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

Eastman Chemical (NYSE:EMN) had its target price lowered by Royal Bank of Canada from $107.00 to $105.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the basic materials company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 0.19% from the company’s previous close.

A number of other research firms also recently issued reports on EMN. Piper Sandler reissued a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Mizuho boosted their target price on shares of Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Finally, Wells Fargo & Company dropped 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 research report on Monday. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $111.50.

Eastman Chemical Stock Performance

Shares of EMN stock traded up $3.92 during midday trading on Wednesday, hitting $104.80. 471,665 shares of the company were exchanged, compared to its average volume of 942,479. The firm has a market capitalization of $12.25 billion, a P/E ratio of 14.03, a PEG ratio of 0.77 and a beta of 1.44. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. The firm’s 50 day moving average price is $105.78 and its two-hundred day moving average price is $101.10. Eastman Chemical has a 52 week low of $75.01 and a 52 week high of $114.50.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping 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 15.45%. Eastman Chemical’s revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.47 EPS. As a group, equities research analysts anticipate that Eastman Chemical will post 7.61 earnings per share for the current year.

Institutional Investors Weigh In On Eastman Chemical

Institutional investors have recently modified their holdings of the company. Wolff Wiese Magana LLC boosted its stake in shares of Eastman Chemical by 238.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 200 shares during the last quarter. Cultivar Capital Inc. bought a new stake in shares of Eastman Chemical in the 2nd quarter valued at $29,000. Northwest Investment Counselors LLC bought a new position in Eastman Chemical during the third quarter worth $38,000. EntryPoint Capital LLC bought a new position in Eastman Chemical during the first quarter worth $38,000. Finally, Rothschild Investment LLC bought a new position in Eastman Chemical during the second quarter worth $38,000. 83.65% of the stock is owned by institutional investors.

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.