Royal Bank Of Canada Downgrades Eastman Chemical (NYSE:EMN) to Sector Perform

Eastman Chemical (NYSE:EMN) was downgraded by equities research analysts at Royal Bank Of Canada from a “moderate buy” rating to a “sector perform” rating in a research note issued 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 would indicate a potential upside of 1.94% from the stock’s current price.

EMN has been the topic of a number of other research reports. Citigroup boosted their target price on shares of Eastman Chemical from $72.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday. Evercore ISI dropped 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. Bank of America cut their price objective on shares of Eastman Chemical from $78.00 to $74.00 and set a “buy” rating for the company in a research report on Tuesday, October 14th. Mizuho decreased their target price on Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating on the stock in a research report on Friday, October 3rd. Finally, KeyCorp cut their price target on Eastman Chemical from $76.00 to $74.00 and set an “overweight” rating for the company in a report on Friday, January 9th. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $78.54.

Eastman Chemical Trading Down 2.2%

Eastman Chemical stock opened at $68.67 on Friday. The business’s 50-day simple moving average is $63.18 and its 200-day simple moving average is $65.95. Eastman Chemical has a 52 week low of $56.11 and a 52 week high of $103.82. The firm has a market capitalization of $7.83 billion, a PE ratio of 11.46, a PEG ratio of 6.83 and a beta of 1.23. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.86 and a current ratio of 1.76.

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

Institutional Trading of Eastman Chemical

Large investors have recently bought and sold shares of the stock. MUFG Securities EMEA plc acquired a new position in Eastman Chemical during the second quarter worth $25,000. MassMutual Private Wealth & Trust FSB increased its position in shares of Eastman Chemical by 65.5% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 369 shares of the basic materials company’s stock worth $28,000 after purchasing an additional 146 shares in the last quarter. Ameritas Advisory Services LLC acquired a new stake in shares of Eastman Chemical during the 2nd quarter worth about $32,000. Loomis Sayles & Co. L P bought a new position in Eastman Chemical during the 2nd quarter valued at about $33,000. Finally, Lodestone Wealth Management LLC bought a new stake in Eastman Chemical during the fourth quarter worth about $33,000. 83.65% of the stock is currently owned by 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.