Eastman Chemical (NYSE:EMN) Price Target Increased to $118.00 by Analysts at Wells Fargo & Company

Eastman Chemical (NYSE:EMN) had its price objective raised by investment analysts at Wells Fargo & Company from $105.00 to $118.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage 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 7.04% from the stock’s current price.

Several other equities research analysts also recently weighed in on the stock. 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. Deutsche Bank Aktiengesellschaft upped their price target 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. Royal Bank of Canada lifted their price objective on shares of Eastman Chemical from $100.00 to $107.00 and gave the company a “sector perform” rating in a research note on Friday. Citigroup lowered their price target on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. Finally, Mizuho boosted their price objective on Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Eastman Chemical has a consensus rating of “Moderate Buy” and a consensus target price of $109.73.

Eastman Chemical Stock Down 0.2 %

Shares of NYSE:EMN traded down $0.17 on Tuesday, reaching $110.24. The company had a trading volume of 29,156 shares, compared to its average volume of 944,823. The firm has a market capitalization of $12.97 billion, a PE ratio of 14.21, a PEG ratio of 0.83 and a beta of 1.44. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $114.50. The firm’s 50 day simple moving average is $103.02 and its 200-day simple moving average is $100.33.

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

Hedge Funds Weigh In On Eastman Chemical

Large investors have recently added to or reduced their stakes in the company. Cultivar Capital Inc. acquired a new position in shares of Eastman Chemical during the second quarter valued at approximately $29,000. Northwest Investment Counselors LLC purchased a new position in shares of Eastman Chemical during the 1st quarter valued at $34,000. EntryPoint Capital LLC bought a new stake in shares of Eastman Chemical in the 1st quarter valued at approximately $38,000. Rothschild Investment LLC acquired a new stake in shares of Eastman Chemical in the 2nd quarter valued at $38,000. Finally, Friedenthal Financial bought a new position in Eastman Chemical during the second quarter valued at about $49,000. 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.