Eastman Chemical Company $EMN Stake Reduced by Legal & General Group Plc

Legal & General Group Plc trimmed its stake in Eastman Chemical Company (NYSE:EMN) by 0.8% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,134,504 shares of the basic materials company’s stock after selling 9,485 shares during the quarter. Legal & General Group Plc’s holdings in Eastman Chemical were worth $84,702,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Miller Howard Investments Inc. NY acquired a new stake in shares of Eastman Chemical in the 2nd quarter worth about $26,212,000. Nuveen LLC bought a new position in Eastman Chemical in the 1st quarter worth about $26,289,000. Atlantic Investment Management Inc. acquired a new stake in shares of Eastman Chemical in the first quarter valued at approximately $22,167,000. Dimensional Fund Advisors LP raised its holdings in shares of Eastman Chemical by 8.5% during the first quarter. Dimensional Fund Advisors LP now owns 2,588,331 shares of the basic materials company’s stock valued at $228,042,000 after buying an additional 202,740 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its position in shares of Eastman Chemical by 5,315.9% during the first quarter. Jones Financial Companies Lllp now owns 200,011 shares of the basic materials company’s stock worth $17,623,000 after buying an additional 196,318 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Trading Up 3.2%

Shares of EMN stock opened at $60.60 on Wednesday. The stock has a 50-day simple moving average of $61.47 and a 200 day simple moving average of $69.70. The stock has a market capitalization of $6.91 billion, a P/E ratio of 8.51, a P/E/G ratio of 6.16 and a beta of 1.31. Eastman Chemical Company has a fifty-two week low of $56.11 and a fifty-two week high of $106.19. The company has a quick ratio of 0.78, a current ratio of 1.68 and a debt-to-equity ratio of 0.81.

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

Analysts Set New Price Targets

EMN has been the topic of several recent analyst reports. Wells Fargo & Company cut their target price on Eastman Chemical from $80.00 to $70.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 5th. KeyCorp set a $79.00 price target on Eastman Chemical and gave the company an “overweight” rating in a report on Monday, August 4th. Citigroup lifted their price objective on shares of Eastman Chemical from $68.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, October 2nd. Royal Bank Of Canada set a $71.00 target price on shares of Eastman Chemical in a research report on Tuesday, October 14th. Finally, Weiss Ratings raised shares of Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, October 24th. 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, the company has an average rating of “Moderate Buy” and a consensus target price of $78.62.

Eastman Chemical Company 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.