Brooklyn Investment Group Takes Position in Eastman Chemical (NYSE:EMN)

Brooklyn Investment Group purchased a new position in shares of Eastman Chemical (NYSE:EMN) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,583 shares of the basic materials company’s stock, valued at approximately $177,000.

Other hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Eastman Chemical by 0.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 159,474 shares of the basic materials company’s stock valued at $15,983,000 after acquiring an additional 750 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of Eastman Chemical by 2.5% in the 1st quarter. Public Employees Retirement System of Ohio now owns 50,934 shares of the basic materials company’s stock worth $5,105,000 after purchasing an additional 1,245 shares during the period. SVB Wealth LLC bought a new position in shares of Eastman Chemical during the first quarter valued at approximately $212,000. B. Riley Wealth Advisors Inc. raised its stake in Eastman Chemical by 63.1% in the first quarter. B. Riley Wealth Advisors Inc. now owns 4,344 shares of the basic materials company’s stock worth $435,000 after buying an additional 1,680 shares in the last quarter. Finally, Tidal Investments LLC lifted its holdings in Eastman Chemical by 31.3% during the first quarter. Tidal Investments LLC now owns 7,468 shares of the basic materials company’s stock worth $748,000 after buying an additional 1,780 shares during the period. 83.65% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $110.00 to $125.00 in a report on Tuesday. Royal Bank of Canada reissued a “sector perform” rating and issued a $105.00 price target on shares of Eastman Chemical in a report on Friday, November 22nd. StockNews.com downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Monday. Bank of America lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and increased their price objective for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $112.86.

Eastman Chemical Stock Down 0.7 %

EMN stock opened at $104.22 on Thursday. 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 52 week low of $80.71 and a 52 week high of $114.50. The stock has a market capitalization of $12.08 billion, a P/E ratio of 13.95, a P/E/G ratio of 0.81 and a beta of 1.44. The firm has a 50-day simple moving average of $106.42 and a 200-day simple moving average of $101.65.

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

Insider Buying and Selling

In related news, SVP Julie A. Mcalindon sold 4,456 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total value of $471,623.04. Following the transaction, the senior vice president now directly owns 4,403 shares in the company, valued at approximately $466,013.52. This represents a 50.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total value of $1,102,920.00. Following the sale, the executive vice president now directly owns 47,287 shares of the company’s stock, valued at approximately $4,965,135. This trade represents a 18.18 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,021 shares of company stock worth $1,895,948. 2.28% of the stock is owned by corporate insiders.

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.