Mackay Shields LLC Raises Stake in Eastman Chemical (NYSE:EMN)

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Mackay Shields LLC boosted its position in Eastman Chemical (NYSE:EMN) by 10.7% during the third quarter, Holdings Channel.com reports. The institutional investor owned 23,426 shares of the basic materials company’s stock after purchasing an additional 2,270 shares during the period. Mackay Shields LLC’s holdings in Eastman Chemical were worth $1,729,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. DNB Asset Management AS raised its stake in Eastman Chemical by 0.8% in the 2nd quarter. DNB Asset Management AS now owns 23,944 shares of the basic materials company’s stock valued at $1,864,000 after purchasing an additional 201 shares during the last quarter. Denali Advisors LLC increased its stake in shares of Eastman Chemical by 87.7% in the 2nd quarter. Denali Advisors LLC now owns 41,300 shares of the basic materials company’s stock worth $3,214,000 after acquiring an additional 19,300 shares during the last quarter. Crossmark Global Holdings Inc. increased its stake in shares of Eastman Chemical by 5.6% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 10,607 shares of the basic materials company’s stock worth $826,000 after acquiring an additional 565 shares during the last quarter. Oliver Luxxe Assets LLC increased its stake in shares of Eastman Chemical by 5.2% in the 2nd quarter. Oliver Luxxe Assets LLC now owns 24,529 shares of the basic materials company’s stock worth $1,851,000 after acquiring an additional 1,222 shares during the last quarter. Finally, Gyroscope Capital Management Group LLC increased its stake in shares of Eastman Chemical by 8.6% in the 2nd quarter. Gyroscope Capital Management Group LLC now owns 10,224 shares of the basic materials company’s stock worth $796,000 after acquiring an additional 807 shares during the last quarter. Hedge funds and other institutional investors own 81.55% of the company’s stock.

A number of analysts have issued reports on the company. Tudor Pickering raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $79.00 target price for the company in a research note on Thursday, August 15th. Barclays cut their target price on Eastman Chemical from $84.00 to $82.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. SunTrust Banks raised their target price on Eastman Chemical to $80.00 and gave the stock a “hold” rating in a research note on Tuesday, October 29th. They noted that the move was a valuation call. Wells Fargo & Co assumed coverage on Eastman Chemical in a research note on Tuesday, October 15th. They issued an “outperform” rating and a $85.00 target price for the company. Finally, UBS Group set a $89.00 target price on Eastman Chemical and gave the stock a “buy” rating in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. Eastman Chemical currently has an average rating of “Hold” and an average target price of $84.47.

NYSE EMN opened at $79.83 on Friday. The stock has a market cap of $11.20 billion, a PE ratio of 9.74, a P/E/G ratio of 1.61 and a beta of 1.40. The company has a current ratio of 1.65, a quick ratio of 0.84 and a debt-to-equity ratio of 0.91. Eastman Chemical has a twelve month low of $61.22 and a twelve month high of $86.18. The stock has a fifty day simple moving average of $75.29 and a 200-day simple moving average of $73.12.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $1.98 by ($0.04). The business had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical had a return on equity of 16.58% and a net margin of 8.12%. The business’s revenue for the quarter was down 8.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.34 earnings per share. Research analysts predict that Eastman Chemical will post 7.11 EPS for the current year.

Eastman Chemical Profile

Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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