Garner Asset Management Corp Has $292,000 Position in Eastman Chemical (NYSE:EMN)

Garner Asset Management Corp lessened its position in Eastman Chemical (NYSE:EMN) by 3.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,608 shares of the basic materials company’s stock after selling 100 shares during the period. Garner Asset Management Corp’s holdings in Eastman Chemical were worth $292,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in EMN. Sompo Asset Management Co. Ltd. lifted its holdings in Eastman Chemical by 10.1% during the 3rd quarter. Sompo Asset Management Co. Ltd. now owns 5,910 shares of the basic materials company’s stock valued at $662,000 after purchasing an additional 540 shares during the last quarter. Cerity Partners LLC increased its holdings in shares of Eastman Chemical by 1.7% during the third quarter. Cerity Partners LLC now owns 216,358 shares of the basic materials company’s stock worth $24,222,000 after buying an additional 3,624 shares in the last quarter. Icon Wealth Advisors LLC raised its stake in shares of Eastman Chemical by 1,441.5% in the third quarter. Icon Wealth Advisors LLC now owns 15,323 shares of the basic materials company’s stock valued at $1,715,000 after acquiring an additional 14,329 shares during the last quarter. Raymond James Trust N.A. boosted its holdings in shares of Eastman Chemical by 0.6% in the 3rd quarter. Raymond James Trust N.A. now owns 78,432 shares of the basic materials company’s stock worth $8,780,000 after acquiring an additional 439 shares in the last quarter. Finally, L & S Advisors Inc grew its holdings in shares of Eastman Chemical by 0.9% during the third quarter. L & S Advisors Inc now owns 61,224 shares of the basic materials company’s stock worth $6,854,000 after purchasing an additional 540 shares during the last quarter. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Price Performance

Shares of EMN opened at $105.59 on Friday. The stock has a market cap of $12.24 billion, a P/E ratio of 14.14, a price-to-earnings-growth ratio of 0.79 and a beta of 1.44. Eastman Chemical has a 1 year low of $80.71 and a 1 year high of $114.50. The stock’s 50-day moving average price is $106.43 and its two-hundred day moving average price is $101.57. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80.

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, topping the consensus estimate of $2.14 by $0.12. The business had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. Eastman Chemical’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.47 EPS. On average, equities analysts predict that Eastman Chemical will post 7.63 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction that occurred 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 directly owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This represents a 19.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.93% of the company’s stock.

Analyst Upgrades and Downgrades

EMN has been the subject of a number of research analyst reports. Piper Sandler reaffirmed a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday, November 4th. 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. Royal Bank of Canada reissued a “sector perform” rating and issued a $105.00 target price on shares of Eastman Chemical in a research note on Friday. Finally, Wells Fargo & Company cut their price target on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Monday, November 4th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Eastman Chemical presently has a consensus rating of “Hold” and a consensus price target of $111.50.

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.