BlackRock Inc. cut its holdings in shares of Eastman Chemical (NYSE:EMN) by 7.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,794,957 shares of the basic materials company’s stock after selling 828,568 shares during the period. BlackRock Inc. owned 7.15% of Eastman Chemical worth $762,343,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Motco acquired a new position in shares of Eastman Chemical during the second quarter worth $31,000. Berman Capital Advisors LLC increased its position in shares of Eastman Chemical by 28.6% during the second quarter. Berman Capital Advisors LLC now owns 639 shares of the basic materials company’s stock worth $49,000 after purchasing an additional 142 shares in the last quarter. CSat Investment Advisory L.P. increased its position in shares of Eastman Chemical by 97.0% during the second quarter. CSat Investment Advisory L.P. now owns 652 shares of the basic materials company’s stock worth $50,000 after purchasing an additional 321 shares in the last quarter. SevenBridge Financial Group LLC increased its position in shares of Eastman Chemical by 62.6% during the second quarter. SevenBridge Financial Group LLC now owns 709 shares of the basic materials company’s stock worth $55,000 after purchasing an additional 273 shares in the last quarter. Finally, WealthStone Inc. acquired a new position in shares of Eastman Chemical during the second quarter worth $75,000. 81.01% of the stock is currently owned by institutional investors and hedge funds.

Shares of EMN opened at $83.90 on Friday. The firm has a market capitalization of $11.06 billion, a PE ratio of 10.23, a price-to-earnings-growth ratio of 1.59 and a beta of 1.40. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.65 and a quick ratio of 0.80. Eastman Chemical has a 1-year low of $61.22 and a 1-year high of $86.18. The company’s fifty day moving average price is $74.31 and its 200-day moving average price is $73.13.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.94 EPS for the quarter, missing the consensus estimate of $1.98 by ($0.04). Eastman Chemical had a net margin of 8.12% and a return on equity of 16.58%. The business had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same period in the previous year, the company posted $2.34 earnings per share. Eastman Chemical’s revenue for the quarter was down 8.7% compared to the same quarter last year. As a group, research analysts anticipate that Eastman Chemical will post 7.11 EPS for the current fiscal year.

EMN has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. downgraded Eastman Chemical from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $88.00 to $80.00 in a research report on Monday, July 29th. SunTrust Banks upped their price target on Eastman Chemical to $80.00 and gave the stock a “hold” rating in a research report on Tuesday, October 29th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Eastman Chemical from a “hold” rating to a “sell” rating and set a $78.00 price objective on the stock. in a report on Tuesday, October 1st. Cowen reissued a “market perform” rating and set a $77.00 price objective (down from $83.00) on shares of Eastman Chemical in a report on Monday, August 5th. Finally, Bank of America began coverage on shares of Eastman Chemical in a report on Thursday, September 26th. They set a “buy” rating and a $84.00 price objective on the stock. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $84.47.

Eastman Chemical Company Profile

Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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