Sawtooth Solutions LLC acquired a new stake in Eastman Chemical (NYSE:EMN) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,026 shares of the basic materials company’s stock, valued at approximately $290,000.
Other institutional investors and hedge funds have also bought and sold shares of the company. Massachusetts Financial Services Co. MA lifted its position in Eastman Chemical by 108.1% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,783,518 shares of the basic materials company’s stock worth $170,718,000 after purchasing an additional 926,293 shares during the period. Morgan Stanley lifted its position in Eastman Chemical by 158.3% in the second quarter. Morgan Stanley now owns 1,215,942 shares of the basic materials company’s stock worth $121,546,000 after purchasing an additional 745,156 shares during the period. Bank of Montreal Can bought a new position in Eastman Chemical in the second quarter worth $44,736,000. Janus Henderson Group PLC lifted its position in Eastman Chemical by 809.1% in the second quarter. Janus Henderson Group PLC now owns 430,650 shares of the basic materials company’s stock worth $43,048,000 after purchasing an additional 383,279 shares during the period. Finally, LSV Asset Management lifted its position in Eastman Chemical by 6.6% in the second quarter. LSV Asset Management now owns 5,033,170 shares of the basic materials company’s stock worth $503,115,000 after purchasing an additional 309,716 shares during the period. 82.71% of the stock is owned by institutional investors.
Eastman Chemical stock opened at $81.68 on Friday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.69 and a quick ratio of 0.95. Eastman Chemical has a 52-week low of $73.95 and a 52-week high of $112.45. The firm has a market cap of $11.07 billion, a price-to-earnings ratio of 10.73, a P/E/G ratio of 1.08 and a beta of 1.07.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, October 25th. The basic materials company reported $2.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.05. Eastman Chemical had a return on equity of 21.18% and a net margin of 16.05%. The firm had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.53 billion. Equities analysts anticipate that Eastman Chemical will post 8.41 EPS for the current fiscal year.
EMN has been the subject of several research reports. Morgan Stanley raised their target price on Eastman Chemical from $98.00 to $107.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 31st. Zacks Investment Research cut Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, August 1st. JPMorgan Chase & Co. cut Eastman Chemical from an “overweight” rating to a “neutral” rating in a research report on Friday, October 5th. ValuEngine cut Eastman Chemical from a “hold” rating to a “sell” rating in a research report on Saturday, October 6th. Finally, Citigroup reduced their target price on Eastman Chemical from $108.00 to $94.00 and set a “neutral” rating for the company in a research report on Thursday, October 11th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $99.00.
About Eastman Chemical
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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