Royal Bank of Canada Forecasts Strong Price Appreciation for Eastman Chemical (NYSE:EMN) Stock

Eastman Chemical (NYSE:EMN - Get Free Report) had its price target upped by equities researchers at Royal Bank of Canada from $101.00 to $103.00 in a report issued on Tuesday,Benzinga reports. The firm 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 3.83% from the company's previous close.

A number of other analysts also recently weighed in on EMN. Deutsche Bank Aktiengesellschaft dropped their target price on Eastman Chemical from $115.00 to $110.00 and set a "hold" rating for the company in a research report on Monday, November 4th. Mizuho upped their price objective on shares of Eastman Chemical from $113.00 to $117.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. KeyCorp lifted their target price on shares of Eastman Chemical from $121.00 to $128.00 and gave the stock an "overweight" rating in a research report on Monday. Piper Sandler cut their price target on shares of Eastman Chemical from $105.00 to $102.00 and set a "neutral" rating for the company in a research report on Tuesday, January 7th. Finally, StockNews.com upgraded Eastman Chemical from a "hold" rating to a "buy" rating in a report on Saturday, January 18th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $113.54.

Eastman Chemical Price Performance

EMN stock traded down $2.06 during midday trading on Tuesday, reaching $99.20. The company had a trading volume of 915,512 shares, compared to its average volume of 1,186,724. The firm has a 50-day moving average price of $94.53 and a 200-day moving average price of $100.09. The company has a market capitalization of $11.50 billion, a P/E ratio of 12.92, a P/E/G ratio of 0.73 and a beta of 1.44. Eastman Chemical has a 1 year low of $81.00 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 0.78.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.40%. On average, research analysts anticipate that Eastman Chemical will post 8.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Eastman Chemical news, SVP Julie A. Mcalindon sold 4,456 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total value of $471,623.04. Following the completion of the transaction, the senior vice president now owns 4,403 shares in the company, valued at approximately $466,013.52. This represents a 50.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the business's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the sale, the executive vice president now owns 47,287 shares in the company, valued at approximately $4,965,135. This trade represents a 18.18 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.28% of the company's stock.

Institutional Investors Weigh In On Eastman Chemical

Several hedge funds have recently bought and sold shares of the business. Wolff Wiese Magana LLC lifted its holdings 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 valued at $32,000 after purchasing an additional 200 shares during the last quarter. Crews Bank & Trust bought a new position in Eastman Chemical during the 4th quarter valued at approximately $27,000. Dunhill Financial LLC raised its stake in Eastman Chemical by 94.7% during the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company's stock valued at $37,000 after buying an additional 162 shares during the last quarter. Northwest Investment Counselors LLC purchased a new position in Eastman Chemical during the third quarter valued at $38,000. Finally, Assetmark Inc. boosted its holdings in Eastman Chemical by 384.4% in the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock worth $34,000 after acquiring an additional 296 shares in the last quarter. Institutional investors own 83.65% of the company's stock.

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.