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, MarketBeat reports. The firm currently has $125.00 target price on the basic materials company’s stock, up from their prior target price of $110.00.

EMN has been the subject of several other research reports. Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and increased their price target for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday, November 4th. Mizuho boosted their price target on shares of Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Piper Sandler reiterated a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. Finally, StockNews.com lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday, November 25th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $112.86.

Eastman Chemical Stock Performance

EMN stock opened at $104.72 on Tuesday. Eastman Chemical has a 1 year low of $80.71 and a 1 year high of $114.50. The stock has a market capitalization of $12.14 billion, a price-to-earnings ratio of 14.02, a PEG ratio of 0.83 and a beta of 1.44. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. The stock’s fifty day moving average is $106.29 and its two-hundred day moving average is $101.68.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.12. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The firm had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period last year, the firm posted $1.47 EPS. Eastman Chemical’s quarterly revenue was up 8.7% compared to the same quarter last year. On average, research analysts predict that Eastman Chemical will post 7.63 EPS for the current year.

Insider Transactions at Eastman Chemical

In other news, SVP Christopher Moore Killian sold 3,061 shares of the company’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 transaction, the senior vice president now owns 12,366 shares in the company, valued at $1,298,430. This represents a 19.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Julie A. Mcalindon sold 4,456 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction of $471,623.04. Following the sale, the senior vice president now owns 4,403 shares of the company’s stock, valued at approximately $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 have sold a total of 18,021 shares of company stock valued at $1,895,948 over the last ninety days. Corporate insiders own 1.93% of the company’s stock.

Institutional Investors Weigh In On Eastman Chemical

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EntryPoint Capital LLC bought a new stake in Eastman Chemical in the first quarter worth approximately $38,000. Price T Rowe Associates Inc. MD increased its position in Eastman Chemical by 0.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 159,474 shares of the basic materials company’s stock worth $15,983,000 after buying an additional 750 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in Eastman Chemical by 2.5% during 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 buying an additional 1,245 shares in the last quarter. SVB Wealth LLC acquired a new stake in shares of Eastman Chemical in the first quarter worth about $212,000. Finally, B. Riley Wealth Advisors Inc. boosted its stake in shares of Eastman Chemical by 63.1% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 4,344 shares of the basic materials company’s stock worth $435,000 after acquiring an additional 1,680 shares in the last quarter. Hedge funds and other 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.