Haverford Trust Co Makes New Investment in Eastman Chemical (NYSE:EMN)

Haverford Trust Co bought a new position in Eastman Chemical (NYSE:EMN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,971 shares of the basic materials company’s stock, valued at approximately $221,000.

Several other hedge funds have also bought and sold shares of the stock. Cultivar Capital Inc. bought a new position in shares of Eastman Chemical during the 2nd quarter valued at approximately $29,000. Wolff Wiese Magana LLC raised its stake in shares of Eastman Chemical by 238.1% in the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 200 shares during the period. EntryPoint Capital LLC purchased a new position in shares of Eastman Chemical during the 1st quarter worth about $38,000. Rothschild Investment LLC purchased a new stake in Eastman Chemical in the 2nd quarter worth about $38,000. Finally, Northwest Investment Counselors LLC bought a new stake in Eastman Chemical in the third quarter worth about $38,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Price Performance

Shares of EMN opened at $100.78 on Friday. The company has a 50 day moving average of $105.98 and a two-hundred day moving average of $101.30. The company has a market cap of $11.68 billion, a price-to-earnings ratio of 13.49, a price-to-earnings-growth 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 twelve month low of $79.50 and a twelve month high of $114.50.

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

Insider Transactions at Eastman Chemical

In related news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total transaction of $321,405.00. Following the completion of the sale, the senior vice president now owns 12,366 shares of the company’s stock, valued at $1,298,430. The trade was a 19.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on EMN. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Thursday. Wells Fargo & Company lowered their target price on shares of Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating for the company in a research note on Monday, November 4th. Royal Bank of Canada cut 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 report on Wednesday, November 6th. Piper Sandler reissued a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Finally, Bank of America lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and raised their target price for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $111.50.

About Eastman Chemical

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.