Eastman Chemical (NYSE:EMN) Upgraded at Wells Fargo & Company

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.com reports. The brokerage currently has $125.00 price target on the basic materials company’s stock, up from their previous price target of $110.00.

Several other equities research analysts have also weighed in on EMN. StockNews.com lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday. Piper Sandler restated a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. 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 report on Monday, November 4th. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and upped their price target for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. Finally, Barclays lifted their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Eight equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $112.86.

Eastman Chemical Trading Down 0.7 %

Eastman Chemical stock opened at $104.23 on Tuesday. Eastman Chemical has a 12-month low of $80.71 and a 12-month high of $114.50. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. The stock has a market capitalization 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 firm has a 50 day simple moving average of $106.37 and a 200-day simple moving average of $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, beating the consensus estimate of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The business had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the prior year, the firm posted $1.47 earnings per share. The company’s revenue was up 8.7% on a year-over-year basis. As a group, equities research analysts expect that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Stephen Glenn Crawford sold 10,504 shares of the company’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the completion of the sale, the executive vice president now owns 47,287 shares in the company, valued at approximately $4,965,135. This represents a 18.18 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Julie A. Mcalindon sold 4,456 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total value of $471,623.04. Following the transaction, the senior vice president now directly owns 4,403 shares in the company, valued at approximately $466,013.52. This represents a 50.30 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,021 shares of company stock worth $1,895,948. Insiders own 2.28% of the company’s stock.

Institutional Investors Weigh In On Eastman Chemical

Large investors have recently added to or reduced their stakes in the stock. Cultivar Capital Inc. acquired a new stake in shares of Eastman Chemical in the second quarter worth $29,000. Wolff Wiese Magana LLC boosted its holdings in Eastman Chemical by 238.1% during the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 200 shares during the period. Dunhill Financial LLC grew its position in shares of Eastman Chemical by 94.7% in the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 162 shares during the last quarter. EntryPoint Capital LLC bought a new position in shares of Eastman Chemical in the first quarter worth about $38,000. Finally, Rothschild Investment LLC acquired a new position in shares of Eastman Chemical during the 2nd quarter worth about $38,000. Institutional investors own 83.65% of the company’s stock.

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.