Eastman Chemical Company $EMN Position Increased by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Eastman Chemical Company (NYSE:EMN) by 1,528.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 88,712 shares of the basic materials company’s stock after acquiring an additional 83,264 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Eastman Chemical were worth $6,623,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of EMN. Miller Howard Investments Inc. NY purchased a new stake in Eastman Chemical in the 2nd quarter worth approximately $26,212,000. Nuveen LLC acquired a new stake in shares of Eastman Chemical in the 1st quarter valued at $26,289,000. Atlantic Investment Management Inc. acquired a new stake in shares of Eastman Chemical during the 1st quarter worth about $22,167,000. Dimensional Fund Advisors LP raised its stake in shares of Eastman Chemical by 8.5% in the first quarter. Dimensional Fund Advisors LP now owns 2,588,331 shares of the basic materials company’s stock valued at $228,042,000 after acquiring an additional 202,740 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Eastman Chemical by 5,315.9% in the 1st quarter. Jones Financial Companies Lllp now owns 200,011 shares of the basic materials company’s stock worth $17,623,000 after acquiring an additional 196,318 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Price Performance

Shares of 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. The stock has a market cap of $6.95 billion, a P/E ratio of 8.56, a price-to-earnings-growth ratio of 6.16 and a beta of 1.31. The stock’s 50-day moving average price is $62.95 and its two-hundred day moving average price is $70.85. Eastman Chemical Company has a 1 year low of $56.75 and a 1 year high of $107.50.

Eastman Chemical (NYSE:EMN) last issued its 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 firm had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.28 billion. Eastman Chemical had a net margin of 8.96% and a return on equity of 15.24%. The firm’s revenue for the quarter was down 10.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.26 EPS. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. On average, equities analysts predict that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Royal Bank Of Canada set a $71.00 target price on Eastman Chemical in a report on Tuesday, October 14th. The Goldman Sachs Group lowered their price objective 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. Wells Fargo & Company reduced their target price on shares of Eastman Chemical from $80.00 to $70.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 5th. UBS Group decreased their price target on shares of Eastman Chemical from $75.00 to $73.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Finally, KeyCorp set a $79.00 price objective on shares of Eastman Chemical and gave the stock an “overweight” rating in a research report on Monday, August 4th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average 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.