Eastman Chemical (NYSE:EMN) Given New $90.00 Price Target at Wells Fargo & Company

Eastman Chemical (NYSE:EMN - Get Free Report) had its price objective reduced by Wells Fargo & Company from $125.00 to $90.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the basic materials company's stock. Wells Fargo & Company's price target would suggest a potential upside of 13.35% from the company's previous close.

A number of other brokerages have also recently issued reports on EMN. Citigroup upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and dropped their price target for the stock from $105.00 to $101.00 in a research note on Friday, April 4th. Barclays dropped their target price on Eastman Chemical from $111.00 to $108.00 and set an "equal weight" rating on the stock in a research report on Monday, February 3rd. UBS Group cut their price objective on shares of Eastman Chemical from $123.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Royal Bank of Canada upgraded shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 target price on the stock in a research note on Wednesday, April 9th. Finally, JPMorgan Chase & Co. boosted their price objective on Eastman Chemical from $110.00 to $112.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $107.08.

Eastman Chemical Trading Up 1.3 %

NYSE:EMN traded up $1.05 during mid-day trading on Wednesday, reaching $79.40. 1,191,625 shares of the company's stock traded hands, compared to its average volume of 1,012,433. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The firm has a market capitalization of $9.14 billion, a price-to-earnings ratio of 10.34, a PEG ratio of 1.22 and a beta of 1.38. The company has a 50 day moving average price of $92.01 and a 200-day moving average price of $97.13. Eastman Chemical has a 12-month low of $70.90 and a 12-month high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. On average, sell-side analysts predict that Eastman Chemical will post 8.55 earnings per share for the current year.

Institutional Investors Weigh In On Eastman Chemical

A number of large investors have recently made changes to their positions in EMN. Crews Bank & Trust acquired a new position in shares of Eastman Chemical in the 4th quarter valued at about $27,000. Picton Mahoney Asset Management raised its holdings in shares of Eastman Chemical by 62.3% during the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock valued at $29,000 after acquiring an additional 124 shares during the last quarter. Assetmark Inc. lifted its holdings in Eastman Chemical by 384.4% in the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock valued at $34,000 after purchasing an additional 296 shares in the last quarter. Bradley & Co. Private Wealth Management LLC purchased a new position in Eastman Chemical in the 4th quarter worth approximately $35,000. Finally, Stonebridge Financial Group LLC purchased a new stake in Eastman Chemical in the 4th quarter valued at $37,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

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.