Pacer Advisors Inc. reduced its position in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 49.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,088 shares of the basic materials company's stock after selling 8,035 shares during the quarter. Pacer Advisors Inc.'s holdings in Eastman Chemical were worth $713,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cetera Investment Advisers raised its position in shares of Eastman Chemical by 34.4% during the first quarter. Cetera Investment Advisers now owns 70,594 shares of the basic materials company's stock worth $6,220,000 after purchasing an additional 18,085 shares during the period. Lifeworks Advisors LLC acquired a new position in Eastman Chemical in the 1st quarter worth $2,072,000. AE Wealth Management LLC acquired a new position in Eastman Chemical in the 1st quarter worth $238,000. Burney Co. boosted its position in Eastman Chemical by 0.9% during the 1st quarter. Burney Co. now owns 18,083 shares of the basic materials company's stock worth $1,593,000 after acquiring an additional 154 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH boosted its position in Eastman Chemical by 4.6% during the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 137,407 shares of the basic materials company's stock worth $12,107,000 after acquiring an additional 6,050 shares during the last quarter. 83.65% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on EMN shares. Barclays dropped their price target on Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 29th. Piper Sandler reduced their price target on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Royal Bank Of Canada upgraded Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price objective for the company in a research report on Wednesday, April 9th. Mizuho decreased their price target on shares of Eastman Chemical from $92.00 to $80.00 and set an "outperform" rating for the company in a research note on Friday. Finally, The Goldman Sachs Group decreased their price objective on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a report on Monday, April 28th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, Eastman Chemical has a consensus rating of "Moderate Buy" and a consensus target price of $95.15.
Get Our Latest Stock Report on EMN
Eastman Chemical Stock Performance
Shares of NYSE EMN traded down $13.82 during trading on Friday, reaching $58.79. 7,417,691 shares of the stock traded hands, compared to its average volume of 1,306,253. The stock has a market capitalization of $6.79 billion, a P/E ratio of 8.26, a price-to-earnings-growth ratio of 2.09 and a beta of 1.21. The company has a 50-day moving average of $77.71 and a 200-day moving average of $84.58. Eastman Chemical Company has a 52-week low of $56.78 and a 52-week 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 issued its quarterly earnings data 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). 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 in the prior year, the firm posted $2.15 EPS. Eastman Chemical's revenue was down 3.2% on a year-over-year basis. Analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.
About Eastman Chemical
(
Free Report)
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.
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