Advisors Asset Management Inc. Acquires 2,665 Shares of Eastman Chemical (NYSE:EMN)

Advisors Asset Management Inc. increased its holdings in Eastman Chemical (NYSE:EMN) by 17.4% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 17,996 shares of the basic materials company’s stock after buying an additional 2,665 shares during the quarter. Advisors Asset Management Inc.’s holdings in Eastman Chemical were worth $2,015,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of EMN. Dakota Wealth Management boosted its stake in shares of Eastman Chemical by 13.5% in the 2nd quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock worth $2,183,000 after buying an additional 2,655 shares during the last quarter. KBC Group NV boosted its position in Eastman Chemical by 21.8% in the third quarter. KBC Group NV now owns 110,610 shares of the basic materials company’s stock worth $12,383,000 after purchasing an additional 19,809 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Eastman Chemical by 6.8% during the 3rd quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company’s stock valued at $16,588,000 after purchasing an additional 9,447 shares during the period. Cetera Advisors LLC increased its position in shares of Eastman Chemical by 119.7% during the 1st quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company’s stock valued at $1,011,000 after purchasing an additional 5,496 shares during the last quarter. Finally, Comerica Bank lifted its stake in shares of Eastman Chemical by 18.5% in the 1st quarter. Comerica Bank now owns 39,306 shares of the basic materials company’s stock worth $3,939,000 after purchasing an additional 6,126 shares during the period. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Up 1.9 %

Shares of EMN stock opened at $105.59 on Monday. The company’s fifty day simple moving average is $106.43 and its two-hundred day simple moving average is $101.59. Eastman Chemical has a 52 week low of $80.71 and a 52 week high of $114.50. The stock has a market cap of $12.24 billion, a P/E ratio of 14.14, a PEG 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 posted its earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. The company had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.47 earnings per share. Analysts predict that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Insider Activity

In other news, SVP Christopher Moore Killian sold 3,061 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total transaction of $321,405.00. Following the sale, the senior vice president now directly owns 12,366 shares in the company, valued at approximately $1,298,430. This represents a 19.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.93% of the company’s stock.

Analyst Upgrades and Downgrades

EMN has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft reduced 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. Mizuho upped their price target on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Piper Sandler reaffirmed a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. Finally, Bank of America downgraded shares of 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. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Eastman Chemical has a consensus rating of “Hold” and an average target price of $111.50.

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.