First Horizon Advisors Inc. Acquires 495 Shares of Eastman Chemical (NYSE:EMN)

First Horizon Advisors Inc. lifted its holdings in shares of Eastman Chemical (NYSE:EMN) by 48.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,516 shares of the basic materials company’s stock after purchasing an additional 495 shares during the quarter. First Horizon Advisors Inc.’s holdings in Eastman Chemical were worth $170,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wolff Wiese Magana LLC grew its position in Eastman Chemical by 238.1% during the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after buying an additional 200 shares in the last quarter. Cultivar Capital Inc. acquired a new stake in shares of Eastman Chemical during the 2nd quarter worth $29,000. Northwest Investment Counselors LLC bought a new position in shares of Eastman Chemical in the third quarter worth $38,000. EntryPoint Capital LLC acquired a new position in Eastman Chemical in the first quarter valued at about $38,000. Finally, Rothschild Investment LLC bought a new stake in Eastman Chemical during the second quarter worth about $38,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total transaction of $321,405.00. Following the sale, the senior vice president now owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This represents a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.93% of the company’s stock.

Eastman Chemical Price Performance

Shares of NYSE:EMN opened at $105.59 on Friday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. Eastman Chemical has a 52 week low of $80.71 and a 52 week high of $114.50. The firm has a market cap of $12.24 billion, a PE ratio of 14.14, a price-to-earnings-growth ratio of 0.79 and a beta of 1.44. The firm’s fifty day moving average is $106.43 and its 200-day moving average is $101.57.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The firm had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the previous year, the company posted $1.47 EPS. The business’s revenue was up 8.7% on a year-over-year basis. Sell-side analysts predict that Eastman Chemical will post 7.63 earnings per share for the current year.

Analysts Set New Price Targets

EMN has been the subject of several analyst reports. Piper Sandler restated a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a research report on Tuesday, July 30th. Mizuho upped their target price on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Deutsche Bank Aktiengesellschaft decreased their price target on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research note on Monday, November 4th. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Thursday, November 14th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research note on Friday. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Eastman Chemical currently has an average rating of “Hold” and an average target price 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.