B. Metzler seel. Sohn & Co. Holding AG Acquires New Stake in Eastman Chemical (NYSE:EMN)

B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Eastman Chemical (NYSE:EMN) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,803 shares of the basic materials company’s stock, valued at approximately $314,000.

A number of other hedge funds have also modified their holdings of the business. Fifth Third Wealth Advisors LLC purchased a new stake in Eastman Chemical in the 3rd quarter valued at $491,000. Prospera Financial Services Inc grew its holdings in shares of Eastman Chemical by 21.4% in the third quarter. Prospera Financial Services Inc now owns 22,391 shares of the basic materials company’s stock valued at $2,506,000 after purchasing an additional 3,940 shares during the period. Whalen Wealth Management Inc. acquired a new stake in Eastman Chemical during the third quarter worth about $506,000. Caprock Group LLC raised its stake in Eastman Chemical by 33.5% during the third quarter. Caprock Group LLC now owns 3,068 shares of the basic materials company’s stock worth $346,000 after purchasing an additional 770 shares during the period. Finally, Pathstone Holdings LLC boosted its holdings in Eastman Chemical by 2.2% in the 3rd quarter. Pathstone Holdings LLC now owns 16,483 shares of the basic materials company’s stock valued at $1,846,000 after purchasing an additional 348 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Eastman Chemical

In other news, SVP Christopher Moore Killian sold 3,061 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were 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 directly owns 12,366 shares of the company’s stock, valued at $1,298,430. This trade represents a 19.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.93% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

EMN has been the topic of a number of recent analyst reports. Wells Fargo & Company decreased their price objective on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a report on Monday, November 4th. Piper Sandler reiterated a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Mizuho lifted their price target on shares of Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Finally, Barclays upped their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $111.50.

Eastman Chemical Stock Up 1.9 %

EMN stock opened at $105.59 on Monday. Eastman Chemical has a one year low of $80.71 and a one year high of $114.50. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. The company has a fifty day moving average of $106.43 and a 200-day moving average of $101.59. The stock has a market capitalization of $12.24 billion, a PE ratio of 14.14, a price-to-earnings-growth ratio of 0.79 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last released 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 company had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the previous year, the firm posted $1.47 EPS. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. As a group, analysts expect that Eastman Chemical will post 7.63 EPS for the current 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.