Eastman Chemical Company (EMN) Receives Outperform Rating from Wells Fargo & Company

Eastman Chemical Company (NYSE:EMN)‘s stock had its “outperform” rating reissued by Wells Fargo & Company in a report released on Monday. They currently have a $102.00 price target on the basic materials company’s stock, up from their prior price target of $94.00. Wells Fargo & Company’s target price indicates a potential upside of 9.68% from the stock’s current price. The analysts noted that the move was a valuation call.

Other analysts have also recently issued research reports about the company. Citigroup Inc. increased their target price on Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a report on Wednesday, July 12th. KeyCorp restated an “overweight” rating and set a $108.00 target price (up previously from $100.00) on shares of Eastman Chemical in a report on Monday. Cowen and Company increased their target price on Eastman Chemical from $88.00 to $92.00 and gave the stock an “outperform” rating in a report on Monday, August 7th. Jefferies Group LLC restated a “buy” rating on shares of Eastman Chemical in a report on Tuesday, July 11th. Finally, Zacks Investment Research cut Eastman Chemical from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Nine analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $94.79.

Shares of Eastman Chemical (NYSE:EMN) opened at 93.00 on Monday. The company’s 50 day moving average is $88.25 and its 200-day moving average is $83.94. The company has a market capitalization of $13.47 billion, a PE ratio of 14.93 and a beta of 1.27. Eastman Chemical has a 52 week low of $69.34 and a 52 week high of $94.96.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, October 26th. The basic materials company reported $2.19 EPS for the quarter, topping the consensus estimate of $2.03 by $0.16. The company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a return on equity of 23.20% and a net margin of 10.89%. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.86 earnings per share. On average, analysts expect that Eastman Chemical will post $7.34 EPS for the current fiscal year.

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In other Eastman Chemical news, insider Mark K. Cox sold 1,400 shares of the stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total value of $117,936.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Renee J. Hornbaker sold 4,000 shares of the stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total value of $337,720.00. Following the completion of the transaction, the director now directly owns 21,858 shares in the company, valued at approximately $1,845,470.94. The disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its stake in Eastman Chemical by 6.3% in the second quarter. BlackRock Inc. now owns 12,186,134 shares of the basic materials company’s stock valued at $1,023,514,000 after buying an additional 717,506 shares during the period. LSV Asset Management lifted its stake in Eastman Chemical by 4.2% in the second quarter. LSV Asset Management now owns 3,973,068 shares of the basic materials company’s stock valued at $333,697,000 after buying an additional 160,101 shares during the period. Ameriprise Financial Inc. lifted its stake in Eastman Chemical by 1.6% in the second quarter. Ameriprise Financial Inc. now owns 2,707,599 shares of the basic materials company’s stock valued at $227,419,000 after buying an additional 43,400 shares during the period. Dimensional Fund Advisors LP lifted its stake in Eastman Chemical by 2.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,150,513 shares of the basic materials company’s stock valued at $180,618,000 after buying an additional 49,681 shares during the period. Finally, Lord Abbett & CO. LLC lifted its stake in Eastman Chemical by 4.1% in the second quarter. Lord Abbett & CO. LLC now owns 1,388,156 shares of the basic materials company’s stock valued at $116,591,000 after buying an additional 54,800 shares during the period. 82.76% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Company Profile

Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.

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