KBC Group NV Boosts Holdings in Eastman Chemical (NYSE:EMN)

KBC Group NV increased its position in Eastman Chemical (NYSE:EMN) by 21.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 110,610 shares of the basic materials company’s stock after purchasing an additional 19,809 shares during the quarter. KBC Group NV’s holdings in Eastman Chemical were worth $12,383,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in EMN. Wolff Wiese Magana LLC boosted its position in Eastman Chemical by 238.1% in the 3rd 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. Cultivar Capital Inc. purchased a new stake in Eastman Chemical during the 2nd quarter worth approximately $29,000. Northwest Investment Counselors LLC acquired a new position in shares of Eastman Chemical in the 3rd quarter valued at approximately $38,000. EntryPoint Capital LLC purchased a new position in shares of Eastman Chemical during the 1st quarter valued at approximately $38,000. Finally, Rothschild Investment LLC acquired a new stake in shares of Eastman Chemical during the second quarter worth approximately $38,000. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $101.61 on Friday. The firm’s 50-day simple moving average is $106.07 and its 200 day simple moving average is $101.38. The stock has a market cap of $11.78 billion, a P/E ratio of 13.60, a P/E/G ratio of 0.77 and a beta of 1.44. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. Eastman Chemical has a fifty-two week low of $80.14 and a fifty-two week high of $114.50.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The company had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same period in the prior year, the business posted $1.47 EPS. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. Equities analysts expect that Eastman Chemical will post 7.63 EPS for the current year.

Insider Buying and Selling at Eastman Chemical

In other news, SVP Christopher Moore Killian sold 3,061 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the sale, the senior vice president now owns 12,366 shares in the company, valued at $1,298,430. This represents a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 1.93% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Barclays boosted their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Piper Sandler restated a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Royal Bank of Canada reduced their price target on shares of Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company dropped their price target on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a research report on Monday, November 4th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Eastman Chemical has a consensus rating of “Hold” and a consensus target price of $111.50.

Eastman Chemical Company 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.