Principal Street Partners LLC Has $6.77 Million Stock Holdings in Eastman Chemical (NYSE:EMN)

Principal Street Partners LLC reduced its holdings in shares of Eastman Chemical (NYSE:EMN) by 22.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,502 shares of the basic materials company’s stock after selling 17,090 shares during the quarter. Eastman Chemical accounts for about 1.1% of Principal Street Partners LLC’s holdings, making the stock its 17th biggest position. Principal Street Partners LLC owned approximately 0.05% of Eastman Chemical worth $6,771,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Dakota Wealth Management raised its position in Eastman Chemical by 13.5% in the 2nd quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock valued at $2,183,000 after buying an additional 2,655 shares during the last quarter. KBC Group NV raised its holdings in shares of Eastman Chemical by 21.8% in the third quarter. KBC Group NV now owns 110,610 shares of the basic materials company’s stock valued at $12,383,000 after purchasing an additional 19,809 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Eastman Chemical by 6.8% during the third quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company’s stock valued at $16,588,000 after purchasing an additional 9,447 shares in the last quarter. Cetera Advisors LLC boosted its holdings in Eastman Chemical by 119.7% during the first quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company’s stock worth $1,011,000 after purchasing an additional 5,496 shares during the last quarter. Finally, Comerica Bank grew its position in Eastman Chemical by 18.5% in the 1st quarter. Comerica Bank now owns 39,306 shares of the basic materials company’s stock worth $3,939,000 after purchasing an additional 6,126 shares in the last quarter. 83.65% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on EMN shares. 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. Barclays boosted their price objective on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $105.00 target price on shares of Eastman Chemical in a research report on Friday. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $114.00 to $119.00 in a report on Wednesday, October 16th. Finally, Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $110.00 to $125.00 in a report on Tuesday. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $112.57.

Insider Activity at Eastman Chemical

In other Eastman Chemical 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 transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.28% of the stock is currently owned by corporate insiders.

Eastman Chemical Stock Performance

NYSE EMN opened at $104.75 on Tuesday. The firm has a market cap of $12.14 billion, a P/E ratio of 14.17, a price-to-earnings-growth ratio of 0.81 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. The company’s 50 day moving average is $106.43 and its 200-day moving average is $101.59. Eastman Chemical has a 12-month low of $80.71 and a 12-month high of $114.50.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, beating 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 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 firm posted $1.47 EPS. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. Sell-side analysts predict that Eastman Chemical will post 7.63 earnings per share for the current year.

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.