Eastman Chemical (NYSE:EMN) Price Target Raised to $118.00

Eastman Chemical (NYSE:EMN) had its price objective increased by Wells Fargo & Company from $105.00 to $118.00 in a research note published on Tuesday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the basic materials company’s stock.

EMN has been the subject of several other reports. Piper Sandler reaffirmed a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Mizuho upped their price target on Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Barclays raised their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Citigroup reduced their price objective on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a research report on Thursday, June 27th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Eight research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $110.20.

Eastman Chemical Stock Up 0.7 %

Shares of NYSE:EMN opened at $109.46 on Tuesday. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $114.50. The stock has a market cap of $12.88 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 0.83 and a beta of 1.44. The firm’s 50 day moving average price is $103.89 and its 200 day moving average price is $100.52.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14. The business had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The company’s revenue was up 1.7% on a year-over-year basis. During the same period last year, the business earned $1.99 EPS. As a group, equities research analysts predict that Eastman Chemical will post 7.67 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Monday, September 16th were issued a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date was Monday, September 16th. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Institutional Trading of Eastman Chemical

Hedge funds have recently added to or reduced their stakes in the stock. Cultivar Capital Inc. purchased a new stake in shares of Eastman Chemical during the second quarter worth approximately $29,000. Wolff Wiese Magana LLC increased its stake in Eastman Chemical by 238.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after buying an additional 200 shares during the period. Northwest Investment Counselors LLC purchased a new position in Eastman Chemical during the 1st quarter worth $34,000. EntryPoint Capital LLC acquired a new stake in shares of Eastman Chemical in the 1st quarter worth $38,000. Finally, Rothschild Investment LLC purchased a new stake in shares of Eastman Chemical in the second quarter valued at about $38,000. 83.65% of the stock is owned by institutional investors and hedge funds.

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.