Eastman Chemical (NYSE:EMN) Stock Rating Upgraded by Wells Fargo & Company

Wells Fargo & Company upgraded shares of Eastman Chemical (NYSE:EMN) from an equal weight rating to an overweight rating in a report released on Tuesday morning, Marketbeat Ratings reports. They currently have $125.00 target price on the basic materials company’s stock, up from their prior target price of $110.00.

Several other research analysts also recently commented on EMN. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research note on Monday, November 4th. Bank of America downgraded shares of 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 note on Wednesday, October 16th. Mizuho raised 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, November 1st. Piper Sandler reaffirmed a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a research report on Tuesday, July 30th. Finally, StockNews.com lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $112.86.

Eastman Chemical Stock Performance

NYSE EMN opened at $104.92 on Tuesday. The company has a 50-day simple moving average of $106.44 and a two-hundred day simple moving average of $101.62. Eastman Chemical has a 12-month low of $80.71 and a 12-month high of $114.50. The firm has a market cap of $12.16 billion, a price-to-earnings ratio of 14.01, a PEG ratio of 0.81 and a beta of 1.44. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN) last issued its earnings results 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 company had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. Eastman Chemical’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.47 EPS. On average, equities analysts forecast that Eastman Chemical will post 7.63 EPS for the current year.

Insider Buying and Selling

In related news, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total transaction of $321,405.00. Following the sale, the senior vice president now owns 12,366 shares of the company’s stock, valued at $1,298,430. The trade was a 19.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.93% of the stock is owned by insiders.

Hedge Funds Weigh In On Eastman Chemical

A number of institutional investors and hedge funds have recently made changes to their positions in EMN. EntryPoint Capital LLC purchased a new stake in shares of Eastman Chemical in the 1st quarter worth approximately $38,000. Price T Rowe Associates Inc. MD grew its stake in shares of Eastman Chemical by 0.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 159,474 shares of the basic materials company’s stock worth $15,983,000 after acquiring an additional 750 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of Eastman Chemical by 2.5% during the first quarter. Public Employees Retirement System of Ohio now owns 50,934 shares of the basic materials company’s stock valued at $5,105,000 after acquiring an additional 1,245 shares in the last quarter. SVB Wealth LLC purchased a new position in shares of Eastman Chemical in the 1st quarter worth about $212,000. Finally, B. Riley Wealth Advisors Inc. boosted its stake in Eastman Chemical by 63.1% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 4,344 shares of the basic materials company’s stock worth $435,000 after purchasing an additional 1,680 shares in the last quarter. Institutional investors 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.