River Global Investors LLP Sells 6,108 Shares of Eastman Chemical (NYSE:EMN)

River Global Investors LLP reduced its stake in Eastman Chemical (NYSE:EMN) by 47.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,644 shares of the basic materials company’s stock after selling 6,108 shares during the period. River Global Investors LLP’s holdings in Eastman Chemical were worth $744,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of EMN. Capital Research Global Investors lifted its holdings in shares of Eastman Chemical by 649.8% during the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after acquiring an additional 3,909,740 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Eastman Chemical by 1,104.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock worth $104,560,000 after purchasing an additional 856,432 shares in the last quarter. Truist Financial Corp lifted its holdings in Eastman Chemical by 201.5% during the 2nd quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock valued at $90,572,000 after purchasing an additional 617,889 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in Eastman Chemical by 318.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock valued at $69,516,000 after buying an additional 534,081 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in Eastman Chemical by 34.5% during the second quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock worth $83,524,000 after buying an additional 218,531 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Piper Sandler reissued a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a report on Tuesday, July 30th. Royal Bank of Canada lowered their target price on Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating for the company in a research note on Wednesday. Mizuho upped their price target on shares of Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Bank of America cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and raised their price objective for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $111.50.

Insider Buying and Selling

In other news, SVP Christopher Moore Killian sold 3,061 shares of the company’s 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 transaction, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at $1,298,430. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.93% of the stock is currently owned by company insiders.

Eastman Chemical Trading Down 2.0 %

EMN traded down $2.07 during mid-day trading on Friday, hitting $101.47. The stock had a trading volume of 1,116,479 shares, compared to its average volume of 890,796. Eastman Chemical has a 1-year low of $75.83 and a 1-year high of $114.50. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.71. The firm has a market capitalization of $11.76 billion, a price-to-earnings ratio of 13.58, a price-to-earnings-growth ratio of 0.79 and a beta of 1.44. The stock’s fifty day simple moving average is $105.89 and its 200-day simple moving average is $101.20.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data 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. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The business had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the previous year, the business posted $1.47 EPS. Eastman Chemical’s revenue for the quarter was up 8.7% on a year-over-year basis. As a group, research analysts forecast that Eastman Chemical will post 7.62 EPS for the current fiscal year.

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.