PNC Financial Services Group Inc. Lowers Stock Position in Eastman Chemical Company $EMN

PNC Financial Services Group Inc. trimmed its position in Eastman Chemical Company (NYSE:EMN) by 1.7% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 946,516 shares of the basic materials company’s stock after selling 16,032 shares during the period. PNC Financial Services Group Inc.’s holdings in Eastman Chemical were worth $70,667,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of EMN. Brighton Jones LLC bought a new position in Eastman Chemical in the 4th quarter valued at $202,000. Alps Advisors Inc. bought a new position in Eastman Chemical during the first quarter valued at about $347,000. Ballentine Partners LLC purchased a new stake in Eastman Chemical during the first quarter worth about $204,000. CWM LLC raised its position in Eastman Chemical by 34.1% in the first quarter. CWM LLC now owns 6,199 shares of the basic materials company’s stock worth $546,000 after acquiring an additional 1,578 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Eastman Chemical during the 1st quarter valued at approximately $344,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Up 0.0%

Shares of NYSE EMN opened at $60.94 on Thursday. The company has a quick ratio of 0.78, a current ratio of 1.68 and a debt-to-equity ratio of 0.81. The company has a market cap of $6.95 billion, a P/E ratio of 8.56, a P/E/G 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 business has a 50-day simple moving average of $62.95 and a two-hundred day simple moving average of $70.85.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Monday, November 3rd. The basic materials company reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.04). The firm had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.28 billion. Eastman Chemical had a return on equity of 15.24% and a net margin of 8.96%.The company’s quarterly revenue was down 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.26 earnings per share. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. Research analysts anticipate that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. KeyCorp set a $79.00 price objective on Eastman Chemical and gave the company an “overweight” rating in a report on Monday, August 4th. Bank of America cut their price target on Eastman Chemical from $78.00 to $74.00 and set a “buy” rating for the company in a research note on Tuesday, October 14th. Wells Fargo & Company lowered their price objective on Eastman Chemical from $80.00 to $70.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 5th. Weiss Ratings raised shares of Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, October 24th. Finally, The Goldman Sachs Group cut their target price on shares of Eastman Chemical from $87.00 to $65.00 and set a “neutral” rating for the company in a research report on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $78.62.

Eastman Chemical 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.