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

Eastman Chemical (NYSE:EMN) had its price target dropped by investment analysts at Royal Bank Of Canada from $91.00 to $74.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the basic materials company’s stock. Royal Bank Of Canada’s price target suggests a potential upside of 21.40% from the stock’s previous close.

A number of other research analysts also recently weighed in on the company. Piper Sandler dropped their price target on Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating on the stock in a research note on Monday, April 7th. The Goldman Sachs Group decreased their price target on shares of Eastman Chemical from $112.00 to $87.00 and set a “neutral” rating for the company in a research note on Monday, April 28th. Morgan Stanley dropped their price objective on shares of Eastman Chemical from $125.00 to $115.00 and set an “overweight” rating on the stock in a research note on Monday, April 28th. Citigroup decreased their target price 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. Finally, Barclays dropped their price target on shares of Eastman Chemical from $108.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 29th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $88.69.

Eastman Chemical Trading Down 0.7%

Shares of EMN stock opened at $60.95 on Tuesday. The company has a market cap of $7.00 billion, a P/E ratio of 8.56, a PEG ratio of 5.48 and a beta of 1.21. Eastman Chemical has a fifty-two week low of $56.78 and a fifty-two week high of $114.50. The stock has a 50 day simple moving average of $76.50 and a two-hundred day simple moving average of $83.93. 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 (NYSE:EMN) last issued its earnings results on Thursday, July 31st. The basic materials company reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.72 by ($0.12). Eastman Chemical had a return on equity of 15.24% and a net margin of 8.96%. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same period in the prior year, the company earned $2.15 earnings per share. The firm’s revenue was down 3.2% compared to the same quarter last year. Research analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current year.

Institutional Investors Weigh In On Eastman Chemical

Several large investors have recently made changes to their positions in the business. Capital World Investors purchased a new position in shares of Eastman Chemical in the 4th quarter worth about $137,848,000. Capital Research Global Investors boosted its stake in Eastman Chemical by 13.4% in the fourth quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company’s stock valued at $537,561,000 after acquiring an additional 697,388 shares during the last quarter. GAMMA Investing LLC boosted its stake in Eastman Chemical by 11,261.1% in the first quarter. GAMMA Investing LLC now owns 476,939 shares of the basic materials company’s stock valued at $42,023,000 after acquiring an additional 472,741 shares during the last quarter. Miller Howard Investments Inc. NY bought a new position in shares of Eastman Chemical during the 2nd quarter valued at approximately $26,212,000. Finally, Nuveen LLC purchased a new stake in shares of Eastman Chemical during the 1st quarter worth approximately $26,289,000. 83.65% of the stock is owned by hedge funds and other 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.