KBC Group NV boosted its position in shares of Eastman Chemical (NYSE:EMN – Free Report) by 504.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 39,604 shares of the basic materials company’s stock after buying an additional 33,054 shares during the quarter. KBC Group NV’s holdings in Eastman Chemical were worth $3,340,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Blair William & Co. IL grew its holdings in shares of Eastman Chemical by 2.5% in the first quarter. Blair William & Co. IL now owns 4,380 shares of the basic materials company’s stock worth $491,000 after purchasing an additional 105 shares during the last quarter. Benjamin Edwards Inc. grew its holdings in shares of Eastman Chemical by 8.3% in the fourth quarter. Benjamin Edwards Inc. now owns 1,659 shares of the basic materials company’s stock worth $135,000 after purchasing an additional 127 shares during the last quarter. Raleigh Capital Management Inc. grew its holdings in shares of Eastman Chemical by 4.1% in the fourth quarter. Raleigh Capital Management Inc. now owns 3,337 shares of the basic materials company’s stock worth $272,000 after purchasing an additional 132 shares during the last quarter. Kessler Investment Group LLC grew its holdings in shares of Eastman Chemical by 13.6% in the fourth quarter. Kessler Investment Group LLC now owns 1,114 shares of the basic materials company’s stock worth $91,000 after purchasing an additional 133 shares during the last quarter. Finally, Lcnb Corp grew its holdings in shares of Eastman Chemical by 3.0% in the first quarter. Lcnb Corp now owns 4,613 shares of the basic materials company’s stock worth $389,000 after purchasing an additional 136 shares during the last quarter. 82.13% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on EMN. Wells Fargo & Company lowered their price objective on shares of Eastman Chemical from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Monday, April 17th. Piper Sandler lowered shares of Eastman Chemical from an “overweight” rating to a “neutral” rating and set a $96.00 price objective for the company. in a research note on Tuesday. Morgan Stanley reaffirmed an “overweight” rating and issued a $115.00 price objective on shares of Eastman Chemical in a research note on Monday. Credit Suisse Group upped their price objective on shares of Eastman Chemical from $95.00 to $98.00 and gave the stock an “outperform” rating in a research note on Friday, July 28th. Finally, KeyCorp lowered their price objective on shares of Eastman Chemical from $106.00 to $103.00 in a research note on Tuesday, July 11th. Ten equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $95.27.
Eastman Chemical Price Performance
Shares of NYSE:EMN opened at $84.66 on Thursday. Eastman Chemical has a twelve month low of $69.91 and a twelve month high of $102.18. The company’s 50 day moving average is $83.52 and its 200 day moving average is $83.77. The company has a current ratio of 1.34, a quick ratio of 0.68 and a debt-to-equity ratio of 0.88. The company has a market cap of $10.04 billion, a PE ratio of 14.45, a price-to-earnings-growth ratio of 1.49 and a beta of 1.50.
Eastman Chemical (NYSE:EMN – Get Free Report) last issued its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.04. The company had revenue of $2.32 billion for the quarter, compared to the consensus estimate of $2.59 billion. Eastman Chemical had a net margin of 7.21% and a return on equity of 14.85%. Eastman Chemical’s quarterly revenue was down 16.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.83 EPS. On average, sell-side analysts forecast that Eastman Chemical will post 6.75 EPS for the current year.
About Eastman Chemical
Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.
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