Wells Fargo & Company Cuts Eastman Chemical (NYSE:EMN) Price Target to $110.00

Eastman Chemical (NYSE:EMN – Get Rating) had its price objective lowered by Wells Fargo & Company from $115.00 to $110.00 in a research report released on Tuesday, Benzinga reports. The brokerage currently has an overweight rating on the basic materials company’s stock.

Other analysts also recently issued research reports about the company. Citigroup downgraded Eastman Chemical from a buy rating to a neutral rating and set a $102.00 target price for the company. in a research note on Monday. Stifel Nicolaus decreased their target price on Eastman Chemical to $155.00 in a research note on Monday, May 2nd. KeyCorp raised their price objective on Eastman Chemical from $124.00 to $125.00 and gave the stock an overweight rating in a research report on Monday. Deutsche Bank Aktiengesellschaft reduced their price objective on Eastman Chemical from $125.00 to $115.00 in a research report on Monday. Finally, Wolfe Research reiterated a peer perform rating and issued a $114.00 price objective (down previously from $130.00) on shares of Eastman Chemical in a research report on Tuesday, April 19th. Nine equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Eastman Chemical currently has an average rating of Hold and a consensus price target of $118.07.

Eastman Chemical Stock Performance

Shares of NYSE EMN opened at $93.80 on Tuesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.04 and a current ratio of 1.27. The firm has a market cap of $12.09 billion, a price-to-earnings ratio of 10.18, a P/E/G ratio of 1.28 and a beta of 1.43. The business’s 50-day simple moving average is $95.34 and its 200-day simple moving average is $106.10. Eastman Chemical has a 52 week low of $84.95 and a 52 week high of $129.48.

Eastman Chemical (NYSE:EMN – Get Rating) last announced its earnings results on Thursday, July 28th. The basic materials company reported $2.83 earnings per share for the quarter, beating the consensus estimate of $2.69 by $0.14. Eastman Chemical had a return on equity of 20.67% and a net margin of 11.18%. The firm had revenue of $2.78 billion during the quarter, compared to the consensus estimate of $2.79 billion. During the same quarter in the prior year, the company earned $2.46 EPS. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, equities research analysts expect that Eastman Chemical will post 9.72 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 7th. Investors of record on Thursday, September 15th will be issued a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.24%. Eastman Chemical’s dividend payout ratio is 33.01%.

Institutional Investors Weigh In On Eastman Chemical

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Checchi Capital Advisers LLC increased its holdings in Eastman Chemical by 3.0% during the 1st quarter. Checchi Capital Advisers LLC now owns 3,359 shares of the basic materials company’s stock valued at $376,000 after purchasing an additional 97 shares in the last quarter. Capital Analysts LLC increased its holdings in Eastman Chemical by 13.1% during the 1st quarter. Capital Analysts LLC now owns 852 shares of the basic materials company’s stock valued at $96,000 after purchasing an additional 99 shares in the last quarter. Dorsey & Whitney Trust CO LLC increased its holdings in Eastman Chemical by 4.6% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 2,261 shares of the basic materials company’s stock valued at $273,000 after purchasing an additional 100 shares in the last quarter. TCM Advisors LLC increased its holdings in Eastman Chemical by 1.4% during the 1st quarter. TCM Advisors LLC now owns 7,000 shares of the basic materials company’s stock valued at $784,000 after purchasing an additional 100 shares in the last quarter. Finally, Veritable L.P. increased its holdings in Eastman Chemical by 4.5% during the 1st quarter. Veritable L.P. now owns 2,432 shares of the basic materials company’s stock valued at $273,000 after purchasing an additional 104 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

About Eastman Chemical

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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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