BB&T Securities LLC increased its holdings in shares of Eastman Chemical (NYSE:EMN) by 13.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,919 shares of the basic materials company’s stock after buying an additional 933 shares during the period. BB&T Securities LLC’s holdings in Eastman Chemical were worth $594,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in the company. Berman Capital Advisors LLC raised its stake in Eastman Chemical by 28.6% in the 2nd quarter. Berman Capital Advisors LLC now owns 639 shares of the basic materials company’s stock valued at $49,000 after purchasing an additional 142 shares during the last quarter. Lido Advisors LLC raised its stake in Eastman Chemical by 2.0% in the 2nd quarter. Lido Advisors LLC now owns 9,221 shares of the basic materials company’s stock valued at $723,000 after purchasing an additional 179 shares during the last quarter. BLB&B Advisors LLC raised its stake in Eastman Chemical by 1.9% in the 3rd quarter. BLB&B Advisors LLC now owns 10,560 shares of the basic materials company’s stock valued at $780,000 after purchasing an additional 200 shares during the last quarter. DNB Asset Management AS raised its stake in Eastman Chemical by 0.8% in the 2nd quarter. DNB Asset Management AS now owns 23,944 shares of the basic materials company’s stock valued at $1,864,000 after purchasing an additional 201 shares during the last quarter. Finally, Cadence Capital Management LLC raised its stake in Eastman Chemical by 2.8% in the 3rd quarter. Cadence Capital Management LLC now owns 8,021 shares of the basic materials company’s stock valued at $592,000 after purchasing an additional 220 shares during the last quarter. Hedge funds and other institutional investors own 79.78% of the company’s stock.
Shares of EMN traded down $0.50 during midday trading on Wednesday, reaching $75.02. The company had a trading volume of 1,650,963 shares, compared to its average volume of 1,130,374. The firm has a 50 day simple moving average of $77.85 and a 200-day simple moving average of $73.24. The company has a quick ratio of 0.84, a current ratio of 1.65 and a debt-to-equity ratio of 0.91. The stock has a market cap of $10.66 billion, a PE ratio of 9.15, a price-to-earnings-growth ratio of 1.54 and a beta of 1.39. Eastman Chemical has a 1-year low of $61.22 and a 1-year high of $86.18.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.98 by ($0.04). The business had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.36 billion. Eastman Chemical had a return on equity of 16.58% and a net margin of 8.12%. The firm’s revenue for the quarter was down 8.7% compared to the same quarter last year. During the same period in the previous year, the business posted $2.34 earnings per share. As a group, sell-side analysts anticipate that Eastman Chemical will post 7.11 earnings per share for the current fiscal year.
EMN has been the subject of several recent research reports. UBS Group set a $89.00 price objective on Eastman Chemical and gave the company a “buy” rating in a research note on Friday, October 25th. Tudor Pickering raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a research note on Thursday, August 15th. Wells Fargo & Co started coverage on Eastman Chemical in a research note on Tuesday, October 15th. They issued an “outperform” rating and a $85.00 target price for the company. SunTrust Banks raised their target price on Eastman Chemical to $80.00 and gave the stock a “hold” rating in a research note on Tuesday, October 29th. They noted that the move was a valuation call. Finally, ValuEngine raised Eastman Chemical from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $84.64.
Eastman Chemical Company Profile
Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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