TD Asset Management Inc Trims Stock Position in Eastman Chemical Company (NYSE:EMN)

Key Points

• TD Asset Management Inc has reduced its stake in Eastman Chemical Company by 29.6%, selling 13,066 shares and retaining a total of 31,008 shares valued at approximately $2.73 million.
• In its latest earnings report, Eastman Chemical posted an EPS of $1.60, missing analysts' expectations of $1.72, while revenue of $2.29 billion also fell short of predictions.
• Analysts have adjusted their price targets for Eastman Chemical, with recent reports lowering targets to between $76.00 and $99.00, reflecting a generally "neutral" outlook on the stock from several major firms.

TD Asset Management Inc reduced its position in Eastman Chemical Company (NYSE:EMN - Free Report) by 29.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,008 shares of the basic materials company's stock after selling 13,066 shares during the period. TD Asset Management Inc's holdings in Eastman Chemical were worth $2,732,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Headlands Technologies LLC purchased a new stake in shares of Eastman Chemical in the fourth quarter valued at about $43,000. Orion Capital Management LLC bought a new stake in Eastman Chemical in the 4th quarter worth about $47,000. TD Private Client Wealth LLC increased its stake in Eastman Chemical by 46.4% in the 1st quarter. TD Private Client Wealth LLC now owns 536 shares of the basic materials company's stock valued at $47,000 after buying an additional 170 shares during the last quarter. Johnson Financial Group Inc. boosted its stake in shares of Eastman Chemical by 68.5% in the 4th quarter. Johnson Financial Group Inc. now owns 556 shares of the basic materials company's stock worth $55,000 after buying an additional 226 shares during the last quarter. Finally, Wayfinding Financial LLC purchased a new position in shares of Eastman Chemical in the 1st quarter worth approximately $50,000. 83.65% of the stock is owned by institutional investors.

Eastman Chemical Price Performance

EMN traded up $2.03 during midday trading on Monday, hitting $60.82. The stock had a trading volume of 4,178,302 shares, compared to its average volume of 1,562,734. The company has a market cap of $7.02 billion, a P/E ratio of 8.54, a price-to-earnings-growth ratio of 1.69 and a beta of 1.21. Eastman Chemical Company has a 1 year low of $56.78 and a 1 year high of $114.50. The business has a fifty day moving average of $77.71 and a 200 day moving average of $84.48. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.79 and a current ratio of 1.72.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its earnings results on Thursday, July 31st. The basic materials company reported $1.60 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 the consensus estimate of $2.32 billion. Eastman Chemical had a net margin of 8.96% and a return on equity of 15.29%. Eastman Chemical's revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the prior year, the business posted $2.15 EPS. As a group, equities analysts forecast that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on EMN. Wall Street Zen lowered Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. UBS Group lowered their target price on Eastman Chemical from $107.00 to $101.00 and set a "buy" rating on the stock in a research note on Wednesday, July 9th. Barclays reduced 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 report on Tuesday, April 29th. Mizuho lowered their price objective 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. Finally, Citigroup lowered their price target on shares of Eastman Chemical from $90.00 to $68.00 and set a "buy" rating on the stock in a research report on Monday. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Eastman Chemical currently has an average rating of "Moderate Buy" and an average price target of $90.00.

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.