Eastman Chemical Company (NYSE:EMN) Holdings Lifted by Cetera Investment Advisers

Key Points

• Cetera Investment Advisers increased its stake in Eastman Chemical by 34.4% in the first quarter, owning 70,594 shares valued at approximately $6.22 million.
• Several research firms have downgraded their price targets for Eastman Chemical, with JPMorgan Chase setting a new target of $76.00, down from $112.00, while Barclays and Goldman Sachs also lowered their targets.
• Eastman Chemical reported earnings of $1.60 per share for the last quarter, missing the consensus estimate and showing a 3.2% year-over-year decline in revenue.

Cetera Investment Advisers boosted its holdings in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 34.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 70,594 shares of the basic materials company's stock after purchasing an additional 18,085 shares during the period. Cetera Investment Advisers owned about 0.06% of Eastman Chemical worth $6,220,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Capital Research Global Investors lifted its stake in shares of Eastman Chemical by 13.4% in 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 purchasing an additional 697,388 shares during the period. Invesco Ltd. boosted its stake 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 worth $259,729,000 after acquiring an additional 284,271 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Eastman Chemical by 4.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,843,506 shares of the basic materials company's stock valued at $259,669,000 after acquiring an additional 109,316 shares during the period. Geode Capital Management LLC increased its stake in shares of 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 valued at $257,986,000 after purchasing an additional 48,491 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Eastman Chemical by 2.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,385,591 shares of the basic materials company's stock worth $217,850,000 after purchasing an additional 47,810 shares during the period. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Trading Up 3.5%

NYSE:EMN traded up $2.03 on Monday, reaching $60.82. The stock had a trading volume of 4,178,302 shares, compared to its average volume of 1,562,734. The company has a market cap of $7.02 billion, a price-to-earnings ratio of 8.54, a P/E/G ratio of 1.69 and a beta of 1.21. The firm's fifty day moving average is $77.71 and its two-hundred day moving average is $84.48. Eastman Chemical Company has a 12-month low of $56.78 and a 12-month high of $114.50. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.72 and a quick ratio of 0.79.

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

Analyst Upgrades and Downgrades

EMN has been the topic of several research analyst reports. 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 research report on Monday, April 28th. 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. UBS Group lowered their price target 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. Piper Sandler decreased their price objective on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. Finally, Citigroup decreased their price target on shares of Eastman Chemical from $90.00 to $68.00 and set a "buy" rating on the stock in a research note on Monday. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $90.00.

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.