Eastman Chemical (NYSE:EMN) Raised to Overweight at Wells Fargo & Company

Eastman Chemical (NYSE:EMN) was upgraded by Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The firm presently has a $125.00 price objective on the basic materials company’s stock, up from their prior price objective of $110.00. Wells Fargo & Company‘s price target would indicate a potential upside of 19.94% from the stock’s current price.

Several other analysts also recently issued reports on the stock. Piper Sandler reaffirmed a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. Royal Bank of Canada restated a “sector perform” rating and set a $105.00 price target on shares of Eastman Chemical in a report on Friday, November 22nd. StockNews.com downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft lowered their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Finally, Barclays lifted their price target on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $112.86.

Eastman Chemical Trading Down 0.7 %

Shares of NYSE:EMN opened at $104.22 on Tuesday. The stock has a market capitalization of $12.08 billion, a PE ratio of 13.95, a P/E/G ratio of 0.81 and a beta of 1.44. Eastman Chemical has a 1 year low of $80.71 and a 1 year high of $114.50. The firm has a fifty day moving average price of $106.42 and a 200 day moving average price of $101.65. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The business had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the prior year, the firm posted $1.47 EPS. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. Analysts expect that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the transaction, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at $1,298,430. The trade was a 19.84 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total value of $471,623.04. Following the sale, the senior vice president now directly owns 4,403 shares of the company’s stock, valued at $466,013.52. This represents a 50.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,021 shares of company stock worth $1,895,948 over the last three months. 2.28% of the stock is currently owned by corporate insiders.

Institutional Trading of Eastman Chemical

Several large investors have recently made changes to their positions in EMN. EntryPoint Capital LLC bought a new stake in Eastman Chemical during the 1st quarter worth about $38,000. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 purchasing an additional 750 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in Eastman Chemical by 2.5% in the 1st quarter. Public Employees Retirement System of Ohio now owns 50,934 shares of the basic materials company’s stock worth $5,105,000 after purchasing an additional 1,245 shares during the last quarter. SVB Wealth LLC acquired a new position in Eastman Chemical during the 1st quarter worth $212,000. Finally, B. Riley Wealth Advisors Inc. boosted its position in Eastman Chemical by 63.1% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 4,344 shares of the basic materials company’s stock valued at $435,000 after buying an additional 1,680 shares during the last quarter. Institutional investors own 83.65% of the company’s stock.

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.