Icon Wealth Advisors LLC Purchases 14,329 Shares of Eastman Chemical (NYSE:EMN)

Icon Wealth Advisors LLC raised its position in Eastman Chemical (NYSE:EMN) by 1,441.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 15,323 shares of the basic materials company’s stock after buying an additional 14,329 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Eastman Chemical were worth $1,715,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in EMN. Assenagon Asset Management S.A. raised its holdings in Eastman Chemical by 1,104.3% during the third quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock worth $104,560,000 after acquiring an additional 856,432 shares in the last quarter. Truist Financial Corp raised its position in Eastman Chemical by 201.5% during the second quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock worth $90,572,000 after acquiring an additional 617,889 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its stake in Eastman Chemical by 318.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock valued at $69,516,000 after acquiring an additional 534,081 shares during the last quarter. PNC Financial Services Group Inc. grew its position 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 valued at $104,755,000 after acquiring an additional 340,562 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Eastman Chemical by 34.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock valued at $83,524,000 after purchasing an additional 218,531 shares during the period. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Stock Performance

NYSE EMN opened at $105.64 on Friday. The firm has a 50-day moving average price of $106.38 and a two-hundred day moving average price of $101.53. Eastman Chemical has a 12-month low of $80.71 and a 12-month high of $114.50. The company has a market capitalization 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 has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) 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 business had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the previous year, the company posted $1.47 earnings per share. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. Analysts anticipate that Eastman Chemical will post 7.63 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Barclays boosted their price target on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Piper Sandler reaffirmed a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a report on Tuesday, July 30th. Mizuho lifted their price objective on shares of Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Bank of America lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and increased their price objective for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. Finally, StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Thursday, November 14th. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $111.50.

Insider Activity

In other news, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction on 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.93% of the company’s stock.

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.