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

Wells Fargo & Company upgraded shares of Eastman Chemical (NYSE:EMN) from an equal weight rating to an overweight rating in a research 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.

A number of other brokerages also recently weighed in on EMN. Royal Bank of Canada reissued a “sector perform” rating and issued a $105.00 price target on shares of Eastman Chemical in a report on Friday, November 22nd. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and increased their target price for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. Barclays lifted 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 increased their price objective on Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Finally, Piper Sandler restated a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $112.86.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $104.92 on Tuesday. Eastman Chemical has a one year low of $80.71 and a one year high of $114.50. The company has a market cap of $12.16 billion, a P/E ratio of 14.01, a P/E/G ratio of 0.81 and a beta of 1.44. The firm has a 50-day moving average of $106.44 and a 200-day moving average of $101.62. 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 posted its 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. The firm had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.47 EPS. Equities research analysts forecast that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Insider Buying and Selling

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value 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. This trade represents a 19.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.93% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of EMN. EntryPoint Capital LLC purchased a new position in Eastman Chemical in the 1st quarter worth approximately $38,000. Price T Rowe Associates Inc. MD increased its stake in 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 valued at $15,983,000 after acquiring an additional 750 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in Eastman Chemical by 2.5% in 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 during the last quarter. SVB Wealth LLC purchased a new stake in Eastman Chemical during the first quarter valued at about $212,000. Finally, B. Riley Wealth Advisors Inc. lifted its stake in Eastman Chemical by 63.1% during the first 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 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.