Mitsubishi UFJ Asset Management Co. Ltd. Lowers Stake in Eastman Chemical Company $EMN

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

A number of other hedge funds and other institutional investors have also recently modified their holdings of EMN. Vontobel Holding Ltd. bought a new stake in Eastman Chemical during the second quarter valued at about $392,000. Y Intercept Hong Kong Ltd grew its position in shares of Eastman Chemical by 235.2% during the second quarter. Y Intercept Hong Kong Ltd now owns 66,200 shares of the basic materials company’s stock worth $4,942,000 after purchasing an additional 46,453 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in Eastman Chemical by 19.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 67,112 shares of the basic materials company’s stock valued at $5,066,000 after purchasing an additional 10,813 shares during the period. Bank of Montreal Can lifted its holdings in Eastman Chemical by 9.2% in the 2nd quarter. Bank of Montreal Can now owns 472,384 shares of the basic materials company’s stock worth $35,268,000 after purchasing an additional 39,930 shares in the last quarter. Finally, NewSquare Capital LLC boosted its stake in Eastman Chemical by 92.2% in the 2nd quarter. NewSquare Capital LLC now owns 80,429 shares of the basic materials company’s stock worth $6,005,000 after purchasing an additional 38,572 shares during the period. 83.65% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. UBS Group reduced their price objective on shares of Eastman Chemical from $75.00 to $73.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Wells Fargo & Company reduced their price target on shares of Eastman Chemical from $80.00 to $70.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. The Goldman Sachs Group decreased their price target on shares of Eastman Chemical from $87.00 to $65.00 and set a “neutral” rating on the stock in a research note on Thursday, August 7th. Royal Bank Of Canada set a $71.00 price objective on Eastman Chemical in a research report on Tuesday, October 14th. Finally, Evercore ISI decreased their target price on Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating on the stock in a research report on Tuesday. 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.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $78.62.

Eastman Chemical Stock Up 0.0%

Shares of NYSE EMN opened at $60.94 on Thursday. 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 Company has a 12-month low of $56.75 and a 12-month high of $107.50. 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 price-to-earnings ratio of 8.56, a P/E/G ratio of 6.16 and a beta of 1.31.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Monday, November 3rd. The basic materials company reported $1.14 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.04). The company had revenue of $2.20 billion for the quarter, compared to the consensus estimate 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 period in the previous year, the firm earned $2.26 earnings per share. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. On average, equities research analysts anticipate that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

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.