Eastman Chemical (NYSE:EMN) Given New $70.00 Price Target at Wells Fargo & Company

Eastman Chemical (NYSE:EMN) had its price target lowered by equities research analysts at Wells Fargo & Company from $80.00 to $70.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 15.51% from the stock’s previous close.

A number of other research firms also recently issued reports on EMN. Royal Bank Of Canada set a $71.00 price objective on shares of Eastman Chemical in a report on Tuesday, October 14th. The Goldman Sachs Group decreased their price objective on shares of Eastman Chemical from $87.00 to $65.00 and set a “neutral” rating for the company in a report on Thursday, August 7th. UBS Group decreased their price objective on shares of Eastman Chemical from $86.00 to $75.00 and set a “buy” rating for the company in a report on Monday, October 6th. Citigroup raised their price objective on shares of Eastman Chemical from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, October 2nd. Finally, Mizuho decreased their price objective on shares of Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating for the company in a report on Friday, October 3rd. Eight investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $79.50.

Eastman Chemical Stock Down 0.2%

Shares of Eastman Chemical stock traded down $0.14 during trading hours on Wednesday, reaching $60.60. The company’s stock had a trading volume of 329,017 shares, compared to its average volume of 1,699,783. Eastman Chemical has a one year low of $56.75 and a one year high of $107.50. The company has a market capitalization of $6.96 billion, a P/E ratio of 8.51, a P/E/G ratio of 6.16 and a beta of 1.29. The stock’s fifty day simple moving average is $63.94 and its two-hundred day simple moving average is $71.54. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.78 and a current ratio of 1.68.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Monday, November 3rd. The basic materials company reported $1.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.04). The business had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.28 billion. Eastman Chemical had a net margin of 8.96% and a return on equity of 15.24%. The firm’s quarterly revenue was down 10.6% on a year-over-year basis. During the same period last year, the business posted $2.26 earnings per share. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. On average, research analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in EMN. MUFG Securities EMEA plc purchased a new position in shares of Eastman Chemical during the second quarter worth approximately $25,000. MassMutual Private Wealth & Trust FSB increased its stake in shares of Eastman Chemical by 65.5% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 369 shares of the basic materials company’s stock worth $28,000 after buying an additional 146 shares during the period. Ameritas Advisory Services LLC purchased a new position in shares of Eastman Chemical in the second quarter worth $32,000. Loomis Sayles & Co. L P purchased a new position in shares of Eastman Chemical in the second quarter worth $33,000. Finally, National Pension Service increased its stake in shares of Eastman Chemical by 75.3% in the first quarter. National Pension Service now owns 433 shares of the basic materials company’s stock worth $38,000 after buying an additional 186 shares during the period. 83.65% of the stock is owned by hedge funds and other institutional investors.

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.