Eastman Chemical (NYSE:EMN) Price Target Cut to $70.00 by Analysts at Wells Fargo & Company

Eastman Chemical (NYSE:EMN) had its price target reduced by Wells Fargo & Company from $90.00 to $70.00 in a report issued on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the basic materials company’s stock.

Several other research firms also recently weighed in on EMN. Morgan Stanley dropped their target price on shares of Eastman Chemical from $125.00 to $115.00 and set an “overweight” rating for the company in a report on Monday, April 28th. UBS Group lowered their price target on shares of Eastman Chemical from $107.00 to $101.00 and set a “buy” rating on the stock in a research report on Wednesday, July 9th. Mizuho cut their price objective on Eastman Chemical from $92.00 to $80.00 and set an “outperform” rating for the company in a research report on Friday. Piper Sandler reduced their target price on Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating on the stock in a research note on Monday, April 7th. Finally, Royal Bank Of Canada upgraded Eastman Chemical from a “sector perform” rating to an “outperform” rating and set a $91.00 target price on the stock in a report on Wednesday, April 9th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $90.00.

Eastman Chemical Stock Performance

EMN opened at $60.82 on Monday. Eastman Chemical has a 1-year low of $56.78 and a 1-year high of $114.50. The stock has a market cap of $7.02 billion, a P/E ratio of 8.54, a P/E/G ratio of 1.69 and a beta of 1.21. The stock’s 50 day simple moving average is $77.32 and its 200 day simple moving average is $84.25. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.72 and a quick ratio of 0.79.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, July 31st. The basic materials company reported $1.60 EPS for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.12). Eastman Chemical had a return on equity of 15.29% and a net margin of 8.96%. The firm had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.32 billion. During the same quarter in the previous year, the firm posted $2.15 earnings per share. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, equities analysts anticipate that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Hedge Funds Weigh In On Eastman Chemical

Several large investors have recently added to or reduced their stakes in EMN. Capital World Investors acquired a new position in Eastman Chemical during the fourth quarter worth approximately $137,848,000. Capital Research Global Investors increased its holdings in shares of Eastman Chemical by 13.4% during the 4th quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company’s stock worth $537,561,000 after buying an additional 697,388 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Eastman Chemical by 11,261.1% in the 1st quarter. GAMMA Investing LLC now owns 476,939 shares of the basic materials company’s stock worth $42,023,000 after buying an additional 472,741 shares during the period. Miller Howard Investments Inc. NY purchased a new position in shares of Eastman Chemical in the 2nd quarter worth $26,212,000. Finally, Nuveen LLC acquired a new position in Eastman Chemical in the first quarter valued at $26,289,000. 83.65% of the stock is currently 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.