Royal Bank of Canada Upgrades Eastman Chemical (NYSE:EMN) to "Outperform"

Eastman Chemical (NYSE:EMN - Get Free Report) was upgraded by equities research analysts at Royal Bank of Canada from a "sector perform" rating to an "outperform" rating in a research report issued on Wednesday, Marketbeat Ratings reports. The firm currently has a $91.00 price target on the basic materials company's stock. Royal Bank of Canada's price objective would indicate a potential upside of 14.90% from the company's current price.

Other analysts also recently issued research reports about the stock. StockNews.com upgraded shares of Eastman Chemical from a "hold" rating to a "buy" rating in a report on Saturday, January 18th. UBS Group dropped their price objective on Eastman Chemical from $123.00 to $115.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Piper Sandler cut their price target on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a report on Monday, April 7th. JPMorgan Chase & Co. lifted their price target on Eastman Chemical from $110.00 to $112.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. Finally, Bank of America upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and cut their target price for the stock from $115.00 to $109.00 in a research report on Tuesday, January 14th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $107.08.

Eastman Chemical Stock Up 1.1 %

EMN traded up $0.85 during midday trading on Wednesday, hitting $79.20. The company had a trading volume of 451,903 shares, compared to its average volume of 1,009,528. Eastman Chemical has a 52 week low of $70.90 and a 52 week high of $114.50. The company has a market capitalization of $9.12 billion, a price-to-earnings ratio of 10.31, a PEG ratio of 1.22 and a beta of 1.38. The stock's 50 day moving average price is $92.01 and its 200 day moving average price is $97.13. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. On average, research analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Eastman Chemical

Several institutional investors and hedge funds have recently bought and sold shares of EMN. Crews Bank & Trust bought a new position in shares of Eastman Chemical in the 4th quarter worth approximately $27,000. Picton Mahoney Asset Management lifted its stake in shares of Eastman Chemical by 62.3% in the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock worth $29,000 after buying an additional 124 shares in the last quarter. Assetmark Inc. boosted its stake in Eastman Chemical by 384.4% during the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock valued at $34,000 after purchasing an additional 296 shares during the last quarter. Bradley & Co. Private Wealth Management LLC bought a new position in shares of Eastman Chemical during the fourth quarter valued at $35,000. Finally, Stonebridge Financial Group LLC purchased a new stake in shares of Eastman Chemical during the 4th quarter valued at about $37,000. Hedge funds and other institutional investors own 83.65% of the company's stock.

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.