Sompo Asset Management Co. Ltd. Purchases 540 Shares of Eastman Chemical (NYSE:EMN)

Sompo Asset Management Co. Ltd. increased its position in Eastman Chemical (NYSE:EMN) by 10.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,910 shares of the basic materials company’s stock after acquiring an additional 540 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Eastman Chemical were worth $662,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cerity Partners LLC increased its stake in shares of Eastman Chemical by 1.7% in the third quarter. Cerity Partners LLC now owns 216,358 shares of the basic materials company’s stock worth $24,222,000 after purchasing an additional 3,624 shares during the period. Icon Wealth Advisors LLC grew its holdings in Eastman Chemical by 1,441.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 15,323 shares of the basic materials company’s stock valued at $1,715,000 after buying an additional 14,329 shares during the last quarter. Raymond James Trust N.A. increased its position in 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 buying an additional 439 shares during the period. L & S Advisors Inc lifted 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 buying an additional 540 shares during the last quarter. Finally, Blackhawk Capital Partners LLC. boosted its position in shares of Eastman Chemical by 18.9% in the third quarter. Blackhawk Capital Partners LLC. now owns 2,580 shares of the basic materials company’s stock valued at $289,000 after acquiring an additional 410 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Stock Performance

Eastman Chemical stock opened at $105.59 on Friday. The firm has a market capitalization of $12.24 billion, a P/E ratio of 14.14, a P/E/G ratio of 0.79 and a beta of 1.44. The stock has a fifty day moving average price of $106.43 and a two-hundred day moving average price of $101.57. Eastman Chemical has a 52-week low of $80.71 and a 52-week high of $114.50. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78.

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, beating the consensus estimate of $2.14 by $0.12. The firm had revenue of $2.46 billion during 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 firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period last year, the firm posted $1.47 EPS. As a group, analysts anticipate that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Insider Transactions at Eastman Chemical

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the transaction, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. The trade was a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.93% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. 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. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $105.00 price objective on shares of Eastman Chemical in a research report on Friday. Piper Sandler reiterated a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Wells Fargo & Company lowered 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. Finally, Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Eastman Chemical presently has a consensus rating of “Hold” and a consensus price target of $111.50.

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.