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 report issued on Monday morning, Benzinga reports. They currently have an equal weight rating on the basic materials company’s stock.

A number of other research firms also recently issued reports on EMN. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $114.00 to $119.00 in a report on Wednesday, October 16th. Barclays increased their price target on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Royal Bank of Canada increased their price objective on Eastman Chemical from $100.00 to $107.00 and gave the stock a “sector perform” rating in a report on Friday, October 11th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a report on Monday, July 29th. Finally, StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $111.64.

Eastman Chemical Stock Down 0.3 %

Shares of NYSE:EMN traded down $0.33 during mid-day trading on Monday, hitting $99.72. 142,623 shares of the company traded hands, compared to its average volume of 940,076. The stock has a market cap of $11.65 billion, a P/E ratio of 13.39, a P/E/G ratio of 0.77 and a beta of 1.44. The stock has a 50-day moving average price of $105.78 and a two-hundred day moving average price of $101.07. Eastman Chemical has a 12-month low of $75.01 and a 12-month high of $114.50. 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 posted its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.12. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.45%. The firm had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the prior year, the business posted $1.47 EPS. The business’s revenue was up 8.7% compared to the same quarter last year. On average, equities research analysts forecast that Eastman Chemical will post 7.61 earnings per share for the current year.

Hedge Funds Weigh In On Eastman Chemical

A number of hedge funds have recently added to or reduced their stakes in EMN. Capital Research Global Investors lifted its position in Eastman Chemical by 649.8% during the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after acquiring an additional 3,909,740 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Eastman Chemical by 1,104.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock worth $104,560,000 after purchasing an additional 856,432 shares in the last quarter. Truist Financial Corp grew its stake in Eastman Chemical by 201.5% during the 2nd quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock worth $90,572,000 after buying an additional 617,889 shares during the last quarter. DekaBank Deutsche Girozentrale increased its position in Eastman Chemical by 318.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock valued at $69,516,000 after buying an additional 534,081 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Eastman Chemical by 34.5% in the second quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock valued at $83,524,000 after buying an additional 218,531 shares during the last quarter. 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.