Cumberland Partners Ltd Lowers Stake in Eastman Chemical Company (NYSE:EMN)

Key Points

• Cumberland Partners Ltd reduced its stake in Eastman Chemical Company by 25%, holding 47,330 shares valued at approximately $4.17 million after selling 15,795 shares.
• Wall Street analysts have mixed ratings on Eastman Chemical, with eight analysts holding a buy rating and an average target price of $95.15.
• Eastman Chemical's recent earnings report showed an EPS of $1.60, missing estimates, with revenue of $2.29 billion, down 3.2% year-over-year.

Cumberland Partners Ltd lowered its stake in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 25.0% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 47,330 shares of the basic materials company's stock after selling 15,795 shares during the period. Cumberland Partners Ltd's holdings in Eastman Chemical were worth $4,170,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Klein Pavlis & Peasley Financial Inc. grew its position in shares of Eastman Chemical by 55.1% during the 1st quarter. Klein Pavlis & Peasley Financial Inc. now owns 15,528 shares of the basic materials company's stock valued at $1,368,000 after acquiring an additional 5,518 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Eastman Chemical by 2.0% in the first quarter. PNC Financial Services Group Inc. now owns 962,548 shares of the basic materials company's stock worth $84,810,000 after buying an additional 18,460 shares during the period. Baker Avenue Asset Management LP grew its stake in shares of Eastman Chemical by 5.7% during the 1st quarter. Baker Avenue Asset Management LP now owns 4,124 shares of the basic materials company's stock valued at $363,000 after acquiring an additional 223 shares during the period. Commerce Bank increased its holdings in Eastman Chemical by 20.3% in the 1st quarter. Commerce Bank now owns 63,357 shares of the basic materials company's stock worth $5,582,000 after acquiring an additional 10,671 shares in the last quarter. Finally, Bayforest Capital Ltd raised its stake in Eastman Chemical by 1,282.4% during the 1st quarter. Bayforest Capital Ltd now owns 4,700 shares of the basic materials company's stock worth $414,000 after acquiring an additional 4,360 shares during the period. Hedge funds and other institutional investors own 83.65% of the company's stock.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock traded up $2.03 during trading hours on Monday, reaching $60.82. The company's stock had a trading volume of 4,178,302 shares, compared to its average volume of 1,562,734. The firm has a 50 day moving average price of $77.71 and a 200-day moving average price of $84.48. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.72 and a quick ratio of 0.79. The stock has a market cap of $7.02 billion, a P/E ratio of 8.54, a P/E/G ratio of 1.69 and a beta of 1.21. Eastman Chemical Company has a one year low of $56.78 and a one year high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings data 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). The company 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 company's revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter last year, the company earned $2.15 earnings per share. On average, analysts predict that Eastman Chemical Company will post 8.55 EPS for the current year.

Analysts Set New Price Targets

EMN has been the subject of a number of analyst reports. KeyCorp reduced their price objective on shares of Eastman Chemical from $93.00 to $79.00 and set an "overweight" rating for the company in a research note on Monday. Mizuho dropped their target price on shares of Eastman Chemical from $92.00 to $80.00 and set an "outperform" rating for the company in a report on Friday. Wells Fargo & Company decreased their price target on Eastman Chemical from $90.00 to $70.00 and set an "overweight" rating on the stock in a report on Monday. The Goldman Sachs Group lowered their price objective on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a research 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 target price on the stock in a research note on Wednesday, April 9th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $90.00.

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.