Eagle Asset Management Inc. Sells 11,387 Shares of Eastman Chemical (NYSE:EMN)

Eagle Asset Management Inc. lessened its position in shares of Eastman Chemical (NYSE:EMN) by 1.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,030,284 shares of the basic materials company’s stock after selling 11,387 shares during the quarter. Eagle Asset Management Inc.’s holdings in Eastman Chemical were worth $115,340,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. L & S Advisors Inc raised its position in Eastman Chemical by 0.9% in the 3rd quarter. L & S Advisors Inc now owns 61,224 shares of the basic materials company’s stock worth $6,854,000 after purchasing an additional 540 shares during the last quarter. Blackhawk Capital Partners LLC. grew its holdings in shares of Eastman Chemical by 18.9% during the third quarter. Blackhawk Capital Partners LLC. now owns 2,580 shares of the basic materials company’s stock worth $289,000 after buying an additional 410 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Eastman Chemical by 3.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock valued at $306,093,000 after purchasing an additional 83,504 shares during the last quarter. First Horizon Advisors Inc. grew its position in Eastman Chemical by 48.5% in the third quarter. First Horizon Advisors Inc. now owns 1,516 shares of the basic materials company’s stock valued at $170,000 after purchasing an additional 495 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its holdings in shares of Eastman Chemical by 17.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 17,996 shares of the basic materials company’s stock valued at $2,015,000 after purchasing an additional 2,665 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Price Performance

EMN stock opened at $103.65 on Friday. The company has a market capitalization of $12.01 billion, a P/E ratio of 13.88, a PEG ratio of 0.77 and a beta of 1.44. The company has a fifty day moving average price of $106.30 and a 200-day moving average price of $101.51. 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.

Eastman Chemical (NYSE:EMN) last announced 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 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 analyst estimates of $2.38 billion. During the same period last year, the company earned $1.47 EPS. Eastman Chemical’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, equities analysts expect that Eastman Chemical will post 7.63 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have commented on EMN. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Thursday, November 14th. Barclays upped their price objective on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Mizuho lifted their target price on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Piper Sandler reaffirmed a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a research report on Tuesday, July 30th. Finally, Wells Fargo & Company cut their price objective on shares of Eastman Chemical from $118.00 to $110.00 and set an “equal weight” 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 given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $111.50.

Insider Transactions at Eastman Chemical

In other 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 value of $321,405.00. Following the transaction, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at $1,298,430. The trade was a 19.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.93% of the company’s stock.

About Eastman Chemical

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.