Eastern Bank Cuts Stock Holdings in Eastman Chemical Company (NYSE:EMN)

Eastern Bank reduced its stake in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 4.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 154,893 shares of the basic materials company's stock after selling 7,086 shares during the period. Eastern Bank owned about 0.13% of Eastman Chemical worth $13,648,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Research Global Investors raised its position in shares of 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 buying an additional 697,388 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Eastman Chemical by 10.8% during the 4th quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company's stock valued at $528,310,000 after buying an additional 565,821 shares in the last quarter. Invesco Ltd. raised its position in shares of 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 buying an additional 284,271 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in Eastman Chemical by 4.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,843,506 shares of the basic materials company's stock worth $259,669,000 after purchasing an additional 109,316 shares during the period. Finally, Geode Capital Management LLC raised its position in Eastman Chemical by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 2,832,593 shares of the basic materials company's stock worth $257,986,000 after purchasing an additional 48,491 shares during the period. 83.65% of the stock is owned by institutional investors.

Analysts Set New Price Targets

EMN has been the topic of a number of analyst reports. Morgan Stanley decreased their target price on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th. Royal Bank Of Canada raised shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price target on the stock in a report on Wednesday, April 9th. Wells Fargo & Company cut their price target on shares of Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Mizuho cut their price target on shares of Eastman Chemical from $92.00 to $80.00 and set an "outperform" rating on the stock in a report on Friday. Finally, UBS Group cut their target price on shares of Eastman Chemical from $107.00 to $101.00 and set a "buy" rating on the stock in a research note on Wednesday, July 9th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $95.15.

Eastman Chemical Stock Performance

EMN stock traded down $13.82 during midday trading on Friday, reaching $58.79. 7,417,691 shares of the company's stock traded hands, compared to its average volume of 1,306,253. Eastman Chemical Company has a 52-week low of $56.78 and a 52-week high of $114.50. The stock has a market cap of $6.79 billion, a P/E ratio of 8.26, a PEG ratio of 2.09 and a beta of 1.21. The company has a current ratio of 1.72, a quick ratio of 0.79 and a debt-to-equity ratio of 0.80. The stock's 50-day moving average is $77.71 and its 200 day moving average is $84.58.

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

Eastman Chemical Company 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.