Eastman Chemical (NYSE:EMN) Holdings Trimmed by Wrapmanager Inc.

Wrapmanager Inc. reduced its holdings in Eastman Chemical (NYSE:EMN) by 15.1% during the third quarter, Holdings Channel reports. The firm owned 1,824 shares of the basic materials company’s stock after selling 324 shares during the period. Wrapmanager Inc.’s holdings in Eastman Chemical were worth $204,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in EMN. Wolff Wiese Magana LLC grew its position 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. acquired a new position in shares of Eastman Chemical in the 2nd quarter worth $29,000. Northwest Investment Counselors LLC acquired a new stake in shares of Eastman Chemical during the third quarter worth $38,000. EntryPoint Capital LLC purchased a new stake in shares of Eastman Chemical during the first quarter valued at $38,000. Finally, Rothschild Investment LLC acquired a new position in shares of Eastman Chemical in the 2nd quarter valued at $38,000. 83.65% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, SVP Christopher Moore Killian sold 3,061 shares of the business’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 completion of the transaction, the senior vice president now owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. The trade was a 19.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.28% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Royal Bank of Canada dropped their target price on shares of Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Piper Sandler reissued a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Thursday, November 14th. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price target for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research note on Monday, November 4th. 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.com, the stock currently has an average rating of “Hold” and an average price target of $111.50.

Eastman Chemical Stock Down 2.6 %

Eastman Chemical stock opened at $101.26 on Wednesday. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80. Eastman Chemical has a 1-year low of $80.71 and a 1-year high of $114.50. The firm’s fifty day simple moving average is $106.25 and its 200-day simple moving average is $101.51. The company has a market capitalization of $11.74 billion, a P/E ratio of 13.56, a P/E/G ratio of 0.77 and a beta of 1.44.

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

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.