Letko Brosseau & Associates Inc. Has $63.51 Million Stake in Eastman Chemical Company $EMN

Letko Brosseau & Associates Inc. increased its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 2.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 850,596 shares of the basic materials company’s stock after acquiring an additional 21,070 shares during the period. Letko Brosseau & Associates Inc. owned about 0.74% of Eastman Chemical worth $63,505,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. MassMutual Private Wealth & Trust FSB grew its position in shares of Eastman Chemical by 65.5% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 369 shares of the basic materials company’s stock worth $28,000 after buying an additional 146 shares during the period. Ameritas Advisory Services LLC acquired a new position in shares of Eastman Chemical during the 2nd quarter worth approximately $32,000. National Pension Service raised its holdings in shares of Eastman Chemical by 75.3% in the 1st quarter. National Pension Service now owns 433 shares of the basic materials company’s stock valued at $38,000 after purchasing an additional 186 shares during the period. Hilltop National Bank bought a new position in Eastman Chemical during the second quarter worth $62,000. Finally, Y.D. More Investments Ltd grew its position in shares of Eastman Chemical by 15.0% in the first quarter. Y.D. More Investments Ltd now owns 1,044 shares of the basic materials company’s stock valued at $92,000 after purchasing an additional 136 shares during the last quarter. 83.65% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on EMN. Royal Bank Of Canada set a $71.00 price target on Eastman Chemical in a research report on Tuesday, October 14th. Evercore ISI reduced their target price on Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating on the stock in a report on Tuesday, November 11th. Wells Fargo & Company lowered their target price on Eastman Chemical from $80.00 to $70.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. KeyCorp set a $79.00 target price on Eastman Chemical and gave the stock an “overweight” rating in a report on Monday, August 4th. Finally, Bank of America cut their price target on Eastman Chemical from $78.00 to $74.00 and set a “buy” rating for the company in a research note on Tuesday, October 14th. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $78.62.

Eastman Chemical Trading Down 4.0%

NYSE:EMN opened at $60.20 on Friday. Eastman Chemical Company has a 52 week low of $56.75 and a 52 week high of $107.50. The company’s 50 day moving average price is $62.66 and its 200-day moving average price is $70.65. The company has a quick ratio of 0.78, a current ratio of 1.68 and a debt-to-equity ratio of 0.81. The stock 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 posted its quarterly earnings data on Monday, November 3rd. The basic materials company reported $1.14 EPS 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 firm had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.28 billion. During the same quarter last year, the company posted $2.26 EPS. The firm’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, equities research analysts forecast that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

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.