Eastman Chemical's (EMN) Sector Perform Rating Reiterated at Royal Bank of Canada

Eastman Chemical (NYSE:EMN - Get Free Report)'s stock had its "sector perform" rating reissued by investment analysts at Royal Bank of Canada in a research note issued on Friday,Benzinga reports. They currently have a $105.00 target price on the basic materials company's stock. Royal Bank of Canada's price target suggests a potential upside of 0.12% from the stock's current price.

Other equities analysts have also recently issued research reports about the company. StockNews.com upgraded Eastman Chemical from a "hold" rating to a "buy" rating in a report on Thursday, November 14th. Piper Sandler restated a "neutral" rating and set a $105.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. Wells Fargo & Company dropped their price objective on Eastman Chemical from $118.00 to $110.00 and set an "equal weight" rating for the company in a report on Monday, November 4th. Deutsche Bank Aktiengesellschaft dropped their price objective on Eastman Chemical from $115.00 to $110.00 and set a "hold" rating for the company in a report on Monday, November 4th. Finally, Mizuho boosted their price objective on Eastman Chemical from $107.00 to $113.00 and gave the company a "neutral" rating in a report on Friday, November 1st. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $111.50.

Eastman Chemical Stock Up 1.2 %

Shares of NYSE EMN traded up $1.27 during mid-day trading on Friday, hitting $104.87. 139,183 shares of the stock traded hands, compared to its average volume of 954,831. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. The stock has a fifty day moving average price of $106.30 and a 200-day moving average price of $101.51. Eastman Chemical has a 52 week low of $80.71 and a 52 week high of $114.50. The company has a market cap of $12.16 billion, a price-to-earnings ratio of 14.04, a PEG ratio of 0.77 and a beta of 1.44.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, beating analysts' consensus estimates of $2.14 by $0.12. The company had revenue of $2.46 billion during the quarter, compared to analysts' expectations of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. Eastman Chemical's revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.47 earnings per share. Research analysts anticipate that Eastman Chemical will post 7.63 EPS for the current year.

Insider Transactions at Eastman Chemical

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of the business's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total transaction of $321,405.00. Following the sale, the senior vice president now owns 12,366 shares in the company, valued at approximately $1,298,430. The trade was a 19.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.93% of the company's stock.

Institutional Trading of Eastman Chemical

A number of hedge funds have recently modified their holdings of the stock. Bessemer Group Inc. boosted its position in Eastman Chemical by 321.2% during the first quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company's stock worth $1,628,000 after purchasing an additional 12,392 shares in the last quarter. Dakota Wealth Management raised its holdings in shares of Eastman Chemical by 13.5% during the second quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company's stock valued at $2,183,000 after acquiring an additional 2,655 shares during the last quarter. KBC Group NV raised its holdings in shares of Eastman Chemical by 21.8% during the third quarter. KBC Group NV now owns 110,610 shares of the basic materials company's stock valued at $12,383,000 after acquiring an additional 19,809 shares during the last quarter. Cetera Advisors LLC increased its holdings in shares of Eastman Chemical by 119.7% in the first quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company's stock valued at $1,011,000 after purchasing an additional 5,496 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Eastman Chemical by 6.8% in the third quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company's stock valued at $16,588,000 after purchasing an additional 9,447 shares during the last quarter. Hedge funds and other 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.

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