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

Wells Fargo & Company upgraded shares of Eastman Chemical (NYSE:EMN) from an equal weight rating to an overweight rating in a research note released on Tuesday morning, MarketBeat Ratings reports. Wells Fargo & Company currently has $125.00 price target on the basic materials company’s stock, up from their prior price target of $110.00.

A number of other research firms also recently commented on EMN. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $105.00 price objective on shares of Eastman Chemical in a report on Friday, November 22nd. Barclays lifted their price objective on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft dropped their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a report on Monday, November 4th. Piper Sandler reaffirmed a “neutral” rating and issued a $105.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. Finally, Mizuho increased their price objective on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $112.86.

Eastman Chemical Stock Down 0.7 %

EMN stock opened at $104.23 on Tuesday. Eastman Chemical has a twelve month low of $80.71 and a twelve month high of $114.50. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. The company has a market cap of $12.08 billion, a PE ratio of 13.95, a price-to-earnings-growth ratio of 0.81 and a beta of 1.44. The business’s 50-day simple moving average is $106.37 and its 200 day simple moving average is $101.67.

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

Insiders Place Their Bets

In other news, SVP Julie A. Mcalindon sold 4,456 shares of the company’s stock in a transaction 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 transaction, the senior vice president now 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Christopher Moore Killian sold 3,061 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the transaction, the senior vice president now owns 12,366 shares in the company, valued at approximately $1,298,430. This represents a 19.84 % decrease in their position. 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 in the last 90 days. 2.28% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Wolff Wiese Magana LLC grew its position in shares of 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. Cultivar Capital Inc. acquired a new stake in Eastman Chemical during the 2nd quarter worth $29,000. Dunhill Financial LLC raised its position in shares of Eastman Chemical by 94.7% during the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 162 shares during the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of Eastman Chemical in the 3rd quarter valued at $38,000. Finally, EntryPoint Capital LLC bought a new position in shares of Eastman Chemical in the 1st quarter worth $38,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

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.