Jackson Square Capital LLC Has $1.67 Million Position in Eastman Chemical (NYSE:EMN)

Jackson Square Capital LLC lifted its stake in shares of Eastman Chemical (NYSE:EMN) by 17.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 14,921 shares of the basic materials company’s stock after buying an additional 2,243 shares during the quarter. Jackson Square Capital LLC’s holdings in Eastman Chemical were worth $1,670,000 as of its most recent filing with the SEC.

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

Wall Street Analyst Weigh In

EMN has been the subject of a number of recent research reports. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Wells Fargo & Company lowered their price objective on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Monday. Barclays increased their target price on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. StockNews.com downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Mizuho increased their price objective on shares of Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $111.50.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $103.69 on Thursday. The stock has a 50-day moving average price of $105.85 and a two-hundred day moving average price of $101.12. Eastman Chemical has a 12 month low of $75.01 and a 12 month high of $114.50. The company has a market capitalization of $12.02 billion, a PE ratio of 13.88, a P/E/G ratio of 0.77 and a beta of 1.44. The company has a current ratio of 1.52, a quick ratio of 0.71 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.14 by $0.12. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The business had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period last year, the company earned $1.47 EPS. The firm’s revenue was up 8.7% compared to the same quarter last year. Analysts expect that Eastman Chemical will post 7.61 EPS for the current 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.