Eastman Chemical Company $EMN Stock Holdings Decreased by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. decreased its stake in Eastman Chemical Company (NYSE:EMN) by 1.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,186,355 shares of the basic materials company’s stock after selling 12,885 shares during the period. Letko Brosseau & Associates Inc. owned 1.04% of Eastman Chemical worth $76,923,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in EMN. BlackRock Inc. bought a new position in Eastman Chemical during the 2nd quarter worth $1,134,421,000. Legal & General Group Plc acquired a new stake in Eastman Chemical in the second quarter worth $87,583,000. Bank of New York Mellon Corp bought a new stake in Eastman Chemical in the second quarter valued at $81,645,000. Allspring Global Investments Holdings LLC lifted its stake in Eastman Chemical by 39.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,592,691 shares of the basic materials company’s stock valued at $196,552,000 after buying an additional 732,693 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Eastman Chemical by 7.4% in the first quarter. Dimensional Fund Advisors LP now owns 4,936,789 shares of the basic materials company’s stock valued at $376,747,000 after buying an additional 338,914 shares during the last quarter. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Down 1.3%

EMN opened at $65.66 on Friday. Eastman Chemical Company has a 12 month low of $56.11 and a 12 month high of $83.47. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.57 and a quick ratio of 0.79. The stock has a market cap of $7.51 billion, a P/E ratio of 11.66, a P/E/G ratio of 0.92 and a beta of 1.07. The stock’s 50 day moving average price is $65.66 and its 200 day moving average price is $70.79.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, October 29th. The basic materials company reported $1.84 earnings per share for the quarter, missing the consensus estimate of $1.92 by ($0.08). Eastman Chemical had a net margin of 7.15% and a return on equity of 10.59%. The business had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.41 billion. During the same period in the previous year, the firm earned $1.14 EPS. The firm’s revenue was up 8.3% on a year-over-year basis. As a group, research analysts predict that Eastman Chemical Company will post 6.10 earnings per share for the current year.

Analysts Set New Price Targets

EMN has been the subject of several analyst reports. Jefferies Financial Group reissued a “buy” rating and set a $85.00 price target on shares of Eastman Chemical in a report on Friday, September 25th. Deutsche Bank reaffirmed a “hold” rating and issued a $74.00 price objective on shares of Eastman Chemical in a report on Monday, August 3rd. Citigroup cut their price objective on shares of Eastman Chemical from $76.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, November 3rd. The Goldman Sachs Group reissued a “neutral” rating and set a $72.00 target price on shares of Eastman Chemical in a research note on Monday, November 2nd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Eastman Chemical from $66.00 to $65.00 and set a “neutral” rating for the company in a research report on Monday, November 2nd. Six research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $74.79.

Eastman Chemical Profile

Eastman Chemical Company is a global specialty materials and chemicals company founded in 1920 in Kingsport, Tennessee. Originally part of Eastman Kodak, it became an independent company in 1994. Eastman develops and manufactures materials and chemical products for customers in a wide range of industries. Its products include specialty plastics and films, performance additives, chemical intermediates, and cellulose acetate fibers. These materials are used in applications such as transportation, building and construction, consumer goods, electronics, packaging, and healthcare.