Wells Fargo & Company Downgrades Eastman Chemical (NYSE:EMN) to Equal Weight

Eastman Chemical (NYSE:EMN) was downgraded by Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research report issued on Friday, MarketBeat.com reports. They presently have a $70.00 price target on the basic materials company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 10.13% from the stock’s current price.

Several other equities analysts also recently weighed in on EMN. Weiss Ratings upgraded Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, October 24th. Evercore ISI cut their price objective on shares of Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating on the stock in a report on Tuesday, November 11th. Bank of America decreased their target price on shares of Eastman Chemical from $78.00 to $74.00 and set a “buy” rating on the stock in a research report on Tuesday, October 14th. Mizuho dropped their price target on shares of Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating for the company in a research report on Friday, October 3rd. Finally, Royal Bank Of Canada set a $71.00 price target on shares of Eastman Chemical in a report on Tuesday, October 14th. Seven equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, Eastman Chemical currently has a consensus rating of “Moderate Buy” and an average price target of $78.77.

Eastman Chemical Stock Down 0.9%

Shares of NYSE EMN opened at $63.56 on Friday. The firm has a market cap of $7.25 billion, a P/E ratio of 10.61, a price-to-earnings-growth ratio of 6.87 and a beta of 1.24. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.86 and a current ratio of 1.76. Eastman Chemical has a 1 year low of $56.11 and a 1 year high of $103.82. The firm’s 50 day moving average price is $61.26 and its 200 day moving average price is $67.44.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Monday, November 3rd. The basic materials company reported $1.14 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.04). Eastman Chemical had a net margin of 7.75% and a return on equity of 12.89%. The business had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.28 billion. During the same quarter last year, the firm posted $2.26 earnings per share. The company’s revenue was down 10.6% on a year-over-year basis. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. As a group, sell-side analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current year.

Institutional Investors Weigh In On Eastman Chemical

Large investors have recently made changes to their positions in the business. Brighton Jones LLC acquired a new stake in Eastman Chemical in the 4th quarter valued at $202,000. Northern Trust Corp grew its stake in shares of Eastman Chemical by 1.2% in the first quarter. Northern Trust Corp now owns 1,393,932 shares of the basic materials company’s stock valued at $122,819,000 after buying an additional 16,532 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Eastman Chemical by 27.7% during the 1st quarter. Wellington Management Group LLP now owns 21,583 shares of the basic materials company’s stock valued at $1,902,000 after buying an additional 4,683 shares during the period. Quantbot Technologies LP lifted its position in Eastman Chemical by 301.5% during the 1st quarter. Quantbot Technologies LP now owns 12,756 shares of the basic materials company’s stock worth $1,124,000 after acquiring an additional 9,579 shares in the last quarter. Finally, Credit Agricole S A boosted its holdings in Eastman Chemical by 6.3% in the 1st quarter. Credit Agricole S A now owns 32,680 shares of the basic materials company’s stock worth $2,879,000 after acquiring an additional 1,934 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

About Eastman Chemical

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.