Empirical Financial Services LLC d.b.a. Empirical Wealth Management Sells 4,976 Shares of Eastman Chemical Company (NYSE:EMN)

Key Points

• Empirical Financial Services LLC significantly reduced its stake in Eastman Chemical Company by 66.4% during Q1, now holding 2,516 shares worth $222,000.
• Multiple institutional investors made noteworthy adjustments to their holdings, including Bayforest Capital Ltd, which increased its stake by 1,282.4%, now owning 4,700 shares valued at $414,000.
• Analyst ratings for Eastman Chemical have fluctuated, with some lowering target prices; Morgan Stanley reduced theirs from $125 to $115, while Royal Bank of Canada set a new price objective at $91.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management trimmed its stake in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 66.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,516 shares of the basic materials company's stock after selling 4,976 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Eastman Chemical were worth $222,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Bayforest Capital Ltd increased its holdings in Eastman Chemical by 1,282.4% in 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 in the last quarter. Vestcor Inc increased its stake in Eastman Chemical by 99.8% in the 1st quarter. Vestcor Inc now owns 2,628 shares of the basic materials company's stock worth $232,000 after buying an additional 1,313 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Eastman Chemical by 2,157.5% in the first quarter. Federated Hermes Inc. now owns 39,597 shares of the basic materials company's stock valued at $3,489,000 after acquiring an additional 37,843 shares in the last quarter. Meeder Advisory Services Inc. boosted its stake in shares of Eastman Chemical by 8.3% in the first quarter. Meeder Advisory Services Inc. now owns 5,704 shares of the basic materials company's stock worth $503,000 after acquiring an additional 438 shares during the period. Finally, Prosperity Consulting Group LLC purchased a new stake in shares of Eastman Chemical during the first quarter worth about $259,000. Hedge funds and other institutional investors own 83.65% of the company's stock.

Eastman Chemical Stock Performance

NYSE EMN traded up $0.64 during trading hours on Tuesday, hitting $61.42. The company had a trading volume of 2,356,595 shares, compared to its average volume of 1,817,332. The firm has a market cap of $7.05 billion, a P/E ratio of 8.63, a price-to-earnings-growth ratio of 1.75 and a beta of 1.21. The business has a fifty day simple moving average of $77.32 and a 200-day simple moving average of $84.25. Eastman Chemical Company has a fifty-two week low of $56.78 and a fifty-two 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 released its quarterly earnings results on Thursday, July 31st. The basic materials company reported $1.60 earnings per share (EPS) 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 company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same quarter last year, the company posted $2.15 EPS. The business's revenue was down 3.2% compared to the same quarter last year. Equities analysts predict that Eastman Chemical Company will post 8.55 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently weighed in on EMN. Piper Sandler reduced their target price on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. The Goldman Sachs Group cut their price target on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Citigroup lowered their price objective on Eastman Chemical from $90.00 to $68.00 and set a "buy" rating for the company in a research report on Monday. Wall Street Zen downgraded shares of Eastman Chemical from a "buy" rating to a "hold" rating in a research note on Monday, April 28th. Finally, Royal Bank Of Canada cut their price objective on shares of Eastman Chemical from $91.00 to $74.00 and set an "outperform" rating on the stock in a research note on Tuesday. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $88.69.

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.