Royal Bank of Canada Boosts Eastman Chemical (NYSE:EMN) Price Target to $104.00

Eastman Chemical (NYSE:EMN) had its target price increased by Royal Bank of Canada from $100.00 to $104.00 in a research note published on Tuesday, Benzinga reports. The firm currently has a sector perform rating on the basic materials company’s stock.

Other equities analysts also recently issued reports about the company. Piper Sandler lifted their target price on Eastman Chemical from $90.00 to $105.00 and gave the company a neutral rating in a research note on Tuesday. Mizuho boosted their price objective on Eastman Chemical from $91.00 to $102.00 and gave the company a neutral rating in a research report on Friday, April 26th. StockNews.com lowered Eastman Chemical from a buy rating to a hold rating in a research report on Monday, April 29th. Redburn Atlantic assumed coverage on shares of Eastman Chemical in a report on Thursday, February 15th. They set a buy rating and a $110.00 price target for the company. Finally, Citigroup increased their price objective on shares of Eastman Chemical from $95.00 to $114.00 and gave the stock a buy rating in a report on Wednesday, April 10th. Eight research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $103.12.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $97.50 on Tuesday. The company has a current ratio of 1.39, a quick ratio of 0.70 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $11.47 billion, a price-to-earnings ratio of 12.56, a price-to-earnings-growth ratio of 1.03 and a beta of 1.54. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $102.71. The business has a 50 day simple moving average of $95.01 and a 200-day simple moving average of $87.17.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The firm had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.29 billion. During the same quarter in the previous year, the firm earned $1.63 earnings per share. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. As a group, equities research analysts expect that Eastman Chemical will post 7.75 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 17th will be issued a dividend of $0.81 per share. The ex-dividend date of this dividend is Monday, June 17th. This represents a $3.24 annualized dividend and a yield of 3.32%. Eastman Chemical’s payout ratio is 41.75%.

Insider Buying and Selling at Eastman Chemical

In other news, SVP Adrian James Holt sold 4,735 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total value of $415,496.25. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of EMN. First Command Advisory Services Inc. bought a new position in shares of Eastman Chemical during the 3rd quarter valued at about $26,000. Turtle Creek Wealth Advisors LLC acquired a new position in Eastman Chemical in the fourth quarter worth approximately $26,000. Northwest Investment Counselors LLC acquired a new position in Eastman Chemical in the first quarter worth approximately $34,000. Sound Income Strategies LLC lifted its position in shares of Eastman Chemical by 213.8% during the 4th quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 278 shares during the last quarter. Finally, Bruce G. Allen Investments LLC acquired a new stake in shares of Eastman Chemical during the 4th quarter valued at $38,000. 83.65% of the stock is 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.