Eastman Chemical (NYSE:EMN) Upgraded by Wells Fargo & Company to “Overweight” Rating

Eastman Chemical (NYSE:EMN) was upgraded by stock analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research note issued on Tuesday,Briefing.com Automated Import reports. The brokerage presently has a $125.00 target price on the basic materials company’s stock, up from their previous target price of $110.00. Wells Fargo & Company‘s price target would indicate a potential upside of 18.09% from the stock’s previous close.

A number of other equities analysts also recently commented on the company. Royal Bank of Canada restated a “sector perform” rating and issued a $105.00 price objective on shares of Eastman Chemical in a report on Friday. Mizuho increased their price target on Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and increased their price target for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft lowered their price target on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Finally, Barclays increased 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. Eight investment 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 stock currently has a consensus rating of “Hold” and a consensus target price of $112.57.

Eastman Chemical Price Performance

NYSE EMN opened at $105.85 on Tuesday. The company has a 50 day simple moving average of $106.43 and a 200-day simple moving average of $101.59. Eastman Chemical has a 52-week low of $80.71 and a 52-week high of $114.50. The firm has a market capitalization of $12.27 billion, a price-to-earnings ratio of 14.17, a price-to-earnings-growth ratio of 0.81 and a beta of 1.44. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The firm had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the prior year, the company posted $1.47 earnings per share. The firm’s revenue was up 8.7% on a year-over-year basis. Equities research analysts predict that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total transaction of $321,405.00. Following the completion of the transaction, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This trade represents a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.28% of the company’s stock.

Institutional Trading of Eastman Chemical

Hedge funds and other institutional investors have recently made changes to their positions in the business. Cultivar Capital Inc. acquired a new stake in shares of Eastman Chemical in the second quarter valued at $29,000. Wolff Wiese Magana LLC increased its stake 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 buying an additional 200 shares in the last quarter. Dunhill Financial LLC increased its stake in shares of Eastman Chemical by 94.7% in the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after buying an additional 162 shares in the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Eastman Chemical in the first quarter valued at $38,000. Finally, Rothschild Investment LLC acquired a new stake in Eastman Chemical in the second quarter worth about $38,000. 83.65% of the stock is currently 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.