Connor Clark & Lunn Investment Management Ltd. Increases Position in Eastman Chemical Company $EMN

Connor Clark & Lunn Investment Management Ltd. grew its position in Eastman Chemical Company (NYSE:EMN) by 1,528.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 88,712 shares of the basic materials company’s stock after purchasing an additional 83,264 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.08% of Eastman Chemical worth $6,623,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its holdings in Eastman Chemical by 8.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,588,331 shares of the basic materials company’s stock worth $228,042,000 after buying an additional 202,740 shares during the last quarter. Northern Trust Corp boosted its holdings in Eastman Chemical by 1.2% in the first quarter. Northern Trust Corp now owns 1,393,932 shares of the basic materials company’s stock valued at $122,819,000 after purchasing an additional 16,532 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Eastman Chemical by 2.0% in the first quarter. PNC Financial Services Group Inc. now owns 962,548 shares of the basic materials company’s stock valued at $84,810,000 after purchasing an additional 18,460 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Eastman Chemical by 4.2% during the first 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 in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in shares of Eastman Chemical by 33.1% during the 1st quarter. Ameriprise Financial Inc. now owns 575,191 shares of the basic materials company’s stock worth $50,700,000 after buying an additional 142,897 shares during the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Trading Up 0.0%

NYSE EMN opened at $60.94 on Thursday. The company’s fifty day simple moving average is $62.95 and its 200-day simple moving average is $70.85. The stock has a market cap of $6.95 billion, a P/E ratio of 8.56, a PEG ratio of 6.16 and a beta of 1.31. Eastman Chemical Company has a 52 week low of $56.75 and a 52 week 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 released its quarterly earnings results 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). The business had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.28 billion. Eastman Chemical had a return on equity of 15.24% and a net margin of 8.96%.The company’s revenue was down 10.6% compared to the same quarter last year. During the same quarter last year, the firm posted $2.26 EPS. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. Equities research analysts predict that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

EMN has been the subject of several recent research reports. The Goldman Sachs Group dropped their target price 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 on the stock in a research note on Friday, October 3rd. Royal Bank Of Canada set a $71.00 price target on Eastman Chemical in a research report on Tuesday, October 14th. 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. Finally, Weiss Ratings upgraded Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, October 24th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price 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.