Royal Bank Of Canada Issues Positive Forecast for Eastman Chemical (NYSE:EMN) Stock Price

Key Points

• Royal Bank of Canada raised its Eastman Chemical price target from $65 to $70, while keeping a “sector perform” rating; the target implied 3.92% upside from the stock’s then-current price.
• Analyst sentiment was mixed, with a consensus “Hold” rating and average price target of $74.79. Six analysts rated the stock Buy, nine Hold and one Sell.
• Eastman Chemical’s latest quarterly results missed estimates: EPS was $1.84 versus $1.92 expected, and revenue was $2.38 billion versus $2.41 billion expected. Revenue nevertheless rose 8.3% year over year.

Eastman Chemical (NYSE:EMN - Get Free Report) had its target price lifted by equities research analysts at Royal Bank Of Canada from $65.00 to $70.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a "sector perform" rating on the basic materials company's stock. Royal Bank Of Canada's price objective would suggest a potential upside of 3.92% from the stock's current price.

Other research analysts have also issued reports about the company. Wall Street Zen lowered Eastman Chemical from a "buy" rating to a "hold" rating in a research note on Saturday, September 12th. The Goldman Sachs Group reiterated a "neutral" rating and set a $72.00 price target on shares of Eastman Chemical in a research note on Monday. UBS Group lowered their price target on shares of Eastman Chemical from $92.00 to $77.00 and set a "buy" rating on the stock in a report on Monday, October 5th. Zacks Research cut shares of Eastman Chemical from a "hold" rating to a "strong sell" rating in a research note on Monday, October 19th. Finally, Barclays increased their price objective on shares of Eastman Chemical from $72.00 to $74.00 and gave the company an "equal weight" rating in a research note on Monday. Six research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $74.79.

Eastman Chemical Stock Performance

EMN stock traded up $2.02 on Wednesday, reaching $67.36. 473,990 shares of the company were exchanged, compared to its average volume of 1,385,597. Eastman Chemical has a 12 month low of $56.11 and a 12 month high of $83.47. The stock's fifty day moving average price is $66.56 and its 200 day moving average price is $70.89. The firm has a market capitalization of $7.70 billion, a PE ratio of 11.95, a PEG ratio of 0.90 and a beta of 1.07. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.57 and a quick ratio of 0.76.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The basic materials company reported $1.84 earnings per share for the quarter, missing analysts' consensus estimates of $1.92 by ($0.08). Eastman Chemical had a net margin of 7.15% and a return on equity of 10.59%. The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.41 billion. During the same period last year, the company earned $1.14 earnings per share. Eastman Chemical's revenue for the quarter was up 8.3% on a year-over-year basis. On average, research analysts anticipate that Eastman Chemical will post 6.09 EPS for the current fiscal year.

Institutional Trading of Eastman Chemical

Several large investors have recently added to or reduced their stakes in the company. Elevation Wealth Partners LLC acquired a new stake in Eastman Chemical during the 3rd quarter valued at $25,000. Continuum Advisory LLC bought a new position in Eastman Chemical in the 2nd quarter valued at $40,000. Altshuler Shaham Ltd boosted its stake in Eastman Chemical by 36.9% in the first quarter. Altshuler Shaham Ltd now owns 538 shares of the basic materials company's stock worth $41,000 after purchasing an additional 145 shares in the last quarter. Quantbot Technologies LP acquired a new position in Eastman Chemical in the second quarter worth $44,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Eastman Chemical during the second quarter worth $46,000. 83.65% of the stock is owned by institutional investors.

Eastman Chemical Company Profile

Eastman Chemical Company NYSE: EMN is a global specialty materials and chemicals company that develops and manufactures products used in transportation, building and construction, consumer goods, medical products, packaging, and other industrial applications. Its portfolio includes specialty plastics, coatings, adhesives, fibers, additives, intermediates, and other performance materials.

The company's products are designed to provide properties such as durability, chemical resistance, lightweight performance, clarity, and enhanced functionality.

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