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

Eastman Chemical (NYSE:EMN) had its price objective decreased by stock analysts at Wells Fargo & Company from $118.00 to $110.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 8.82% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the company. Piper Sandler restated a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a research report on Tuesday, July 30th. Royal Bank of Canada raised their price objective on Eastman Chemical from $100.00 to $107.00 and gave the company a “sector perform” rating in a report on Friday, October 11th. Mizuho upped their target price on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Finally, Bank of America cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $111.50.

Eastman Chemical Trading Down 3.8 %

Shares of NYSE:EMN opened at $101.08 on Monday. The company has a market capitalization of $11.81 billion, a PE ratio of 13.53, a PEG ratio of 0.80 and a beta of 1.44. Eastman Chemical has a 12-month low of $74.31 and a 12-month high of $114.50. The business has a 50 day moving average of $105.80 and a two-hundred day moving average of $101.04. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. The firm had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.45%. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.47 earnings per share. As a group, analysts forecast that Eastman Chemical will post 7.66 EPS for the current year.

Hedge Funds Weigh In On Eastman Chemical

Several hedge funds have recently bought and sold shares of the company. UMB Bank n.a. increased its stake in Eastman Chemical by 4.3% during the third quarter. UMB Bank n.a. now owns 2,343 shares of the basic materials company’s stock worth $262,000 after purchasing an additional 96 shares during the period. V Square Quantitative Management LLC increased its stake in Eastman Chemical by 3.8% during the 3rd quarter. V Square Quantitative Management LLC now owns 2,683 shares of the basic materials company’s stock worth $300,000 after buying an additional 98 shares during the period. Lcnb Corp lifted its holdings in Eastman Chemical by 1.7% during the 1st quarter. Lcnb Corp now owns 6,275 shares of the basic materials company’s stock worth $629,000 after buying an additional 103 shares in the last quarter. Kingswood Wealth Advisors LLC grew its stake in shares of Eastman Chemical by 2.8% in the second quarter. Kingswood Wealth Advisors LLC now owns 4,026 shares of the basic materials company’s stock worth $394,000 after acquiring an additional 111 shares in the last quarter. Finally, Patrick M Sweeney & Associates Inc. increased its position in shares of Eastman Chemical by 3.3% during the third quarter. Patrick M Sweeney & Associates Inc. now owns 3,434 shares of the basic materials company’s stock worth $384,000 after acquiring an additional 111 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

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.