Royal Bank of Canada Has Lowered Expectations for Eastman Chemical (NYSE:EMN) Stock Price

Eastman Chemical (NYSE:EMN) had its price objective lowered by Royal Bank of Canada from $107.00 to $105.00 in a research report report published on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the basic materials company’s stock.

A number of other analysts have also recently weighed in on EMN. Mizuho upped their price target on shares of Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Wells Fargo & Company dropped their price objective on shares of Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Monday. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and upped their target price for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Eastman Chemical currently has a consensus rating of “Hold” and a consensus target price of $111.50.

Eastman Chemical Trading Up 0.1 %

EMN stock traded up $0.08 during trading on Wednesday, reaching $103.76. 223,390 shares of the stock traded hands, compared to its average volume of 945,077. The firm has a market capitalization of $12.03 billion, a PE ratio of 13.88, a P/E/G ratio of 0.77 and a beta of 1.44. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.71. The business’s 50 day moving average price is $105.85 and its 200-day moving average price is $101.12. Eastman Chemical has a 52-week low of $75.50 and a 52-week high of $114.50.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. The firm had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The company’s revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.47 EPS. As a group, sell-side analysts forecast that Eastman Chemical will post 7.61 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Capital Research Global Investors lifted its stake in shares of Eastman Chemical by 649.8% in the 1st quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock worth $452,139,000 after acquiring an additional 3,909,740 shares during the period. Assenagon Asset Management S.A. boosted its stake in Eastman Chemical by 1,104.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock valued at $104,560,000 after purchasing an additional 856,432 shares in the last quarter. Truist Financial Corp increased its position in shares of Eastman Chemical by 201.5% during the 2nd quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock valued at $90,572,000 after purchasing an additional 617,889 shares during the period. DekaBank Deutsche Girozentrale raised its stake in shares of Eastman Chemical by 318.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock worth $69,516,000 after buying an additional 534,081 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in Eastman Chemical by 34.5% during the second quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock valued at $83,524,000 after buying an additional 218,531 shares in the last quarter. 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.