Wells Fargo & Company Boosts Eastman Chemical (NYSE:EMN) Price Target to $118.00

Eastman Chemical (NYSE:EMN) had its price target hoisted by Wells Fargo & Company from $105.00 to $118.00 in a research report released on Tuesday, Benzinga reports. They currently have an equal weight rating on the basic materials company’s stock.

Other research analysts have also issued reports about the stock. Barclays raised their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Piper Sandler reissued a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Citigroup dropped their target price on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a report on Thursday, June 27th. Royal Bank of Canada lifted their price target on Eastman Chemical from $100.00 to $107.00 and gave the stock a “sector perform” rating in a report on Friday, October 11th. Finally, StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $110.20.

Eastman Chemical Stock Performance

NYSE EMN opened at $109.46 on Tuesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. The stock’s 50 day simple moving average is $103.89 and its 200-day simple moving average is $100.52. The company has a market cap of $12.88 billion, a PE ratio of 14.11, a price-to-earnings-growth ratio of 0.83 and a beta of 1.44. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $114.50.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The company had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same quarter last year, the firm posted $1.99 EPS. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. As a group, equities research analysts anticipate that Eastman Chemical will post 7.67 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 16th were paid a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend was Monday, September 16th. Eastman Chemical’s dividend payout ratio (DPR) is 41.75%.

Institutional Investors Weigh In On Eastman Chemical

A number of institutional investors have recently modified their holdings of EMN. Cultivar Capital Inc. purchased a new position in Eastman Chemical during the 2nd quarter valued at about $29,000. Wolff Wiese Magana LLC grew its holdings in shares of Eastman Chemical by 238.1% in the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 200 shares in the last quarter. Northwest Investment Counselors LLC purchased a new stake in Eastman Chemical during the 1st quarter worth approximately $34,000. EntryPoint Capital LLC acquired a new stake in Eastman Chemical during the 1st quarter worth approximately $38,000. Finally, Rothschild Investment LLC purchased a new position in Eastman Chemical in the 2nd quarter valued at approximately $38,000. 83.65% of the stock is owned by institutional investors and hedge funds.

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.