F M Investments LLC Trims Stake in Eastman Chemical (NYSE:EMN)

F M Investments LLC trimmed its position in Eastman Chemical (NYSE:EMN) by 9.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,608 shares of the basic materials company’s stock after selling 2,320 shares during the quarter. F M Investments LLC’s holdings in Eastman Chemical were worth $2,509,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in EMN. Capital Research Global Investors raised its stake in Eastman Chemical by 649.8% in the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock worth $452,139,000 after buying an additional 3,909,740 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Eastman Chemical by 9.5% during 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 in the last quarter. Earnest Partners LLC grew 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 during the last quarter. Bank of New York Mellon Corp raised its holdings in Eastman Chemical by 0.6% in 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 purchasing an additional 7,847 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its position in shares of Eastman Chemical by 18.1% during the first quarter. Clearbridge Investments LLC now owns 1,120,604 shares of the basic materials company’s stock valued at $112,307,000 after buying an additional 171,945 shares during the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on EMN. Wells Fargo & Company increased their target price on shares of Eastman Chemical from $105.00 to $118.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 15th. Royal Bank of Canada upped their price objective on shares of Eastman Chemical from $100.00 to $107.00 and gave the company a “sector perform” rating in a report on Friday, October 11th. Mizuho upped their price target on shares of Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday. Piper Sandler reiterated a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Finally, Barclays raised their target price on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $112.07.

Eastman Chemical Trading Down 3.8 %

Shares of Eastman Chemical stock opened at $101.08 on Friday. Eastman Chemical has a fifty-two week low of $74.31 and a fifty-two 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 company has a market cap of $11.81 billion, a P/E ratio of 13.53, a price-to-earnings-growth ratio of 0.80 and a beta of 1.44. The firm has a 50-day simple moving average of $105.80 and a two-hundred day simple moving average of $100.98.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.13 by $0.13. The company had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a return on equity of 15.45% and a net margin of 9.47%. Eastman Chemical’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period last year, the company earned $1.47 earnings per share. As a group, equities analysts predict that Eastman Chemical will post 7.66 earnings per share for the current fiscal 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.