Massachusetts Financial Services Co. MA Increases Stock Holdings in Eastman Chemical Company $EMN

Massachusetts Financial Services Co. MA grew its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 5.6% during the second quarter, Holdings Channel reports. The firm owned 2,934,952 shares of the basic materials company’s stock after purchasing an additional 155,574 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Eastman Chemical were worth $219,124,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Geode Capital Management LLC increased its stake in Eastman Chemical by 1.4% during the 2nd quarter. Geode Capital Management LLC now owns 2,955,625 shares of the basic materials company’s stock worth $220,252,000 after buying an additional 39,510 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Eastman Chemical by 8.5% in the first quarter. Dimensional Fund Advisors LP now owns 2,588,331 shares of the basic materials company’s stock worth $228,042,000 after acquiring an additional 202,740 shares in the last quarter. Northern Trust Corp increased its position in shares of Eastman Chemical by 1.2% during the first quarter. Northern Trust Corp now owns 1,393,932 shares of the basic materials company’s stock worth $122,819,000 after acquiring an additional 16,532 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Eastman Chemical by 2.0% in the first quarter. PNC Financial Services Group Inc. now owns 962,548 shares of the basic materials company’s stock valued at $84,810,000 after acquiring an additional 18,460 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Eastman Chemical by 4.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 606,354 shares of the basic materials company’s stock valued at $53,426,000 after purchasing an additional 24,183 shares during the period. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Wall Street Analyst Weigh In

EMN has been the topic of a number of analyst reports. Mizuho reduced their price target on Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating on the stock in a research report on Friday, October 3rd. Weiss Ratings upgraded shares of Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, October 24th. The Goldman Sachs Group decreased their price target on shares of Eastman Chemical from $87.00 to $65.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. Citigroup boosted their price target on shares of Eastman Chemical from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, October 2nd. Finally, KeyCorp set a $79.00 price objective on shares of Eastman Chemical and gave the company an “overweight” rating in a report on Monday, August 4th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $78.62.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $60.20 on Monday. The stock’s 50-day moving average is $62.66 and its two-hundred day moving average is $70.60. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.78 and a current ratio of 1.68. Eastman Chemical Company has a 1 year low of $56.75 and a 1 year high of $107.50. The firm has a market cap of $6.87 billion, a price-to-earnings ratio of 8.45, a PEG ratio of 6.16 and a beta of 1.31.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Monday, November 3rd. The basic materials company reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.04). The firm had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.28 billion. Eastman Chemical had a return on equity of 15.24% and a net margin of 8.96%.The company’s quarterly revenue was down 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.26 EPS. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. Analysts predict that Eastman Chemical Company will post 8.55 earnings per share for the current year.

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.