US Bancorp DE Reduces Stock Holdings in Eastman Chemical Company (NYSE:EMN)

by · The Markets Daily

US Bancorp DE reduced its stake in shares of Eastman Chemical Company (NYSE:EMN – Free Report) by 2.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 56,262 shares of the basic materials company’s stock after selling 1,484 shares during the quarter. US Bancorp DE’s holdings in Eastman Chemical were worth $4,957,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Bayforest Capital Ltd raised its holdings in shares of 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 valued at $414,000 after buying an additional 4,360 shares during the period. Vestcor Inc raised its holdings in shares of Eastman Chemical by 99.8% during the 1st quarter. Vestcor Inc now owns 2,628 shares of the basic materials company’s stock valued at $232,000 after buying an additional 1,313 shares during the period. Federated Hermes Inc. raised its holdings in shares of 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 valued at $3,489,000 after buying an additional 37,843 shares during the period. Meeder Advisory Services Inc. raised its holdings in shares of Eastman Chemical by 8.3% during the 1st quarter. Meeder Advisory Services Inc. now owns 5,704 shares of the basic materials company’s stock valued at $503,000 after buying an additional 438 shares during the period. Finally, Prosperity Consulting Group LLC acquired a new stake in Eastman Chemical during the 1st quarter valued at approximately $259,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on EMN shares. Morgan Stanley lowered their price objective on Eastman Chemical from $125.00 to $115.00 and set an “overweight” rating for the company in a research note on Monday, April 28th. Royal Bank Of Canada lowered their price objective on Eastman Chemical from $91.00 to $74.00 and set an “outperform” rating for the company in a research note on Tuesday. KeyCorp lowered their price objective on Eastman Chemical from $93.00 to $79.00 and set an “overweight” rating for the company in a research note on Monday. Mizuho lowered their price objective on Eastman Chemical from $92.00 to $80.00 and set an “outperform” rating for the company in a research note on Friday, August 1st. Finally, Citigroup lowered their price objective on Eastman Chemical from $90.00 to $68.00 and set a “buy” rating for the company in a research note on Monday. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Eastman Chemical has an average rating of “Moderate Buy” and a consensus price target of $88.69.

Get Our Latest Stock Analysis on EMN

Eastman Chemical Price Performance

Shares of EMN opened at $61.42 on Wednesday. The firm has a market cap of $7.05 billion, a price-to-earnings ratio of 8.63, a PEG ratio of 1.75 and a beta of 1.21. The stock has a 50 day moving average of $76.90 and a 200-day moving average of $84.09. The company has a current ratio of 1.68, a quick ratio of 0.79 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 issued 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). Eastman Chemical had a return on equity of 15.24% and a net margin of 8.96%. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.32 billion. During the same quarter in the previous year, the business posted $2.15 EPS. Eastman Chemical’s revenue was down 3.2% compared to the same quarter last year. As a group, analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Company Profile

(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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