Eastman Chemical (NYSE:EMN) PT Raised to $118.00 at Wells Fargo & Company

Eastman Chemical (NYSE:EMN) had its price target lifted by investment analysts at Wells Fargo & Company from $105.00 to $118.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 8.52% from the company’s current price.

EMN has been the topic of several other reports. Citigroup reduced their price objective on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research note on Thursday, June 27th. Barclays lifted their price target on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Piper Sandler reaffirmed a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Finally, Mizuho upped their price target on shares of Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Eastman Chemical has an average rating of “Moderate Buy” and an average price target of $110.20.

Eastman Chemical Price Performance

EMN stock opened at $108.74 on Tuesday. The company’s 50-day moving average price is $103.61 and its two-hundred day moving average price is $100.46. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $114.50. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76. The firm has a market cap of $12.79 billion, a P/E ratio of 14.01, a P/E/G ratio of 0.83 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14. The business had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period last year, the firm posted $1.99 earnings per share. On average, analysts anticipate that Eastman Chemical will post 7.67 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Bessemer Group Inc. raised its stake in Eastman Chemical by 321.2% during the first quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock worth $1,628,000 after buying an additional 12,392 shares during the last quarter. CHURCHILL MANAGEMENT Corp bought a new position in shares of Eastman Chemical in the 1st quarter worth about $1,681,000. Empowered Funds LLC acquired a new position in shares of Eastman Chemical in the 1st quarter valued at about $594,000. Dakota Wealth Management boosted its position in shares of Eastman Chemical by 13.5% during the 2nd quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock valued at $2,183,000 after purchasing an additional 2,655 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its stake in Eastman Chemical by 11.1% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 76,969 shares of the basic materials company’s stock worth $7,714,000 after purchasing an additional 7,717 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

About Eastman Chemical

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.