Eastman Chemical (NYSE:EMN) Position Increased by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. increased its stake in shares of Eastman Chemical (NYSE:EMN) by 10.5% in the third quarter, Holdings Channel.com reports. The institutional investor owned 7,043 shares of the basic materials company’s stock after acquiring an additional 671 shares during the period. Pinnacle Associates Ltd.’s holdings in Eastman Chemical were worth $788,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the stock. Capital Research Global Investors increased its holdings in shares of Eastman Chemical by 649.8% in the 1st quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock worth $452,139,000 after acquiring an additional 3,909,740 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Eastman Chemical by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock valued at $223,435,000 after purchasing an additional 198,645 shares during the period. Earnest Partners LLC raised its holdings in shares of Eastman Chemical by 1.8% during the second quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company’s stock valued at $219,454,000 after buying an additional 40,070 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Eastman Chemical by 0.6% during the second quarter. Bank of New York Mellon Corp now owns 1,220,463 shares of the basic materials company’s stock worth $119,569,000 after buying an additional 7,847 shares during the period. Finally, Clearbridge Investments LLC raised its stake in Eastman Chemical by 18.1% during the 1st quarter. Clearbridge Investments LLC now owns 1,120,604 shares of the basic materials company’s stock valued at $112,307,000 after acquiring an additional 171,945 shares in the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Piper Sandler reiterated a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a research report on Tuesday, July 30th. Mizuho increased their price target on Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Royal Bank of Canada raised their target price on Eastman Chemical from $100.00 to $107.00 and gave the company a “sector perform” rating in a research note on Friday, October 11th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a report on Monday, July 29th. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Eastman Chemical has an average rating of “Hold” and an average price target of $112.07.

Eastman Chemical Trading Down 3.8 %

Eastman Chemical stock opened at $101.08 on Friday. Eastman Chemical has a 52 week low of $74.31 and a 52 week high of $114.50. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. The firm has a market capitalization of $11.81 billion, a price-to-earnings ratio of 13.60, a P/E/G ratio of 0.80 and a beta of 1.44. The company has a 50 day moving average price of $105.80 and a 200 day moving average price of $100.98.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.13 by $0.13. The business had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. Eastman Chemical’s revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.47 earnings per share. Research analysts forecast that Eastman Chemical will post 7.66 EPS for the current year.

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.