Advisors Asset Management Inc. Grows Stake in Eastman Chemical (NYSE:EMN)

Advisors Asset Management Inc. lifted its position in Eastman Chemical (NYSE:EMN) by 17.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 17,996 shares of the basic materials company’s stock after purchasing an additional 2,665 shares during the quarter. Advisors Asset Management Inc.’s holdings in Eastman Chemical were worth $2,015,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its holdings in shares of Eastman Chemical by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock valued at $223,435,000 after acquiring an additional 198,645 shares in the last quarter. Earnest Partners LLC raised its stake in Eastman Chemical by 1.8% in 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 purchasing an additional 40,070 shares in the last quarter. Bank of New York Mellon Corp lifted its position in 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 valued at $119,569,000 after purchasing an additional 7,847 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in Eastman Chemical by 15.4% in the 3rd quarter. Thrivent Financial for Lutherans now owns 947,473 shares of the basic materials company’s stock worth $106,070,000 after buying an additional 126,301 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Eastman Chemical by 57.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock worth $104,755,000 after buying an additional 340,562 shares during the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Insider Activity at Eastman Chemical

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value 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 $1,298,430. This trade represents a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 1.93% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

EMN has been the subject of several research reports. 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 upped their price objective on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Barclays raised their price objective on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $105.00 target price on shares of Eastman Chemical in a research note on Friday. Finally, StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Thursday, November 14th. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $111.50.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $105.59 on Monday. The firm has a market cap of $12.24 billion, a PE ratio of 14.14, a price-to-earnings-growth ratio of 0.79 and a beta of 1.44. The company’s fifty day simple moving average is $106.43 and its two-hundred day simple moving average is $101.59. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. Eastman Chemical has a 12-month low of $80.71 and a 12-month high of $114.50.

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