State of Michigan Retirement System Sells 2,624 Shares of Eastman Chemical Company $EMN

State of Michigan Retirement System lowered its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 7.7% in the second quarter, HoldingsChannel reports. The firm owned 31,244 shares of the basic materials company’s stock after selling 2,624 shares during the period. State of Michigan Retirement System’s holdings in Eastman Chemical were worth $2,333,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Holderness Investments Co. grew its holdings in Eastman Chemical by 1.2% during the first quarter. Holderness Investments Co. now owns 10,466 shares of the basic materials company’s stock worth $922,000 after purchasing an additional 125 shares during the period. CX Institutional grew its holdings in Eastman Chemical by 10.6% during the second quarter. CX Institutional now owns 1,339 shares of the basic materials company’s stock worth $100,000 after purchasing an additional 128 shares during the period. Wesbanco Bank Inc. grew its holdings in Eastman Chemical by 3.3% during the second quarter. Wesbanco Bank Inc. now owns 4,109 shares of the basic materials company’s stock worth $307,000 after purchasing an additional 130 shares during the period. Y.D. More Investments Ltd grew its holdings in Eastman Chemical by 15.0% during the first quarter. Y.D. More Investments Ltd now owns 1,044 shares of the basic materials company’s stock worth $92,000 after purchasing an additional 136 shares during the period. Finally, Prudent Man Advisors LLC grew its holdings in Eastman Chemical by 2.2% during the first quarter. Prudent Man Advisors LLC now owns 6,651 shares of the basic materials company’s stock worth $586,000 after purchasing an additional 144 shares during the period. Institutional investors own 83.65% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on EMN shares. The Goldman Sachs Group reduced their price target on Eastman Chemical from $87.00 to $65.00 and set a “neutral” rating for the company in a report on Thursday, August 7th. Weiss Ratings upgraded shares of Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, October 24th. Mizuho cut their price objective on shares of Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating for the company in a research report on Friday, October 3rd. Bank of America cut their price objective on shares of Eastman Chemical from $78.00 to $74.00 and set a “buy” rating for the company in a research report on Tuesday, October 14th. Finally, UBS Group dropped their price target on shares of Eastman Chemical from $75.00 to $73.00 and set a “buy” rating for the company in a research report on Wednesday. Eight analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $79.33.

Eastman Chemical Stock Up 0.6%

Shares of EMN opened at $61.11 on Thursday. Eastman Chemical Company has a one year low of $56.75 and a one year high of $107.50. The company has a market cap of $7.02 billion, a P/E ratio of 8.58, a P/E/G ratio of 6.16 and a beta of 1.31. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.68 and a quick ratio of 0.78. The firm has a 50 day simple moving average of $63.78 and a two-hundred day simple moving average of $71.46.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Monday, November 3rd. The basic materials company reported $1.14 EPS for the quarter, missing the consensus estimate 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 analyst estimates of $2.28 billion. During the same quarter in the prior year, the firm earned $2.26 earnings per share. The firm’s revenue for the quarter was down 10.6% on a year-over-year basis. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. Research analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current fiscal 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.