Natixis Advisors LLC Sells 22,461 Shares of Eastman Chemical Company (NYSE:EMN)

Key Points

• Natixis Advisors LLC reduced its stake in Eastman Chemical Company by 7.7% in Q1, selling 22,461 shares and now holding 270,187 shares worth approximately $23.8 million.
• Eastman Chemical's latest earnings report revealed a missed earnings estimate, with EPS of $1.60 compared to the expected $1.72, and a year-over-year revenue decline of 3.2%.
• Several analysts have adjusted their ratings on Eastman Chemical, with the consensus rating currently being "Moderate Buy" and a price target of $95.15.

Natixis Advisors LLC lessened its stake in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 7.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 270,187 shares of the basic materials company's stock after selling 22,461 shares during the quarter. Natixis Advisors LLC owned about 0.23% of Eastman Chemical worth $23,806,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the stock. Capital Research Global Investors boosted its stake 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 worth $537,561,000 after acquiring an additional 697,388 shares in the last quarter. Invesco Ltd. lifted its position in shares of Eastman Chemical by 11.1% during the 4th quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company's stock worth $259,729,000 after purchasing an additional 284,271 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Eastman Chemical by 4.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,843,506 shares of the basic materials company's stock worth $259,669,000 after purchasing an additional 109,316 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Eastman Chemical by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 2,832,593 shares of the basic materials company's stock worth $257,986,000 after purchasing an additional 48,491 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Eastman Chemical by 2.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,385,591 shares of the basic materials company's stock worth $217,850,000 after purchasing an additional 47,810 shares during the last quarter. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Trading Down 19.0%

Shares of EMN opened at $58.79 on Friday. Eastman Chemical Company has a 1 year low of $56.78 and a 1 year high of $114.50. The company has a current ratio of 1.72, a quick ratio of 0.79 and a debt-to-equity ratio of 0.80. The stock has a 50 day simple moving average of $77.71 and a 200-day simple moving average of $84.58. The stock has a market cap of $6.79 billion, a PE ratio of 8.26, a PEG ratio of 2.09 and a beta of 1.21.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued 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). Eastman Chemical had a return on equity of 15.29% and a net margin of 8.96%. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.32 billion. During the same period in the previous year, the company posted $2.15 earnings per share. The company's quarterly revenue was down 3.2% on a year-over-year basis. On average, sell-side analysts predict that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently weighed in on EMN shares. Royal Bank Of Canada raised Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price objective for the company in a research report on Wednesday, April 9th. Piper Sandler cut their price objective on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. Wall Street Zen cut Eastman Chemical from a "buy" rating to a "hold" rating in a research report on Monday, April 28th. Wells Fargo & Company cut their price objective on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Finally, The Goldman Sachs Group cut their price target on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a report on Monday, April 28th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $95.15.

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.

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