Eastman Chemical (NYSE:EMN) Price Target Raised to $103.00 at Royal Bank of Canada

Eastman Chemical (NYSE:EMN) had its price objective lifted by equities researchers at Royal Bank of Canada from $101.00 to $103.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “sector perform” rating on the basic materials company’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 1.02% from the company’s previous close.

Several other analysts also recently issued reports on EMN. JPMorgan Chase & Co. upped their price target on Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Monday. KeyCorp increased their target price on Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a report on Monday. Citigroup cut Eastman Chemical from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $118.00 to $104.00 in a report on Wednesday, December 18th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, January 18th. Finally, Barclays dropped their target price on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a report on Monday. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Eastman Chemical has a consensus rating of “Moderate Buy” and a consensus target price of $112.64.

Eastman Chemical Stock Up 1.2 %

EMN stock traded up $1.17 during mid-day trading on Tuesday, hitting $101.96. The stock had a trading volume of 626,084 shares, compared to its average volume of 1,160,731. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80. Eastman Chemical has a 1-year low of $80.89 and a 1-year high of $114.50. The company has a fifty day moving average of $94.70 and a 200 day moving average of $100.03. The stock has a market capitalization of $11.82 billion, a price-to-earnings ratio of 13.29, a PEG ratio of 0.73 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.40% and a net margin of 9.65%. On average, equities analysts expect that Eastman Chemical will post 8.46 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 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 directly owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This represents a 19.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Julie A. Mcalindon sold 4,456 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction of $471,623.04. Following the completion of the transaction, the senior vice president now directly owns 4,403 shares of the company’s stock, valued at approximately $466,013.52. The trade was a 50.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,021 shares of company stock valued at $1,895,948. Company insiders own 2.28% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. UMB Bank n.a. grew its stake in Eastman Chemical by 4.3% in the third quarter. UMB Bank n.a. now owns 2,343 shares of the basic materials company’s stock valued at $262,000 after purchasing an additional 96 shares in the last quarter. V Square Quantitative Management LLC grew its stake in Eastman Chemical by 3.8% in the third quarter. V Square Quantitative Management LLC now owns 2,683 shares of the basic materials company’s stock valued at $300,000 after purchasing an additional 98 shares in the last quarter. Patrick M Sweeney & Associates Inc. grew its stake in Eastman Chemical by 3.3% in the third quarter. Patrick M Sweeney & Associates Inc. now owns 3,434 shares of the basic materials company’s stock valued at $384,000 after purchasing an additional 111 shares in the last quarter. Blue Trust Inc. grew its stake in Eastman Chemical by 2.2% in the fourth quarter. Blue Trust Inc. now owns 5,505 shares of the basic materials company’s stock valued at $503,000 after purchasing an additional 116 shares in the last quarter. Finally, RKL Wealth Management LLC grew its stake in Eastman Chemical by 0.9% in the third quarter. RKL Wealth Management LLC now owns 13,576 shares of the basic materials company’s stock valued at $1,520,000 after purchasing an additional 123 shares in the last quarter. 83.65% of the stock is currently 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.