Mitsubishi UFJ Asset Management Co. Ltd. Cuts Stock Position in Eastman Chemical Company $EMN

Mitsubishi UFJ Asset Management Co. Ltd. reduced its stake in Eastman Chemical Company (NYSE:EMN) by 41.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 120,407 shares of the basic materials company’s stock after selling 83,737 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.10% of Eastman Chemical worth $8,990,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Holderness Investments Co. increased its position in shares of 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 acquiring an additional 125 shares in the last quarter. CX Institutional lifted its position in Eastman Chemical by 10.6% in the 2nd quarter. CX Institutional now owns 1,339 shares of the basic materials company’s stock valued at $100,000 after acquiring an additional 128 shares in the last quarter. Wesbanco Bank Inc. boosted its stake in Eastman Chemical by 3.3% during the 2nd quarter. Wesbanco Bank Inc. now owns 4,109 shares of the basic materials company’s stock valued at $307,000 after purchasing an additional 130 shares during the last quarter. Y.D. More Investments Ltd increased its holdings in shares of Eastman Chemical by 15.0% in the 1st 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 in the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its stake in shares of Eastman Chemical by 65.5% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 369 shares of the basic materials company’s stock worth $28,000 after purchasing an additional 146 shares during the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Price Performance

Shares of NYSE:EMN opened at $60.94 on Thursday. The firm’s 50 day moving average price is $62.95 and its 200-day moving average price is $70.85. The stock 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 Company has a twelve month low of $56.75 and a twelve month high of $107.50. The company has a quick ratio of 0.78, a current ratio of 1.68 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 during the quarter, compared to analysts’ expectations of $2.28 billion. During the same quarter last year, the company earned $2.26 earnings per share. The company’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. Equities research analysts expect that Eastman Chemical Company will post 8.55 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. UBS Group reduced their price objective on Eastman Chemical from $75.00 to $73.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Royal Bank Of Canada set a $71.00 price target on shares of Eastman Chemical in a report on Tuesday, October 14th. Citigroup lifted their price target on shares of Eastman Chemical from $68.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, October 2nd. Bank of America decreased their price objective on shares of Eastman Chemical from $78.00 to $74.00 and set a “buy” rating for the company in a report on Tuesday, October 14th. Finally, Mizuho dropped their target price on shares of Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating on the stock in a report on Friday, October 3rd. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $78.62.

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.