Eastman Chemical (NYSE:EMN) Upgraded at Royal Bank of Canada

Royal Bank of Canada upgraded shares of Eastman Chemical (NYSE:EMN) from a sector perform rating to an outperform rating in a research note issued to investors on Wednesday, MarketBeat reports. They currently have $91.00 price objective on the basic materials company’s stock.

Other analysts have also issued reports about the company. KeyCorp boosted their price objective on Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Mizuho upgraded Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a report on Thursday, April 3rd. Citigroup upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $105.00 to $101.00 in a research note on Friday, April 4th. JPMorgan Chase & Co. upped their target price on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Finally, Piper Sandler dropped their price target on shares of Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating on the stock in a research report on Monday, April 7th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $107.75.

Eastman Chemical Trading Up 2.9 %

NYSE EMN opened at $78.22 on Wednesday. Eastman Chemical has a 52 week low of $70.90 and a 52 week high of $114.50. The business has a 50 day moving average price of $92.01 and a 200-day moving average price of $97.24. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. The company has a market cap of $9.01 billion, a price-to-earnings ratio of 10.18, a P/E/G ratio of 1.22 and a beta of 1.38.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. As a group, equities analysts expect that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Friday, March 14th were paid a dividend of $0.83 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $3.32 annualized dividend and a dividend yield of 4.24%. Eastman Chemical’s payout ratio is 43.23%.

Institutional Investors Weigh In On Eastman Chemical

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new position in shares of Eastman Chemical in the fourth quarter worth about $150,537,000. Capital World Investors purchased a new position in Eastman Chemical in the 4th quarter valued at approximately $137,848,000. Norges Bank bought a new stake in Eastman Chemical during the 4th quarter valued at $137,416,000. Wealthfront Advisers LLC lifted its position in shares of Eastman Chemical by 3,136.8% during the fourth quarter. Wealthfront Advisers LLC now owns 736,011 shares of the basic materials company’s stock worth $67,213,000 after acquiring an additional 713,272 shares in the last quarter. Finally, Capital Research Global Investors raised its stake in shares of Eastman Chemical by 13.4% during the 4th quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company’s stock valued at $537,561,000 after purchasing an additional 697,388 shares during the period. 83.65% of the stock is currently owned by 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.