Eastman Chemical (NYSE:EMN) Price Target Cut to $110.00 by Analysts at Wells Fargo & Company

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

A number of other analysts have also recently commented on the company. Royal Bank of Canada boosted their price target on Eastman Chemical from $100.00 to $107.00 and gave the stock a “sector perform” rating in a research report on Friday, October 11th. Mizuho boosted their price target on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Deutsche Bank Aktiengesellschaft boosted their price target on Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Barclays upped their price objective on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Finally, Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and upped their price objective for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $111.50.

Eastman Chemical Stock Performance

Eastman Chemical stock opened at $103.69 on Monday. The stock’s 50 day simple moving average is $105.85 and its two-hundred day simple moving average is $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. The stock has a market cap of $12.12 billion, a price-to-earnings ratio of 13.88, a PEG ratio of 0.77 and a beta of 1.44. Eastman Chemical has a fifty-two week low of $75.01 and a fifty-two week high of $114.50.

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

Hedge Funds Weigh In On Eastman Chemical

Several hedge funds and other institutional investors have recently modified their holdings of EMN. Allspring Global Investments Holdings LLC lifted its holdings in shares of Eastman Chemical by 17.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,886 shares of the basic materials company’s stock valued at $991,000 after buying an additional 1,462 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Eastman Chemical by 4.4% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 340,783 shares of the basic materials company’s stock worth $34,153,000 after purchasing an additional 14,419 shares during the period. Norden Group LLC bought a new position in Eastman Chemical in the 1st quarter worth $300,000. Diversify Advisory Services LLC bought a new position in Eastman Chemical in the 1st quarter worth $222,000. Finally, Janney Montgomery Scott LLC raised its holdings in Eastman Chemical by 8.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 23,712 shares of the basic materials company’s stock worth $2,376,000 after purchasing an additional 1,940 shares during the period. 83.65% of the stock is 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.