Wells Fargo & Company Cuts Eastman Chemical (NYSE:EMN) Price Target to $110.00

Eastman Chemical (NYSE:EMN) had its price target reduced by Wells Fargo & Company from $118.00 to $110.00 in a research report released on Monday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the basic materials company’s stock.

A number of other equities research analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft raised their price target on Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and raised their price target for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. Piper Sandler restated a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a research report on Tuesday, July 30th. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada raised their price target on Eastman Chemical from $100.00 to $107.00 and gave the company a “sector perform” rating in a research report on Friday, October 11th. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Eastman Chemical presently has a consensus rating of “Hold” and an average target price of $111.50.

Eastman Chemical Price Performance

NYSE:EMN opened at $103.69 on Monday. The firm has a market capitalization of $12.12 billion, a price-to-earnings ratio of 13.88, a P/E/G ratio of 0.77 and a beta of 1.44. Eastman Chemical has a 52-week low of $75.01 and a 52-week high of $114.50. The stock has a fifty day moving average of $105.85 and a 200 day moving average of $101.12. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.12. The company had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a return on equity of 15.45% and a net margin of 9.47%. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter last year, the company earned $1.47 earnings per share. On average, research analysts expect that Eastman Chemical will post 7.61 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Wolff Wiese Magana LLC increased its holdings in Eastman Chemical by 238.1% during the 3rd 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 during the period. Cultivar Capital Inc. purchased a new position in Eastman Chemical during the 2nd quarter valued at about $29,000. Northwest Investment Counselors LLC purchased a new position in Eastman Chemical during the 3rd quarter valued at about $38,000. EntryPoint Capital LLC purchased a new position in Eastman Chemical during the 1st quarter valued at about $38,000. Finally, Rothschild Investment LLC purchased a new position in Eastman Chemical during the 2nd quarter valued at about $38,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

About Eastman Chemical

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.