Wells Fargo & Company Issues Pessimistic Forecast for Eastman Chemical (NYSE:EMN) Stock Price

Eastman Chemical (NYSE:EMN) had its price objective lowered by equities researchers at Wells Fargo & Company from $118.00 to $110.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 9.04% from the company’s current price.

Several other research analysts have also recently commented on the stock. Royal Bank of Canada boosted their price target on shares of Eastman Chemical from $100.00 to $107.00 and gave the stock a “sector perform” rating in a report on Friday, October 11th. Barclays boosted their price target on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Mizuho upped their target price on shares of 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 cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and upped their target price for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Finally, Piper Sandler restated a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a report on Tuesday, July 30th. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $111.64.

Eastman Chemical Trading Up 0.8 %

NYSE EMN opened at $100.88 on Monday. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76. Eastman Chemical has a 52 week low of $75.01 and a 52 week high of $114.50. The stock has a market capitalization of $11.79 billion, a PE ratio of 13.39, a price-to-earnings-growth ratio of 0.77 and a beta of 1.44. The firm has a 50 day moving average of $105.78 and a two-hundred day moving average of $101.07.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 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 company had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the previous year, the business posted $1.47 EPS. The firm’s revenue was up 8.7% on a year-over-year basis. As a group, research analysts expect that Eastman Chemical will post 7.61 EPS for the current fiscal year.

Institutional Trading of Eastman Chemical

Institutional investors and hedge funds have recently bought and sold shares of the business. Cultivar Capital Inc. purchased a new stake in Eastman Chemical in the 2nd quarter valued at $29,000. Wolff Wiese Magana LLC raised its position in Eastman Chemical by 238.1% during the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after buying an additional 200 shares during the last quarter. EntryPoint Capital LLC purchased a new position in Eastman Chemical during the 1st quarter worth $38,000. Rothschild Investment LLC purchased a new position in Eastman Chemical during the 2nd quarter worth $38,000. Finally, Northwest Investment Counselors LLC purchased a new position in Eastman Chemical during the 3rd quarter worth $38,000. Hedge funds and other institutional investors 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.