Addison Advisors LLC Sells 249 Shares of Eastman Chemical (NYSE:EMN)

Addison Advisors LLC cut its stake in shares of Eastman Chemical (NYSE:EMN) by 37.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 424 shares of the basic materials company’s stock after selling 249 shares during the quarter. Addison Advisors LLC’s holdings in Eastman Chemical were worth $47,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of EMN. Ashton Thomas Securities LLC acquired a new stake in shares of Eastman Chemical in the 3rd quarter valued at about $89,000. Baker Avenue Asset Management LP lifted its holdings in shares of Eastman Chemical by 11.6% in the 3rd quarter. Baker Avenue Asset Management LP now owns 3,051 shares of the basic materials company’s stock worth $342,000 after purchasing an additional 316 shares in the last quarter. Arrow Financial Corp grew its position in Eastman Chemical by 2.1% in the 3rd quarter. Arrow Financial Corp now owns 8,196 shares of the basic materials company’s stock valued at $918,000 after purchasing an additional 168 shares during the period. RKL Wealth Management LLC raised its holdings in Eastman Chemical by 0.9% during the third quarter. RKL Wealth Management LLC now owns 13,576 shares of the basic materials company’s stock worth $1,520,000 after buying an additional 123 shares during the last quarter. Finally, CWA Asset Management Group LLC bought a new position in shares of Eastman Chemical in the third quarter valued at $558,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on EMN shares. Royal Bank of Canada dropped 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 research report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft cut their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. Piper Sandler restated a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Barclays increased their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Finally, StockNews.com downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Nine analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $111.50.

Eastman Chemical Stock Up 0.9 %

Eastman Chemical stock opened at $102.37 on Tuesday. The firm has a market capitalization of $11.87 billion, a price-to-earnings ratio of 13.70, a P/E/G ratio of 0.77 and a beta of 1.44. The firm has a 50 day simple moving average of $105.89 and a 200 day simple moving average of $101.28. Eastman Chemical has a 1-year low of $76.28 and a 1-year high of $114.50. 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 announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. The firm had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.47 earnings per share. On average, analysts predict that Eastman Chemical will post 7.62 earnings per share for the current year.

Insider Transactions at Eastman Chemical

In related news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction on 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 approximately $1,298,430. This trade 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 accessible through the SEC website. Insiders own 1.93% of the company’s stock.

Eastman Chemical Company 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.