Wells Fargo & Company Trims Eastman Chemical (NYSE:EMN) Target Price to $115.00

Eastman Chemical (NYSE:EMNGet Rating) had its price objective reduced by Wells Fargo & Company from $125.00 to $115.00 in a note issued to investors on Thursday, The Fly reports. Wells Fargo & Company‘s target price would suggest a potential upside of 29.16% from the company’s current price.

Several other equities analysts have also weighed in on the company. KeyCorp cut their price target on Eastman Chemical from $150.00 to $142.00 and set an “overweight” rating for the company in a research note on Tuesday, April 5th. Credit Suisse Group initiated coverage on Eastman Chemical in a research note on Tuesday, May 31st. They set an “outperform” rating and a $130.00 price objective for the company. Citigroup cut their price objective on Eastman Chemical from $139.00 to $127.00 in a research note on Monday, May 2nd. Jefferies Financial Group lowered Eastman Chemical from a “buy” rating to a “hold” rating and cut their price objective for the stock from $150.00 to $87.00 in a research note on Thursday, June 16th. They noted that the move was a valuation call. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on Eastman Chemical from $135.00 to $125.00 in a research note on Wednesday, May 4th. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Eastman Chemical has an average rating of “Hold” and an average target price of $124.64.

Shares of Eastman Chemical stock opened at $89.04 on Thursday. The company has a quick ratio of 1.04, a current ratio of 1.57 and a debt-to-equity ratio of 0.73. Eastman Chemical has a twelve month low of $85.94 and a twelve month high of $129.48. The business has a 50-day moving average price of $104.00 and a 200 day moving average price of $112.11. The firm has a market cap of $11.48 billion, a PE ratio of 14.57, a P/E/G ratio of 0.98 and a beta of 1.43.

Eastman Chemical (NYSE:EMNGet Rating) last announced its quarterly earnings results on Thursday, April 28th. The basic materials company reported $2.06 earnings per share for the quarter, missing the consensus estimate of $2.07 by ($0.01). Eastman Chemical had a net margin of 7.59% and a return on equity of 19.82%. The business had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.50 billion. During the same quarter in the prior year, the firm earned $2.13 EPS. Eastman Chemical’s revenue for the quarter was up 12.7% on a year-over-year basis. On average, sell-side analysts expect that Eastman Chemical will post 9.8 EPS for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Checchi Capital Advisers LLC lifted its holdings in Eastman Chemical by 3.0% in the first quarter. Checchi Capital Advisers LLC now owns 3,359 shares of the basic materials company’s stock valued at $376,000 after acquiring an additional 97 shares during the last quarter. Capital Analysts LLC lifted its holdings in Eastman Chemical by 13.1% in the first quarter. Capital Analysts LLC now owns 852 shares of the basic materials company’s stock valued at $96,000 after acquiring an additional 99 shares during the last quarter. Dorsey & Whitney Trust CO LLC lifted its holdings in Eastman Chemical by 4.6% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 2,261 shares of the basic materials company’s stock valued at $273,000 after acquiring an additional 100 shares during the last quarter. TCM Advisors LLC lifted its holdings in Eastman Chemical by 1.4% in the first quarter. TCM Advisors LLC now owns 7,000 shares of the basic materials company’s stock valued at $784,000 after acquiring an additional 100 shares during the last quarter. Finally, Veritable L.P. lifted its holdings in Eastman Chemical by 4.5% in the first quarter. Veritable L.P. now owns 2,432 shares of the basic materials company’s stock valued at $273,000 after acquiring an additional 104 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Eastman Chemical Company Profile (Get Rating)

Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.

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