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

Eastman Chemical (NYSE:EMN) had its price objective upped by Wells Fargo & Company from $105.00 to $118.00 in a research note published on Tuesday, Benzinga reports. They currently have an equal weight rating on the basic materials company’s stock.

Several other brokerages have also recently issued reports on EMN. StockNews.com raised shares of Eastman Chemical from a hold rating to a buy rating in a report on Monday, July 29th. Mizuho upped their price objective on Eastman Chemical from $102.00 to $107.00 and gave the company a neutral rating in a research report on Friday, July 26th. Citigroup reduced their target price on Eastman Chemical from $114.00 to $111.00 and set a buy rating for the company in a report on Thursday, June 27th. Piper Sandler reaffirmed a neutral rating and set a $105.00 price target on shares of Eastman Chemical in a report on Tuesday, July 30th. Finally, Barclays increased their price objective on Eastman Chemical from $103.00 to $111.00 and gave the company an equal weight rating in a research report on Monday, July 29th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Eastman Chemical currently has an average rating of Moderate Buy and an average price target of $109.73.

Eastman Chemical Price Performance

EMN stock opened at $110.32 on Tuesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. The firm has a market capitalization of $12.98 billion, a price-to-earnings ratio of 14.22, a PEG ratio of 0.83 and a beta of 1.44. The firm has a 50 day moving average price of $103.31 and a 200-day moving average price of $100.40. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $114.50.

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

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Monday, September 16th were given a dividend of $0.81 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.24 annualized dividend and a yield of 2.94%. Eastman Chemical’s dividend payout ratio (DPR) is 41.75%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of EMN. Cultivar Capital Inc. bought a new position in Eastman Chemical in the 2nd quarter worth $29,000. Northwest Investment Counselors LLC bought a new position in shares of Eastman Chemical in the first quarter worth about $34,000. EntryPoint Capital LLC purchased a new position in shares of Eastman Chemical during the 1st quarter valued at about $38,000. Rothschild Investment LLC bought a new position in shares of Eastman Chemical during the 2nd quarter valued at approximately $38,000. Finally, Friedenthal Financial purchased a new stake in Eastman Chemical in the 2nd quarter worth approximately $49,000. 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.