Eastman Chemical Company (NYSE:EMN) Shares Acquired by Federated Hermes Inc.

Federated Hermes Inc. raised its position in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 2,157.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,597 shares of the basic materials company's stock after acquiring an additional 37,843 shares during the quarter. Federated Hermes Inc.'s holdings in Eastman Chemical were worth $3,489,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in EMN. Brighton Jones LLC purchased a new stake in Eastman Chemical in the 4th quarter valued at $202,000. Wellington Management Group LLP purchased a new stake in shares of Eastman Chemical in the 4th quarter valued at approximately $1,543,000. Alliancebernstein L.P. grew its position in Eastman Chemical by 2.8% in the 4th quarter. Alliancebernstein L.P. now owns 159,846 shares of the basic materials company's stock valued at $14,597,000 after acquiring an additional 4,350 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Eastman Chemical in the fourth quarter worth $43,000. Finally, Arete Wealth Advisors LLC boosted its stake in shares of Eastman Chemical by 13.4% in the 4th quarter. Arete Wealth Advisors LLC now owns 4,078 shares of the basic materials company's stock valued at $371,000 after buying an additional 483 shares during the period. Institutional investors and hedge funds own 83.65% of the company's stock.

Eastman Chemical Stock Performance

Eastman Chemical stock traded down $0.44 during trading hours on Wednesday, reaching $60.95. 1,617,184 shares of the stock were exchanged, compared to its average volume of 1,568,467. Eastman Chemical Company has a 52-week low of $56.78 and a 52-week high of $114.50. The stock has a market cap of $7.00 billion, a P/E ratio of 8.56, a P/E/G ratio of 1.75 and a beta of 1.21. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.79 and a current ratio of 1.68. The firm's 50 day moving average is $76.90 and its 200 day moving average is $84.09.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its 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). The business 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 business's revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.15 EPS. Analysts predict that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on EMN shares. 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, August 1st. Citigroup decreased their price target on Eastman Chemical from $90.00 to $68.00 and set a "buy" rating for the company in a report on Monday. Barclays dropped their price target on shares of 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. Wall Street Zen lowered shares of Eastman Chemical from a "buy" rating to a "hold" rating in a research note on Monday, April 28th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating and set a $76.00 target price (down previously from $112.00) on shares of Eastman Chemical in a research report on Monday, April 28th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price 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.