Letko Brosseau & Associates Inc. lowered its position in Eastman Chemical Company (NYSE:EMN - Free Report) by 1.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 829,526 shares of the basic materials company's stock after selling 13,540 shares during the quarter. Eastman Chemical accounts for about 1.6% of Letko Brosseau & Associates Inc.'s holdings, making the stock its 25th largest position. Letko Brosseau & Associates Inc. owned 0.72% of Eastman Chemical worth $73,090,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in EMN. Principal Financial Group Inc. raised its stake in shares of Eastman Chemical by 5.9% in the first quarter. Principal Financial Group Inc. now owns 155,509 shares of the basic materials company's stock valued at $13,702,000 after acquiring an additional 8,708 shares during the last quarter. OneDigital Investment Advisors LLC boosted its stake in Eastman Chemical by 36.9% in the first quarter. OneDigital Investment Advisors LLC now owns 3,029 shares of the basic materials company's stock worth $267,000 after purchasing an additional 816 shares in the last quarter. Teacher Retirement System of Texas bought a new stake in shares of Eastman Chemical during the first quarter worth $1,494,000. Farther Finance Advisors LLC raised its holdings in shares of Eastman Chemical by 12.8% in the first quarter. Farther Finance Advisors LLC now owns 1,890 shares of the basic materials company's stock valued at $167,000 after buying an additional 214 shares during the last quarter. Finally, Golden State Wealth Management LLC increased its position in Eastman Chemical by 882.3% in the 1st quarter. Golden State Wealth Management LLC now owns 943 shares of the basic materials company's stock valued at $83,000 after acquiring an additional 847 shares in the last quarter. 83.65% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of analysts recently weighed in on the stock. UBS Group lowered their price target on shares of Eastman Chemical from $107.00 to $101.00 and set a "buy" rating for the company in a report on Wednesday, July 9th. Citigroup raised Eastman Chemical from a "neutral" rating to a "buy" rating and dropped their price objective for the stock from $105.00 to $101.00 in a report on Friday, April 4th. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $76.00 price target (down previously from $112.00) on shares of Eastman Chemical in a research report on Monday, April 28th. The Goldman Sachs Group reduced their price objective on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th. Finally, KeyCorp cut their price target on Eastman Chemical from $106.00 to $93.00 and set an "overweight" rating on the stock in a research note on Monday, July 14th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $95.15.
Get Our Latest Report on EMN
Eastman Chemical Stock Down 19.0%
Shares of Eastman Chemical stock traded down $13.82 on Friday, hitting $58.79. The company had a trading volume of 7,417,691 shares, compared to its average volume of 1,306,253. Eastman Chemical Company has a twelve month low of $56.78 and a twelve month 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. The stock has a 50-day moving average of $77.71 and a 200-day moving average of $84.58. The firm has a market capitalization of $6.79 billion, a P/E ratio of 8.26, a P/E/G ratio of 2.09 and a beta of 1.21.
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 analysts' consensus estimates of $1.72 by ($0.12). The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.32 billion. Eastman Chemical had a return on equity of 15.29% and a net margin of 8.96%. Eastman Chemical's revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter last year, the company posted $2.15 EPS. Research analysts predict that Eastman Chemical Company will post 8.55 earnings per share for the current year.
Eastman Chemical Profile
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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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