Cherokee Insurance Co Makes New Investment in Eastman Chemical Company $EMN

Cherokee Insurance Co purchased a new stake in Eastman Chemical Company (NYSE:EMN) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 65,300 shares of the basic materials company’s stock, valued at approximately $4,875,000. Eastman Chemical makes up 2.1% of Cherokee Insurance Co’s investment portfolio, making the stock its 13th biggest holding. Cherokee Insurance Co owned approximately 0.06% of Eastman Chemical at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of EMN. Geode Capital Management LLC raised its stake in Eastman Chemical by 1.4% in the second 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 in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Eastman Chemical by 8.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,588,331 shares of the basic materials company’s stock valued at $228,042,000 after acquiring an additional 202,740 shares during the period. Northern Trust Corp increased its holdings in shares of Eastman Chemical by 1.2% in the 1st quarter. Northern Trust Corp now owns 1,393,932 shares of the basic materials company’s stock valued at $122,819,000 after acquiring an additional 16,532 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Eastman Chemical by 2.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 962,548 shares of the basic materials company’s stock worth $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 lifted its stake in shares of Eastman Chemical by 4.2% during the 1st 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 worth $53,426,000 after purchasing an additional 24,183 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Trading Up 0.0%

Shares of Eastman Chemical stock opened at $60.94 on Thursday. The firm’s 50 day simple moving average is $62.95 and its two-hundred day simple moving average is $70.85. The firm has a market capitalization of $6.95 billion, a price-to-earnings ratio of 8.56, a PEG ratio of 6.16 and a beta of 1.31. Eastman Chemical Company has a 12-month low of $56.75 and a 12-month high of $107.50. The company has a current ratio of 1.68, a quick ratio of 0.78 and a debt-to-equity ratio of 0.81.

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 the consensus estimate of $1.18 by ($0.04). Eastman Chemical had a return on equity of 15.24% and a net margin of 8.96%.The company had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same quarter in the previous year, the firm posted $2.26 earnings per share. The company’s quarterly revenue was down 10.6% on a year-over-year basis. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. Analysts predict that Eastman Chemical Company will post 8.55 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on EMN. UBS Group reduced their target price on shares of Eastman Chemical from $75.00 to $73.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. The Goldman Sachs Group reduced their price objective 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. Royal Bank Of Canada set a $71.00 target price on shares of Eastman Chemical in a research note on Tuesday, October 14th. Bank of America cut their price target on shares of Eastman Chemical from $78.00 to $74.00 and set a “buy” rating on the stock in a report on Tuesday, October 14th. Finally, Mizuho decreased their price objective on Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating for the company in a report on Friday, October 3rd. 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 price target 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.