Eastman Chemical (NYSE:EMN) Position Raised by Sompo Asset Management Co. Ltd.

Sompo Asset Management Co. Ltd. boosted its position in Eastman Chemical (NYSE:EMN) by 10.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,910 shares of the basic materials company’s stock after purchasing an additional 540 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Eastman Chemical were worth $662,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of EMN. Wolff Wiese Magana LLC boosted its stake in Eastman Chemical by 238.1% during the third 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 in the last quarter. Cultivar Capital Inc. bought a new position in shares of Eastman Chemical during the 2nd quarter valued at about $29,000. Northwest Investment Counselors LLC acquired a new position in shares of Eastman Chemical in the 3rd quarter worth approximately $38,000. EntryPoint Capital LLC bought a new stake in shares of Eastman Chemical in the 1st quarter worth approximately $38,000. Finally, Rothschild Investment LLC acquired a new stake in Eastman Chemical during the second quarter valued at approximately $38,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Trading Up 1.9 %

Eastman Chemical stock opened at $105.59 on Friday. Eastman Chemical has a 12 month low of $80.71 and a 12 month high of $114.50. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. The stock has a market cap of $12.24 billion, a P/E ratio of 14.14, a P/E/G ratio of 0.79 and a beta of 1.44. The company’s fifty day simple moving average is $106.43 and its 200-day simple moving average is $101.57.

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on EMN shares. Piper Sandler reaffirmed a “neutral” rating and issued a $105.00 price target on shares of Eastman Chemical in a report on Tuesday, July 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $105.00 target price on shares of Eastman Chemical in a research report on Friday. Wells Fargo & Company decreased their price target on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating for the company in a research report on Monday, November 4th. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $114.00 to $119.00 in a report on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price 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. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Eastman Chemical currently has an average rating of “Hold” and an average target price of $111.50.

Insider Buying and Selling

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 stock was sold at an average price of $105.00, for a total transaction of $321,405.00. Following the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.93% of the stock is currently owned by corporate insiders.

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.