Wells Fargo & Company Issues Pessimistic Forecast for Eastman Chemical (NYSE:EMN) Stock Price

Key Points

• Wells Fargo & Company has lowered its price target for Eastman Chemical from $90.00 to $70.00, while maintaining an "overweight" rating, suggesting a potential upside of 14.99% from the stock's previous close.
• Several analysts have also revised their price targets for Eastman Chemical, with UBS Group setting it at $101.00 and Morgan Stanley at $115.00, while Barclays and Goldman Sachs have reduced their targets significantly.
• Despite the recent downgrades, Eastman Chemical's stock is currently rated as a "Moderate Buy," with a consensus target price averaging $93.62 among analysts.

Eastman Chemical (NYSE:EMN - Get Free Report) had its price objective reduced by investment analysts at Wells Fargo & Company from $90.00 to $70.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the basic materials company's stock. Wells Fargo & Company's target price would suggest a potential upside of 14.99% from the stock's previous close.

EMN has been the topic of several other reports. UBS Group dropped their price objective on Eastman Chemical from $107.00 to $101.00 and set a "buy" rating on the stock in a research note on Wednesday, July 9th. Morgan Stanley reduced their price objective on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. Barclays dropped their target price on shares of Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 29th. The Goldman Sachs Group reduced their target price on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a report on Monday, April 28th. Finally, Royal Bank Of Canada raised Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price objective on the stock in a research report on Wednesday, April 9th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $93.62.

Eastman Chemical Stock Up 3.5%

Shares of Eastman Chemical stock traded up $2.08 during trading hours on Monday, reaching $60.87. The company's stock had a trading volume of 680,480 shares, compared to its average volume of 1,537,567. The company has a market capitalization of $7.03 billion, a P/E ratio of 8.52, a P/E/G ratio of 1.69 and a beta of 1.21. The stock's fifty day simple moving average is $77.71 and its two-hundred day simple moving average is $84.48. Eastman Chemical has a one year low of $56.78 and a one year high of $114.50. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.79 and a current ratio of 1.72.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The basic materials company reported $1.60 earnings per share for the quarter, missing the consensus estimate of $1.72 by ($0.12). The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.32 billion. Eastman Chemical had a net margin of 8.96% and a return on equity of 15.29%. Eastman Chemical's revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.15 EPS. On average, research analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current year.

Institutional Trading of Eastman Chemical

Institutional investors have recently modified their holdings of the business. MassMutual Private Wealth & Trust FSB lifted its position in shares of Eastman Chemical by 65.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 369 shares of the basic materials company's stock worth $28,000 after acquiring an additional 146 shares in the last quarter. Ameritas Advisory Services LLC bought a new stake in shares of Eastman Chemical during the 2nd quarter valued at $32,000. National Pension Service increased its holdings in Eastman Chemical by 75.3% during the 1st quarter. National Pension Service now owns 433 shares of the basic materials company's stock worth $38,000 after acquiring an additional 186 shares during the period. Headlands Technologies LLC purchased a new stake in Eastman Chemical in the 4th quarter worth approximately $43,000. Finally, Orion Capital Management LLC purchased a new stake in Eastman Chemical in the 4th quarter worth approximately $47,000. 83.65% of the stock is currently 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.

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