Eastman Chemical Company (NYSE:EMN) Position Boosted by Commerce Bank

Key Points

• Commerce Bank increased its holdings in Eastman Chemical Company by 20.3% during the first quarter, acquiring an additional 10,671 shares, bringing its total to 63,357 shares worth approximately $5.58 million.
• Recent analyst reports reflect mixed opinions on Eastman Chemical, with some firms raising their rating while others cut their price targets, leading to a consensus average rating of “Moderate Buy” and a target price of $95.15.
• Eastman Chemical reported a quarterly EPS of $1.60, missing expectations, and experienced a 3.2% revenue decline compared to the same quarter last year, reflecting challenges in its operational performance.

Commerce Bank increased its position in Eastman Chemical Company (NYSE:EMN - Free Report) by 20.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 63,357 shares of the basic materials company's stock after purchasing an additional 10,671 shares during the quarter. Commerce Bank owned 0.05% of Eastman Chemical worth $5,582,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in EMN. Capital World Investors bought a new position in Eastman Chemical during the 4th quarter valued at $137,848,000. Capital Research Global Investors boosted its stake in Eastman Chemical by 13.4% during the 4th quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company's stock valued at $537,561,000 after acquiring an additional 697,388 shares during the last quarter. GAMMA Investing LLC boosted its stake in Eastman Chemical by 11,261.1% during the 1st quarter. GAMMA Investing LLC now owns 476,939 shares of the basic materials company's stock valued at $42,023,000 after acquiring an additional 472,741 shares during the last quarter. Invesco Ltd. boosted its stake in Eastman Chemical by 11.1% during the 4th quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company's stock valued at $259,729,000 after acquiring an additional 284,271 shares during the last quarter. Finally, Barclays PLC boosted its stake in Eastman Chemical by 74.5% during the 4th quarter. Barclays PLC now owns 549,769 shares of the basic materials company's stock valued at $50,203,000 after acquiring an additional 234,725 shares during the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Price Performance

Eastman Chemical stock traded down $0.32 during trading hours on Wednesday, hitting $61.07. 141,013 shares of the company traded hands, compared to its average volume of 1,558,102. The firm has a market cap of $7.01 billion, a P/E ratio of 8.60, a P/E/G ratio of 1.75 and a beta of 1.21. The company has a quick ratio of 0.79, a current ratio of 1.68 and a debt-to-equity ratio of 0.81. The firm's 50-day simple moving average is $76.90 and its two-hundred day simple moving average is $84.09. Eastman Chemical Company has a 1-year low of $56.78 and a 1-year high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its earnings results on Thursday, July 31st. The basic materials company reported $1.60 EPS for the quarter, missing the consensus estimate of $1.72 by ($0.12). The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.32 billion. Eastman Chemical had a net margin of 8.96% and a return on equity of 15.24%. The firm's quarterly revenue was down 3.2% on a year-over-year basis. During the same period in the previous year, the business posted $2.15 EPS. As a group, analysts forecast that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Royal Bank Of Canada reduced their price objective on shares of Eastman Chemical from $91.00 to $74.00 and set an "outperform" rating on the stock in a research note on Tuesday. UBS Group dropped their target price on shares of Eastman Chemical from $107.00 to $101.00 and set a "buy" rating on the stock in a report on Wednesday, July 9th. Morgan Stanley dropped their target price on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $76.00 target price (down from $112.00) on shares of Eastman Chemical in a report on Monday, April 28th. Finally, KeyCorp set a $79.00 target price on shares of Eastman Chemical and gave the stock an "overweight" rating in a report on Monday. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $88.69.

Eastman Chemical Profile

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.