Tocqueville Asset Management L.P. increased its holdings in shares of Eastman Chemical (NYSE:EMN) by 2.1% in the third quarter, Holdings Channel reports. The firm owned 242,664 shares of the basic materials company’s stock after buying an additional 4,940 shares during the period. Tocqueville Asset Management L.P.’s holdings in Eastman Chemical were worth $23,228,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of EMN. Renaissance Technologies LLC purchased a new position in Eastman Chemical during the 3rd quarter valued at about $19,703,000. Riverhead Capital Management LLC boosted its holdings in Eastman Chemical by 0.9% during the 3rd quarter. Riverhead Capital Management LLC now owns 141,404 shares of the basic materials company’s stock valued at $13,535,000 after acquiring an additional 1,300 shares during the period. Sowell Financial Services LLC purchased a new position in Eastman Chemical during the 3rd quarter valued at about $541,000. Diamond Hill Capital Management Inc. boosted its holdings in Eastman Chemical by 2.2% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,176,289 shares of the basic materials company’s stock valued at $112,594,000 after acquiring an additional 25,642 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Eastman Chemical by 110.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,911 shares of the basic materials company’s stock valued at $1,044,000 after acquiring an additional 5,721 shares during the period. 82.53% of the stock is owned by hedge funds and other institutional investors.
EMN has been the subject of several recent research reports. Zacks Investment Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $109.00 price objective for the company in a research note on Wednesday, October 3rd. SunTrust Banks decreased their price objective on Eastman Chemical from $95.00 to $83.00 and set a “hold” rating for the company in a research note on Monday, October 29th. JPMorgan Chase & Co. cut Eastman Chemical from an “overweight” rating to a “neutral” rating in a research note on Friday, October 5th. Nomura decreased their price objective on Eastman Chemical from $99.00 to $93.00 and set a “neutral” rating for the company in a research note on Monday, October 29th. Finally, Citigroup decreased their price objective on Eastman Chemical from $94.00 to $86.00 and set a “neutral” rating for the company in a research note on Monday, October 29th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $99.50.
Shares of EMN opened at $75.50 on Thursday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.69 and a quick ratio of 0.94. The stock has a market capitalization of $10.88 billion, a PE ratio of 9.91, a P/E/G ratio of 1.06 and a beta of 1.28. Eastman Chemical has a 1 year low of $73.95 and a 1 year high of $112.45.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, October 25th. The basic materials company reported $2.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.05. The business had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.53 billion. Eastman Chemical had a return on equity of 21.18% and a net margin of 16.05%. As a group, sell-side analysts expect that Eastman Chemical will post 8.43 EPS for the current year.
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Eastman Chemical Profile
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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