Eastman Chemical (NYSE:EMN) Price Target Lowered to $105.00 at Royal Bank of Canada

Eastman Chemical (NYSE:EMN) had its target price reduced by stock analysts at Royal Bank of Canada from $107.00 to $105.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “sector perform” rating on the basic materials company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 0.19% from the company’s current price.

Several other analysts also recently commented on the stock. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and increased their target price for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Barclays increased their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Piper Sandler reiterated a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a report on Monday. Finally, Mizuho increased their target price on shares of Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $111.50.

Eastman Chemical Stock Up 3.9 %

EMN traded up $3.92 during trading on Wednesday, hitting $104.80. 471,665 shares of the company’s stock were exchanged, compared to its average volume of 942,479. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76. The business’s 50 day moving average is $105.78 and its two-hundred day moving average is $101.10. Eastman Chemical has a fifty-two week low of $75.01 and a fifty-two week high of $114.50. The stock has a market cap of $12.25 billion, a P/E ratio of 14.03, a PEG ratio of 0.77 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data 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 net margin of 9.47% and a return on equity of 15.45%. The firm had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the prior year, the company posted $1.47 earnings per share. The business’s revenue was up 8.7% on a year-over-year basis. As a group, equities analysts expect that Eastman Chemical will post 7.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Eastman Chemical

A number of large investors have recently modified their holdings of EMN. Cultivar Capital Inc. bought a new stake in Eastman Chemical during the second quarter valued at approximately $29,000. Wolff Wiese Magana LLC raised its stake 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. EntryPoint Capital LLC purchased a new position in shares of Eastman Chemical during the first quarter worth approximately $38,000. Rothschild Investment LLC purchased a new position in shares of Eastman Chemical during the second quarter worth approximately $38,000. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Eastman Chemical during the third quarter worth approximately $38,000. 83.65% of the stock is currently owned by 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.