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

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

Several other research analysts also recently weighed in on the company. Wells Fargo & Company upped their target price on Eastman Chemical from $89.00 to $100.00 and gave the stock an equal weight rating in a research note on Thursday, April 11th. UBS Group upped their target price on Eastman Chemical from $91.00 to $93.00 and gave the stock a neutral rating in a research note on Friday, February 2nd. Stifel Nicolaus reduced their target price 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. KeyCorp upped their target price on Eastman Chemical from $101.00 to $121.00 and gave the stock an overweight rating in a research note on Tuesday, April 9th. Finally, Redburn Atlantic assumed coverage on Eastman Chemical in a research report on Thursday, February 15th. They set a buy rating and a $110.00 price target for the company. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Eastman Chemical currently has a consensus rating of Moderate Buy and an average target price of $97.81.

Eastman Chemical Trading Up 0.7 %

Shares of NYSE:EMN opened at $97.06 on Friday. Eastman Chemical has a 12-month low of $68.89 and a 12-month high of $102.71. The company has a market capitalization of $11.41 billion, a PE ratio of 12.96, a PEG ratio of 1.07 and a beta of 1.54. The business has a 50 day moving average of $92.98 and a two-hundred day moving average of $85.93. 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 (NYSE:EMN) last announced its quarterly earnings results on Friday, February 2nd. The basic materials company reported $1.31 earnings per share (EPS) 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 the consensus estimate of $2.21 billion. During the same period in the previous year, the company posted $0.89 earnings per share. Eastman Chemical’s revenue for the quarter was down 7.0% on a year-over-year basis. As a group, analysts forecast that Eastman Chemical will post 7.7 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders 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 dividend yield of 3.34%. The ex-dividend date was Thursday, March 14th. Eastman Chemical’s dividend payout ratio is presently 43.26%.

Insider Transactions at Eastman Chemical

In other news, SVP Adrian James Holt sold 4,735 shares of the 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.28% of the company’s stock.

Hedge Funds Weigh In On Eastman Chemical

Several institutional investors have recently bought and sold shares of EMN. National Bank of Canada FI grew its position in Eastman Chemical by 22.6% in the 3rd quarter. National Bank of Canada FI now owns 60,640 shares of the basic materials company’s stock valued at $4,577,000 after acquiring an additional 11,173 shares in the last quarter. CWM LLC boosted its stake in shares of Eastman Chemical by 8.8% in the 3rd quarter. CWM LLC now owns 3,753 shares of the basic materials company’s stock valued at $288,000 after buying an additional 304 shares during the period. Ronald Blue Trust Inc. boosted its stake in shares of Eastman Chemical by 99.0% in the 3rd quarter. Ronald Blue Trust Inc. now owns 2,233 shares of the basic materials company’s stock valued at $187,000 after buying an additional 1,111 shares during the period. Kentucky Retirement Systems purchased a new position in shares of Eastman Chemical in the 3rd quarter valued at about $764,000. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of Eastman Chemical in the 3rd quarter valued at about $341,000. 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.