/G ratio of 0.81 and a beta of 1.44. Eastman Chemical has a 12-month low of $80.71 and a 12-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.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.12. The business had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the business earned $1.47 earnings per share. As a group, research analysts anticipate that Eastman Chemical will post 7.63 earnings per share for the current year.

Insider Transactions at Eastman Chemical

In related 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 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Eastman Chemical

Several hedge funds and other institutional investors have recently bought and sold shares of EMN. Cultivar Capital Inc. bought a new stake in Eastman Chemical in the second quarter valued at $29,000. Wolff Wiese Magana LLC increased its position in shares of Eastman Chemical by 238.1% during the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 200 shares in the last quarter. Dunhill Financial LLC increased its position in shares of Eastman Chemical by 94.7% during the third 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 bought a new stake in shares of Eastman Chemical during the first quarter worth about $38,000. Finally, Rothschild Investment LLC bought a new stake in shares of Eastman Chemical during the second quarter worth about $38,000. 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.