PNC Financial Services Group Inc. Purchases 18,460 Shares of Eastman Chemical Company (NYSE:EMN)

Key Points

• PNC Financial Services Group Inc. increased its stake in Eastman Chemical Company by 2.0%, owning approximately 962,548 shares worth around $84.81 million as of the last quarter.
• Eastman Chemical reported earnings per share (EPS) of $1.60 for the last quarter, missing analysts' estimates by $0.12, with quarterly revenue also declining by 3.2% year-over-year.
• Research analysts maintain a consensus rating of "Moderate Buy" for Eastman Chemical, with an average price target of $95.15 amidst varied adjustments from different firms.

PNC Financial Services Group Inc. increased its holdings in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 2.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 962,548 shares of the basic materials company's stock after buying an additional 18,460 shares during the period. PNC Financial Services Group Inc. owned about 0.83% of Eastman Chemical worth $84,810,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Baker Avenue Asset Management LP boosted its position in Eastman Chemical by 5.7% during the 1st quarter. Baker Avenue Asset Management LP now owns 4,124 shares of the basic materials company's stock worth $363,000 after buying an additional 223 shares during the period. Commerce Bank boosted its position in Eastman Chemical by 20.3% during the 1st quarter. Commerce Bank now owns 63,357 shares of the basic materials company's stock worth $5,582,000 after buying an additional 10,671 shares during the period. Bayforest Capital Ltd boosted its position in Eastman Chemical by 1,282.4% during the 1st quarter. Bayforest Capital Ltd now owns 4,700 shares of the basic materials company's stock worth $414,000 after buying an additional 4,360 shares during the period. Vestcor Inc boosted its position in Eastman Chemical by 99.8% during the 1st quarter. Vestcor Inc now owns 2,628 shares of the basic materials company's stock worth $232,000 after buying an additional 1,313 shares during the period. Finally, Federated Hermes Inc. raised its holdings in Eastman Chemical by 2,157.5% during the 1st quarter. Federated Hermes Inc. now owns 39,597 shares of the basic materials company's stock worth $3,489,000 after purchasing an additional 37,843 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Stock Up 0.3%

EMN stock traded up $0.18 during midday trading on Wednesday, reaching $61.57. 210,223 shares of the company's stock traded hands, compared to its average volume of 1,558,424. The company has a market cap of $7.07 billion, a price-to-earnings ratio of 8.65, a P/E/G ratio of 1.75 and a beta of 1.21. The firm's fifty day moving average price is $76.90 and its 200-day moving average price is $84.09. The company has a quick ratio of 0.79, a current ratio of 1.68 and a debt-to-equity ratio of 0.81. Eastman Chemical Company has a 52 week low of $56.78 and a 52 week high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The basic materials company reported $1.60 EPS for the quarter, missing analysts' consensus estimates of $1.72 by ($0.12). The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.32 billion. Eastman Chemical had a net margin of 8.96% and a return on equity of 15.24%. The business's revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter last year, the firm posted $2.15 EPS. As a group, sell-side analysts forecast that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Mizuho dropped their price target on shares of Eastman Chemical from $92.00 to $80.00 and set an "outperform" rating on the stock in a research report on Friday, August 1st. JPMorgan Chase & Co. restated a "neutral" rating and issued a $76.00 price target (down previously from $112.00) on shares of Eastman Chemical in a research report on Monday, April 28th. Citigroup cut 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. Morgan Stanley dropped their target price on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th. Finally, Royal Bank Of Canada dropped their target price on shares of Eastman Chemical from $91.00 to $74.00 and set an "outperform" rating on the stock in a research report on Tuesday. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price 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.