LSV Asset Management Sells 66,290 Shares of Eastman Chemical Company (NYSE:EMN)

Key Points

• LSV Asset Management decreased its holdings in Eastman Chemical by 5.1%, now owning approximately 1.08% of the company, worth around $109.77 million.
• Eastman Chemical reported $1.60 earnings per share for the last quarter, missing analysts' expectations by $0.12, and its revenue fell 3.2% year-over-year.
• Several analysts have downgraded Eastman Chemical's stock, with price targets reduced significantly; however, the stock still holds a consensus rating of "Moderate Buy".

LSV Asset Management trimmed its position in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 5.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,245,852 shares of the basic materials company's stock after selling 66,290 shares during the period. LSV Asset Management owned 1.08% of Eastman Chemical worth $109,772,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Beverly Hills Private Wealth LLC increased its holdings in Eastman Chemical by 4.5% during the first quarter. Beverly Hills Private Wealth LLC now owns 3,304 shares of the basic materials company's stock worth $291,000 after buying an additional 143 shares during the last quarter. Prudent Man Advisors LLC increased its holdings in Eastman Chemical by 2.2% during the first quarter. Prudent Man Advisors LLC now owns 6,651 shares of the basic materials company's stock worth $586,000 after buying an additional 144 shares during the last quarter. Burney Co. increased its holdings in Eastman Chemical by 0.9% during the first quarter. Burney Co. now owns 18,083 shares of the basic materials company's stock worth $1,593,000 after buying an additional 154 shares during the last quarter. Roman Butler Fullerton & Co. increased its holdings in Eastman Chemical by 6.1% during the first quarter. Roman Butler Fullerton & Co. now owns 2,864 shares of the basic materials company's stock worth $252,000 after buying an additional 164 shares during the last quarter. Finally, Goelzer Investment Management Inc. increased its holdings in Eastman Chemical by 0.5% during the first quarter. Goelzer Investment Management Inc. now owns 36,505 shares of the basic materials company's stock worth $3,216,000 after buying an additional 164 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Stock Performance

Shares of Eastman Chemical stock traded up $0.18 during trading on Wednesday, reaching $61.57. The company's stock had a trading volume of 210,223 shares, compared to its average volume of 1,558,424. The business's 50-day moving average price is $76.90 and its 200-day moving average price is $84.09. The firm has a market cap of $7.07 billion, a PE ratio of 8.65, a P/E/G ratio of 1.75 and a beta of 1.21. Eastman Chemical Company has a 52 week low of $56.78 and a 52 week high of $114.50. The company has a quick ratio of 0.79, a current ratio of 1.68 and a debt-to-equity ratio of 0.81.

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

Analyst Ratings Changes

A number of brokerages recently weighed in on EMN. Barclays lowered their target price on shares of Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 29th. Royal Bank Of Canada reduced their price objective on shares of Eastman Chemical from $91.00 to $74.00 and set an "outperform" rating for the company in a research report on Tuesday. Wall Street Zen cut shares of Eastman Chemical from a "buy" rating to a "hold" rating in a research report on Monday, April 28th. Wells Fargo & Company reduced their price objective on shares of Eastman Chemical from $90.00 to $70.00 and set an "overweight" rating for the company in a research report on Monday. Finally, Mizuho reduced their price objective on shares of Eastman Chemical from $92.00 to $80.00 and set an "outperform" rating for the company in a research report on Friday, August 1st. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Eastman Chemical has an average rating of "Moderate Buy" and an average target price of $88.69.

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.