Eastman Chemical (NYSE:EMN) Stock Rating Lowered by Royal Bank Of Canada

Eastman Chemical (NYSE:EMN) was downgraded by equities researchers at Royal Bank Of Canada from a “moderate buy” rating to a “sector perform” rating in a report released on Friday, MarketBeat.com reports. They presently have a $70.00 target price on the basic materials company’s stock. Royal Bank Of Canada’s price target indicates a potential upside of 1.94% from the company’s current price.

EMN has been the subject of several other reports. Citigroup upped their price objective on Eastman Chemical from $72.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday. UBS Group lowered their price target on Eastman Chemical from $75.00 to $73.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Evercore ISI cut their price objective on shares of Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating on the stock in a report on Tuesday, November 11th. Weiss Ratings upgraded shares of Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, October 24th. Finally, Mizuho dropped their target price on shares of Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating on the stock in a research report on Friday, October 3rd. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $78.54.

Eastman Chemical Stock Down 2.2%

Shares of NYSE EMN opened at $68.67 on Friday. The stock has a market cap of $7.83 billion, a P/E ratio of 11.46, a PEG ratio of 6.67 and a beta of 1.23. The business’s fifty day simple moving average is $63.18 and its 200-day simple moving average is $65.86. Eastman Chemical has a 12-month low of $56.11 and a 12-month high of $103.82. The company has a current ratio of 1.76, a quick ratio of 0.86 and a debt-to-equity ratio of 0.82.

Eastman Chemical (NYSE:EMN) last released its earnings results on Monday, November 3rd. The basic materials company reported $1.14 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.04). The company had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.28 billion. Eastman Chemical had a return on equity of 12.89% and a net margin of 7.75%.The company’s revenue for the quarter was down 10.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.26 earnings per share. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. As a group, equities analysts predict that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Eastman Chemical during the second quarter worth about $121,060,000. State Street Corp raised its stake in Eastman Chemical by 24.3% during the 3rd quarter. State Street Corp now owns 5,687,097 shares of the basic materials company’s stock valued at $363,314,000 after acquiring an additional 1,112,391 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in Eastman Chemical by 97.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,859,998 shares of the basic materials company’s stock worth $119,672,000 after acquiring an additional 916,023 shares during the period. Qube Research & Technologies Ltd grew its stake in shares of Eastman Chemical by 1,456.4% in the 2nd quarter. Qube Research & Technologies Ltd now owns 708,290 shares of the basic materials company’s stock valued at $52,881,000 after purchasing an additional 662,783 shares during the last quarter. Finally, DAVENPORT & Co LLC acquired a new position in shares of Eastman Chemical in the fourth quarter valued at approximately $39,545,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

About Eastman Chemical

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.