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

Eastman Chemical (NYSE:EMN) had its target price reduced by equities researchers at 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 target price would suggest a potential upside of 2.82% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Barclays raised their price target 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. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Mizuho upped their price target on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Deutsche Bank Aktiengesellschaft dropped their price objective on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday. Finally, Wells Fargo & Company reduced their target price on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating for the company in a research note on Monday. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Eastman Chemical has a consensus rating of “Hold” and an average price target of $111.50.

Eastman Chemical Stock Performance

NYSE:EMN traded down $1.42 during mid-day trading on Wednesday, hitting $102.12. The company’s stock had a trading volume of 143,816 shares, compared to its average volume of 947,394. The business’s fifty day moving average is $105.90 and its two-hundred day moving average is $101.14. The stock has a market cap of $11.84 billion, a price-to-earnings ratio of 13.86, a PEG ratio of 0.77 and a beta of 1.44. Eastman Chemical has a 1 year low of $75.83 and a 1 year high of $114.50. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.71.

Eastman Chemical (NYSE:EMN) last posted 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. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The firm had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same period last year, the company earned $1.47 earnings per share. Eastman Chemical’s revenue for the quarter was up 8.7% compared to the same quarter last year. Analysts anticipate that Eastman Chemical will post 7.61 EPS for the current fiscal year.

Insider Buying and Selling at Eastman Chemical

In other news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total transaction 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 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.28% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Cultivar Capital Inc. acquired a new position in shares of Eastman Chemical in the 2nd quarter valued at $29,000. Wolff Wiese Magana LLC lifted its position in Eastman Chemical by 238.1% in the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after buying an additional 200 shares during the last quarter. EntryPoint Capital LLC purchased a new position in Eastman Chemical during the first quarter worth about $38,000. Rothschild Investment LLC acquired a new stake in shares of Eastman Chemical during the second quarter valued at about $38,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Eastman Chemical in the 3rd quarter worth approximately $38,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

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.