Ashton Thomas Securities LLC Acquires Shares of 799 Eastman Chemical (NYSE:EMN)

Ashton Thomas Securities LLC bought a new position in Eastman Chemical (NYSE:EMN) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 799 shares of the basic materials company’s stock, valued at approximately $89,000.

Several other hedge funds and other institutional investors have also modified their holdings of EMN. Bessemer Group Inc. boosted its holdings in shares of Eastman Chemical by 321.2% in the 1st quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock worth $1,628,000 after acquiring an additional 12,392 shares in the last quarter. Empowered Funds LLC bought a new stake in shares of Eastman Chemical during the first quarter worth $594,000. Dakota Wealth Management increased its stake in shares of Eastman Chemical by 13.5% in the second 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 in the last quarter. Cetera Advisors LLC raised its holdings in shares of Eastman Chemical by 119.7% in the first quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company’s stock valued at $1,011,000 after buying an additional 5,496 shares during the last quarter. Finally, Comerica Bank lifted its position in Eastman Chemical by 18.5% during the 1st quarter. Comerica Bank now owns 39,306 shares of the basic materials company’s stock worth $3,939,000 after buying an additional 6,126 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on EMN. Barclays boosted their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $114.00 to $119.00 in a report on Wednesday, October 16th. Piper Sandler reissued a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Royal Bank of Canada cut their price target on Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Finally, StockNews.com lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Eastman Chemical has a consensus rating of “Hold” and an average price target of $111.50.

Eastman Chemical Price Performance

Shares of EMN stock opened at $100.52 on Wednesday. The firm has a market capitalization of $11.65 billion, a price-to-earnings ratio of 13.46, a price-to-earnings-growth ratio of 0.77 and a beta of 1.44. Eastman Chemical has a 12-month low of $76.28 and a 12-month high of $114.50. The company has a quick ratio of 0.71, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. The firm has a fifty day moving average of $105.89 and a 200-day moving average of $101.31.

Eastman Chemical (NYSE:EMN) last posted 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. The firm had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The company’s revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.47 earnings per share. On average, equities research analysts forecast that Eastman Chemical will post 7.62 earnings per share for the current year.

Insider Buying and Selling

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value of $321,405.00. Following the transaction, the senior vice president now owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.93% of the stock is owned by company insiders.

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.