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

Cherokee Insurance Co acquired a new stake in shares of Eastman Chemical Company (NYSE:EMN) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 65,300 shares of the basic materials company’s stock, valued at approximately $4,875,000. Eastman Chemical comprises 2.1% of Cherokee Insurance Co’s holdings, making the stock its 13th biggest position.

Other institutional investors have also recently made changes to their positions in the company. Holderness Investments Co. lifted its position 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 valued at $922,000 after purchasing an additional 125 shares during the period. CX Institutional raised its stake in shares of Eastman Chemical by 10.6% during the 2nd quarter. CX Institutional now owns 1,339 shares of the basic materials company’s stock valued at $100,000 after buying an additional 128 shares during the last quarter. Wesbanco Bank Inc. lifted its holdings in shares of Eastman Chemical by 3.3% in the 2nd quarter. Wesbanco Bank Inc. now owns 4,109 shares of the basic materials company’s stock valued at $307,000 after buying an additional 130 shares during the period. Y.D. More Investments Ltd boosted its stake 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 worth $92,000 after buying an additional 136 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in Eastman Chemical by 65.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 369 shares of the basic materials company’s stock worth $28,000 after acquiring an additional 146 shares during the period. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Up 0.0%

Eastman Chemical stock opened at $60.94 on Thursday. Eastman Chemical Company has a fifty-two week low of $56.75 and a fifty-two week high of $107.50. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.78 and a current ratio of 1.68. The firm has a 50 day moving average price of $62.95 and a 200 day moving average price of $70.85. The company has a market capitalization of $6.95 billion, a PE ratio of 8.56, a price-to-earnings-growth ratio of 6.16 and a beta of 1.31.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Monday, November 3rd. The basic materials company reported $1.14 earnings per share (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 firm had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same period in the previous year, the company posted $2.26 EPS. Eastman Chemical’s 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. Research analysts expect that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Analyst Ratings Changes

EMN has been the topic of several recent research reports. KeyCorp set a $79.00 price objective on Eastman Chemical and gave the stock an “overweight” rating in a research report on Monday, August 4th. The Goldman Sachs Group cut their price target on shares of Eastman Chemical from $87.00 to $65.00 and set a “neutral” rating for the company in a report on Thursday, August 7th. Mizuho reduced their target price on Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating for the company in a report on Friday, October 3rd. Evercore ISI reduced their target price on shares of Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating for the company in a research report on Tuesday. Finally, Wells Fargo & Company reduced their price objective on Eastman Chemical from $80.00 to $70.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 5th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average 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.