Psagot Investment House Ltd. lifted its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 60.0% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 1,600 shares of the basic materials company’s stock after acquiring an additional 600 shares during the period. Psagot Investment House Ltd.’s holdings in Eastman Chemical were worth $145,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. RNC Capital Management LLC increased its position in shares of Eastman Chemical by 0.5% during the second quarter. RNC Capital Management LLC now owns 3,278 shares of the basic materials company’s stock worth $275,000 after purchasing an additional 15 shares in the last quarter. Veritable L.P. lifted its stake in Eastman Chemical by 1.0% during the 2nd quarter. Veritable L.P. now owns 2,776 shares of the basic materials company’s stock worth $233,000 after acquiring an additional 27 shares in the last quarter. HL Financial Services LLC lifted its stake in Eastman Chemical by 0.4% during the 2nd quarter. HL Financial Services LLC now owns 11,253 shares of the basic materials company’s stock worth $945,000 after acquiring an additional 49 shares in the last quarter. Daiwa Securities Group Inc. lifted its stake in Eastman Chemical by 1.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 4,150 shares of the basic materials company’s stock worth $349,000 after acquiring an additional 50 shares in the last quarter. Finally, Pinnacle Associates Ltd. lifted its stake in Eastman Chemical by 0.5% during the 2nd quarter. Pinnacle Associates Ltd. now owns 14,207 shares of the basic materials company’s stock worth $1,193,000 after acquiring an additional 65 shares in the last quarter. 82.66% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have issued reports on EMN shares. KeyCorp reaffirmed a “buy” rating and issued a $100.00 price target on shares of Eastman Chemical in a research report on Wednesday, October 4th. Jefferies Group reaffirmed a “buy” rating and issued a $96.00 price target on shares of Eastman Chemical in a research report on Tuesday, October 3rd. Goldman Sachs Group raised Eastman Chemical from a “neutral” rating to a “buy” rating and increased their price target for the company from $81.00 to $101.00 in a research report on Thursday, September 28th. Deutsche Bank increased their price target on Eastman Chemical from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, October 10th. Finally, UBS increased their price target on Eastman Chemical from $97.00 to $103.00 and gave the company a “buy” rating in a research report on Friday, October 27th. Ten research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $96.00.
Eastman Chemical Company (EMN) traded down $0.59 on Thursday, hitting $90.61. The stock had a trading volume of 1,421,400 shares, compared to its average volume of 1,151,196. The stock has a market cap of $13,108.58, a P/E ratio of 12.14, a P/E/G ratio of 1.55 and a beta of 1.31. The company has a current ratio of 1.83, a quick ratio of 0.94 and a debt-to-equity ratio of 1.24. Eastman Chemical Company has a fifty-two week low of $74.78 and a fifty-two week high of $94.96.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 26th. The basic materials company reported $2.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.16. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a return on equity of 22.77% and a net margin of 10.89%. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.86 EPS. analysts forecast that Eastman Chemical Company will post 7.13 EPS for the current year.
In related news, SVP Perry Stuckey sold 5,200 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $92.12, for a total transaction of $479,024.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 1.14% of the company’s stock.
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Eastman Chemical Profile
Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.
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