Empower Advisory Group LLC Sells 11,095 Shares of Eastman Chemical Company (NYSE:EMN)

Key Points

• Empower Advisory Group LLC has reduced its stake in Eastman Chemical by 1.3%, holding 865,436 shares valued at approximately $76.25 million as of the latest SEC filing.
• Eastman Chemical's earnings for the last quarter fell short of analysts' estimates, reporting $1.60 EPS against a consensus of $1.72 EPS, with revenue down 3.2% year-over-year.
• Several hedge funds have modified their positions in Eastman Chemical, with institutional investors owning 83.65% of the stock currently.

Empower Advisory Group LLC lessened its stake in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 1.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 865,436 shares of the basic materials company's stock after selling 11,095 shares during the period. Empower Advisory Group LLC owned approximately 0.75% of Eastman Chemical worth $76,254,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of EMN. Capital World Investors purchased a new position in Eastman Chemical in the fourth quarter worth $137,848,000. Capital Research Global Investors lifted its position in shares of Eastman Chemical by 13.4% during 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 buying an additional 697,388 shares in the last quarter. GAMMA Investing LLC lifted its stake in Eastman Chemical by 11,261.1% in the 1st quarter. GAMMA Investing LLC now owns 476,939 shares of the basic materials company's stock worth $42,023,000 after purchasing an additional 472,741 shares in the last quarter. Invesco Ltd. lifted its position in Eastman Chemical by 11.1% during the fourth quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company's stock worth $259,729,000 after buying an additional 284,271 shares in the last quarter. Finally, Barclays PLC grew its stake in shares of Eastman Chemical by 74.5% in the 4th quarter. Barclays PLC now owns 549,769 shares of the basic materials company's stock valued at $50,203,000 after buying an additional 234,725 shares during the period. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Stock Performance

Eastman Chemical stock traded down $0.44 during mid-day trading on Wednesday, hitting $60.95. The company had a trading volume of 1,617,184 shares, compared to its average volume of 1,849,486. The company's fifty day moving average is $76.50 and its 200-day moving average is $83.93. The company has a current ratio of 1.68, a quick ratio of 0.79 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $7.00 billion, a price-to-earnings ratio of 8.56, a P/E/G ratio of 5.48 and a beta of 1.21. Eastman Chemical Company has a 12-month low of $56.78 and a 12-month high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings results 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). The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.32 billion. Eastman Chemical had a return on equity of 15.24% and a net margin of 8.96%. The company's revenue was down 3.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.15 EPS. Equities research analysts predict that Eastman Chemical Company will post 8.55 EPS for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on EMN shares. Wells Fargo & Company cut their price target on shares of Eastman Chemical from $90.00 to $70.00 and set an "overweight" rating on the stock in a research note on Monday. Mizuho decreased their price objective on Eastman Chemical from $92.00 to $80.00 and set an "outperform" rating on the stock in a research note on Friday, August 1st. The Goldman Sachs Group reduced their price target on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th. Citigroup dropped their target price on Eastman Chemical from $90.00 to $68.00 and set a "buy" rating on the stock in a research report on Monday. Finally, Wall Street Zen downgraded Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $88.69.

Eastman Chemical 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.