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

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

Several other analysts have also recently issued reports on EMN. Piper Sandler reaffirmed a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Citigroup decreased their target price 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. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a report on Monday, July 29th. Finally, Barclays boosted their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Eastman Chemical currently has a consensus rating of “Moderate Buy” and a consensus target price of $110.20.

Eastman Chemical Stock Down 0.5 %

EMN stock opened at $108.85 on Tuesday. The stock has a market capitalization of $12.81 billion, a P/E ratio of 14.04, a P/E/G ratio of 0.83 and a beta of 1.44. The firm has a 50-day simple moving average of $103.89 and a 200-day simple moving average of $100.52. The company has a quick ratio of 0.71, a current ratio of 1.40 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.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data 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. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The company had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the prior year, the company earned $1.99 EPS. Eastman Chemical’s revenue was up 1.7% compared to the same quarter last year. Equities analysts forecast that Eastman Chemical will post 7.67 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Monday, September 16th were issued a $0.81 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.24 annualized dividend and a dividend yield of 2.98%. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Institutional Investors Weigh In On Eastman Chemical

Several large investors have recently added to or reduced their stakes in EMN. Cultivar Capital Inc. purchased a new stake in Eastman Chemical during the 2nd quarter worth approximately $29,000. Wolff Wiese Magana LLC increased its stake in Eastman Chemical by 238.1% during the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after buying an additional 200 shares during the period. Northwest Investment Counselors LLC purchased a new stake in Eastman Chemical during the 1st quarter worth approximately $34,000. EntryPoint Capital LLC purchased a new stake in Eastman Chemical during the 1st quarter worth approximately $38,000. Finally, Rothschild Investment LLC purchased a new stake in Eastman Chemical during the 2nd quarter worth approximately $38,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

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.