Eastman Chemical (NYSE:EMN) Price Target Cut to $74.00 by Analysts at Royal Bank Of Canada

Key Points

• Royal Bank of Canada lowered Eastman Chemical's price target from $91.00 to $74.00, maintaining an "outperform" rating, which suggests a potential upside of 20.62% from the company's previous close.
• Several brokerages, including KeyCorp and Wells Fargo, have also reduced their price targets for Eastman Chemical, with the stock currently holding a consensus rating of "Moderate Buy" and an average price target of $88.69.
• Eastman Chemical reported earnings of $1.60 per share for the last quarter, missing estimates, with a revenue drop of 3.2% compared to the same period last year.

Eastman Chemical (NYSE:EMN - Get Free Report) had its price objective decreased by research analysts at Royal Bank Of Canada from $91.00 to $74.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "outperform" rating on the basic materials company's stock. Royal Bank Of Canada's price objective indicates a potential upside of 21.40% from the stock's previous close.

Several other equities analysts have also recently issued reports on EMN. Citigroup decreased their price target on shares of Eastman Chemical from $90.00 to $68.00 and set a "buy" rating for the company in a research report on Monday. Morgan Stanley lowered their target price on Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. Wells Fargo & Company reduced their price target on Eastman Chemical from $90.00 to $70.00 and set an "overweight" rating on the stock in a research report on Monday. Wall Street Zen downgraded Eastman Chemical from a "buy" rating to a "hold" rating in a research report on Monday, April 28th. Finally, The Goldman Sachs Group reduced their target price on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $88.69.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $60.95 on Tuesday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.79 and a current ratio of 1.68. Eastman Chemical has a 52 week low of $56.78 and a 52 week high of $114.50. The stock has a market capitalization of $7.00 billion, a P/E ratio of 8.56, a price-to-earnings-growth ratio of 5.48 and a beta of 1.21. The stock has a fifty day moving average of $76.50 and a 200-day moving average of $83.93.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The basic materials company reported $1.60 EPS for the quarter, missing the consensus estimate of $1.72 by ($0.12). Eastman Chemical had a net margin of 8.96% and a return on equity of 15.24%. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.32 billion. During the same period in the previous year, the company earned $2.15 EPS. Eastman Chemical's revenue for the quarter was down 3.2% on a year-over-year basis. On average, sell-side analysts expect that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Eastman Chemical

Hedge funds have recently added to or reduced their stakes in the stock. Capital Research Global Investors lifted its holdings in Eastman Chemical by 13.4% during the fourth quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company's stock worth $537,561,000 after acquiring an additional 697,388 shares during the period. Invesco Ltd. grew its position in Eastman Chemical by 11.1% during the fourth quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company's stock valued at $259,729,000 after buying an additional 284,271 shares during the period. Dimensional Fund Advisors LP increased its holdings in Eastman Chemical by 8.5% during the first quarter. Dimensional Fund Advisors LP now owns 2,588,331 shares of the basic materials company's stock worth $228,042,000 after buying an additional 202,740 shares during the last quarter. Earnest Partners LLC increased its stake in shares of Eastman Chemical by 1.6% during the 4th quarter. Earnest Partners LLC now owns 2,277,827 shares of the basic materials company's stock worth $208,011,000 after purchasing an additional 35,793 shares during the last quarter. Finally, Capital World Investors purchased a new stake in Eastman Chemical in the fourth quarter worth $137,848,000. 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.