Eastman Chemical (NYSE:EMN) Shares Bought by Strengthening Families & Communities LLC

Strengthening Families & Communities LLC grew its position in shares of Eastman Chemical (NYSE:EMN) by 8.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 32,652 shares of the basic materials company’s stock after purchasing an additional 2,405 shares during the quarter. Eastman Chemical makes up about 0.9% of Strengthening Families & Communities LLC’s holdings, making the stock its 25th largest position. Strengthening Families & Communities LLC’s holdings in Eastman Chemical were worth $3,655,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cultivar Capital Inc. acquired a new stake in Eastman Chemical during the 2nd quarter worth $29,000. Wolff Wiese Magana LLC raised its holdings in shares of Eastman Chemical by 238.1% in the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after buying an additional 200 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Eastman Chemical during the first quarter worth about $38,000. Rothschild Investment LLC purchased a new position in shares of Eastman Chemical during the second quarter worth about $38,000. Finally, Northwest Investment Counselors LLC acquired a new position in Eastman Chemical in the 3rd quarter valued at about $38,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Stock Performance

NYSE EMN opened at $101.61 on Monday. The business has a 50 day moving average price of $106.07 and a 200 day moving average price of $101.43. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. The company has a market capitalization of $11.78 billion, a P/E ratio of 13.60, a PEG ratio of 0.77 and a beta of 1.44. Eastman Chemical has a 1-year low of $80.14 and a 1-year high of $114.50.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates 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 quarter last year, the business posted $1.47 earnings per share. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. Sell-side analysts expect that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Insiders Place Their Bets

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of the 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 sale, the senior vice president now 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 this link. 1.93% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

EMN has been the subject of a number of recent research reports. Barclays increased their price objective 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. Deutsche Bank Aktiengesellschaft decreased their price target on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a report on Monday, November 4th. Bank of America cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. Royal Bank of Canada reduced their target price on shares of Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Finally, Piper Sandler reiterated a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $111.50.

Eastman Chemical 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.