Mackenzie Financial Corp Sells 76,869 Shares of Eastman Chemical Company (NYSE:EMN)

Key Points

• Mackenzie Financial Corp has reduced its stake in Eastman Chemical Company by 44.7%, selling 76,869 shares and leaving it with a total of 95,215 shares valued at approximately $8.39 million.
• Eastman Chemical reported earnings of $1.60 per share for the last quarter, which fell short of analysts' expectations of $1.72, with a year-over-year revenue decrease of 3.2% to $2.29 billion.
• Analysts have mixed views on Eastman Chemical, with price targets ranging between $87.00 and $115.00, and a current consensus rating of "Moderate Buy".

Mackenzie Financial Corp lowered its position in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 44.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 95,215 shares of the basic materials company's stock after selling 76,869 shares during the period. Mackenzie Financial Corp owned about 0.08% of Eastman Chemical worth $8,389,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC purchased a new stake in shares of Eastman Chemical in the 4th quarter worth about $202,000. Pictet Asset Management Holding SA lifted its position in shares of Eastman Chemical by 4.7% in the 4th quarter. Pictet Asset Management Holding SA now owns 62,978 shares of the basic materials company's stock worth $5,751,000 after purchasing an additional 2,807 shares during the period. Brown Brothers Harriman & Co. lifted its position in shares of Eastman Chemical by 135.7% in the 4th quarter. Brown Brothers Harriman & Co. now owns 528 shares of the basic materials company's stock worth $48,000 after purchasing an additional 304 shares during the period. Allstate Corp purchased a new stake in shares of Eastman Chemical in the 4th quarter worth about $327,000. Finally, Wellington Management Group LLP purchased a new stake in shares of Eastman Chemical in the 4th quarter worth about $1,543,000. Hedge funds and other institutional investors own 83.65% of the company's stock.

Eastman Chemical Stock Performance

Shares of NYSE EMN traded down $13.82 during midday trading on Friday, hitting $58.79. 7,417,691 shares of the stock traded hands, compared to its average volume of 1,306,253. The firm has a market capitalization of $6.79 billion, a P/E ratio of 8.26, a PEG ratio of 2.09 and a beta of 1.21. Eastman Chemical Company has a one year low of $56.78 and a one year high of $114.50. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.79 and a current ratio of 1.72. The firm has a 50-day moving average of $77.71 and a two-hundred day moving average of $84.58.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its earnings results on Thursday, July 31st. The basic materials company reported $1.60 earnings per share for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $2.32 billion. During the same period in the prior year, the company posted $2.15 EPS. The firm's revenue was down 3.2% compared to the same quarter last year. On average, equities analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on EMN shares. Morgan Stanley decreased their price target on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating for the company in a research note on Monday, April 28th. KeyCorp decreased their price target on shares of Eastman Chemical from $106.00 to $93.00 and set an "overweight" rating for the company in a research note on Monday, July 14th. Barclays decreased their price target on shares of Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 29th. Piper Sandler decreased their price target on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Finally, Citigroup upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and decreased their price target for the stock from $105.00 to $101.00 in a research note on Friday, April 4th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Eastman Chemical currently has a consensus rating of "Moderate Buy" and a consensus price target of $95.15.

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.