Eastman Chemical (NYSE:EMN) Raised to “Outperform” at Royal Bank of Canada

Eastman Chemical (NYSE:EMN) was upgraded by equities research analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage presently has a $91.00 price objective on the basic materials company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 25.66% from the company’s current price.

Several other analysts also recently commented on the stock. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, January 18th. KeyCorp increased their price target on Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Piper Sandler reduced their price objective on Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating for the company in a research note on Monday. Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and reduced their price target for the company from $115.00 to $109.00 in a research report on Tuesday, January 14th. Finally, Mizuho raised shares of Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a research report on Thursday, April 3rd. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $110.67.

Eastman Chemical Stock Performance

NYSE EMN opened at $72.42 on Wednesday. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The company has a fifty day simple moving average of $93.56 and a 200 day simple moving average of $98.00. Eastman Chemical has a 12-month low of $70.90 and a 12-month high of $114.50. The company has a market cap of $8.34 billion, a P/E ratio of 9.43, a PEG ratio of 1.22 and a beta of 1.38.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. Sell-side analysts predict that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Crews Bank & Trust bought a new stake in Eastman Chemical during the fourth quarter valued at $27,000. Picton Mahoney Asset Management grew its holdings in shares of Eastman Chemical by 62.3% during the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 124 shares in the last quarter. Assetmark Inc. raised its stake in Eastman Chemical by 384.4% in the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 296 shares in the last quarter. Bradley & Co. Private Wealth Management LLC bought a new position in shares of Eastman Chemical in the 4th quarter worth $35,000. Finally, Stonebridge Financial Group LLC bought a new stake in shares of Eastman Chemical during the 4th quarter worth $37,000. 83.65% of the stock is owned by institutional investors.

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.