Caprock Group LLC Grows Stake in Eastman Chemical (NYSE:EMN)

Caprock Group LLC lifted its stake in Eastman Chemical (NYSE:EMN) by 33.5% in the 3rd quarter, Holdings Channel.com reports. The firm owned 3,068 shares of the basic materials company’s stock after buying an additional 770 shares during the quarter. Caprock Group LLC’s holdings in Eastman Chemical were worth $346,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of EMN. Wolff Wiese Magana LLC raised its holdings in Eastman Chemical by 238.1% in the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after buying an additional 200 shares during the last quarter. Cultivar Capital Inc. purchased a new position in Eastman Chemical in the 2nd quarter worth approximately $29,000. Northwest Investment Counselors LLC bought a new position in Eastman Chemical in the 3rd quarter valued at approximately $38,000. EntryPoint Capital LLC purchased a new stake in Eastman Chemical during the 1st quarter valued at $38,000. Finally, Rothschild Investment LLC purchased a new position in shares of Eastman Chemical in the second quarter worth $38,000. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Performance

NYSE:EMN opened at $105.59 on Friday. The stock has a 50-day simple moving average of $106.43 and a two-hundred day simple moving average of $101.57. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. Eastman Chemical has a 52-week low of $80.71 and a 52-week high of $114.50. The firm has a market capitalization of $12.24 billion, a PE ratio of 14.14, a P/E/G ratio of 0.79 and a beta of 1.44.

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

Insider Activity at Eastman Chemical

In related news, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction dated Wednesday, November 6th. The stock was 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 owns 12,366 shares in the company, valued at approximately $1,298,430. This trade represents a 19.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.93% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on EMN shares. Piper Sandler reaffirmed a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $105.00 price target on shares of Eastman Chemical in a report on Friday. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a report on Monday, November 4th. Barclays lifted their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Finally, Mizuho increased their price target on Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target 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.