Eastman Chemical (NYSE:EMN) Price Target Raised to $100.00 at Royal Bank of Canada

Eastman Chemical (NYSE:EMN) had its target price raised by Royal Bank of Canada from $89.00 to $100.00 in a research note released on Friday, Benzinga reports. The brokerage currently has a sector perform rating on the basic materials company’s stock.

Other equities research analysts have also recently issued research reports about the company. Wells Fargo & Company boosted their price objective on Eastman Chemical from $89.00 to $100.00 and gave the company an equal weight rating in a research note on Thursday, April 11th. KeyCorp upped their price target on Eastman Chemical from $101.00 to $121.00 and gave the stock an overweight rating in a research note on Tuesday, April 9th. Citigroup upped their price target on Eastman Chemical from $95.00 to $114.00 and gave the stock a buy rating in a research note on Wednesday, April 10th. Stifel Nicolaus cut their price target on Eastman Chemical from $102.00 to $101.00 and set a buy rating for the company in a research note on Monday, February 5th. Finally, Redburn Atlantic began coverage on Eastman Chemical in a research note on Thursday, February 15th. They set a buy rating and a $110.00 price target for the company. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $97.81.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $96.42 on Friday. The company has a current ratio of 1.35, a quick ratio of 0.70 and a debt-to-equity ratio of 0.78. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $102.71. The stock has a 50 day moving average of $92.72 and a two-hundred day moving average of $85.62. The stock has a market cap of $11.34 billion, a P/E ratio of 12.87, a P/E/G ratio of 1.06 and a beta of 1.54.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Friday, February 2nd. The basic materials company reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.03. Eastman Chemical had a return on equity of 14.15% and a net margin of 9.71%. The company had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.21 billion. During the same quarter in the previous year, the business earned $0.89 earnings per share. The firm’s revenue for the quarter was down 7.0% on a year-over-year basis. On average, research analysts forecast that Eastman Chemical will post 7.7 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were issued a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date was Thursday, March 14th. Eastman Chemical’s dividend payout ratio is presently 43.26%.

Insider Buying and Selling

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

Institutional Trading of Eastman Chemical

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Eastman Chemical by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 14,839,723 shares of the basic materials company’s stock valued at $1,332,904,000 after purchasing an additional 61,580 shares during the last quarter. Putnam Investments LLC grew its holdings in Eastman Chemical by 4.0% in the fourth quarter. Putnam Investments LLC now owns 4,355,408 shares of the basic materials company’s stock valued at $391,203,000 after purchasing an additional 168,038 shares during the last quarter. Morgan Stanley grew its holdings in Eastman Chemical by 1.0% in the third quarter. Morgan Stanley now owns 3,978,856 shares of the basic materials company’s stock valued at $305,258,000 after purchasing an additional 39,860 shares during the last quarter. Invesco Ltd. grew its holdings in Eastman Chemical by 37.4% in the third quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock valued at $214,496,000 after purchasing an additional 760,974 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in Eastman Chemical by 7.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,575,783 shares of the basic materials company’s stock valued at $231,357,000 after purchasing an additional 168,009 shares during the last quarter. Institutional investors and hedge funds 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.