Empowered Funds LLC Buys 4,092 Shares of Eastman Chemical (NYSE:EMN)

Empowered Funds LLC boosted its stake in Eastman Chemical (NYSE:EMN) by 41.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 13,967 shares of the basic materials company’s stock after acquiring an additional 4,092 shares during the period. Empowered Funds LLC’s holdings in Eastman Chemical were worth $1,564,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in EMN. Cultivar Capital Inc. bought a new stake in shares of Eastman Chemical in the 2nd quarter worth approximately $29,000. Wolff Wiese Magana LLC lifted its position in shares of Eastman Chemical by 238.1% during the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after buying an additional 200 shares during the last quarter. EntryPoint Capital LLC bought a new position in shares of Eastman Chemical during the 1st quarter worth $38,000. Rothschild Investment LLC purchased a new stake in Eastman Chemical in the 2nd quarter worth about $38,000. Finally, Northwest Investment Counselors LLC bought a new stake in Eastman Chemical in the 3rd quarter valued at about $38,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Stock Up 2.3 %

Shares of NYSE EMN opened at $103.65 on Friday. The stock has a market capitalization of $12.01 billion, a P/E ratio of 13.88, a PEG ratio of 0.77 and a beta of 1.44. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. Eastman Chemical has a one year low of $80.71 and a one year high of $114.50. The firm’s 50 day simple moving average is $106.30 and its two-hundred day simple moving average is $101.51.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.12. The business had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The company’s revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.47 earnings per share. As a group, analysts expect that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total transaction of $321,405.00. Following the completion of the sale, the senior vice president now directly owns 12,366 shares in the company, valued at approximately $1,298,430. This represents a 19.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.93% of the company’s stock.

Wall Street Analysts Forecast Growth

EMN has been the subject of several recent research reports. Mizuho lifted their target price on shares of Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Wells Fargo & Company lowered their target price on shares of Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a report on Monday, November 4th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. Deutsche Bank Aktiengesellschaft dropped their price objective on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Finally, Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their target price for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $111.50.

Eastman Chemical Company 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.