Invenomic Capital Management LP Trims Position in Eastman Chemical (NYSE:EMN)

Invenomic Capital Management LP lessened its position in shares of Eastman Chemical (NYSE:EMN) by 75.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 44,350 shares of the basic materials company’s stock after selling 138,873 shares during the quarter. Invenomic Capital Management LP’s holdings in Eastman Chemical were worth $4,965,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of EMN. Tidal Investments LLC increased its position in Eastman Chemical by 31.3% in the first quarter. Tidal Investments LLC now owns 7,468 shares of the basic materials company’s stock worth $748,000 after buying an additional 1,780 shares in the last quarter. Comerica Bank increased its position in Eastman Chemical by 18.5% in the first quarter. Comerica Bank now owns 39,306 shares of the basic materials company’s stock worth $3,939,000 after buying an additional 6,126 shares in the last quarter. Cetera Investment Advisers increased its position in Eastman Chemical by 81.5% in the first quarter. Cetera Investment Advisers now owns 47,691 shares of the basic materials company’s stock worth $4,780,000 after buying an additional 21,412 shares in the last quarter. Cetera Advisors LLC grew its position in shares of Eastman Chemical by 119.7% during the first quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company’s stock worth $1,011,000 after purchasing an additional 5,496 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in Eastman Chemical by 278.7% during the 2nd quarter. GAMMA Investing LLC now owns 3,359 shares of the basic materials company’s stock valued at $329,000 after buying an additional 2,472 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Price Performance

NYSE:EMN opened at $104.27 on Tuesday. The firm’s fifty day moving average is $106.18 and its two-hundred day moving average is $101.75. The firm has a market cap of $12.09 billion, a price-to-earnings ratio of 13.96, a PEG ratio of 0.84 and a beta of 1.42. Eastman Chemical has a one year low of $80.71 and a one year high of $114.50. 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 (NYSE:EMN) last posted its 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 analysts’ expectations of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The business’s revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.47 EPS. Research analysts expect that Eastman Chemical will post 7.63 EPS for the current year.

Wall Street Analysts Forecast Growth

EMN has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research note on Monday, November 4th. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $110.00 to $125.00 in a research report on Tuesday, November 26th. Mizuho boosted their target price on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Finally, StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Tuesday. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $112.86.

Insider Transactions at Eastman Chemical

In other news, EVP Stephen Glenn Crawford sold 10,504 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total value of $1,102,920.00. Following the completion of the sale, the executive vice president now directly owns 47,287 shares in the company, valued at $4,965,135. This represents a 18.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Julie A. Mcalindon sold 4,456 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total transaction of $471,623.04. Following the transaction, the senior vice president now directly owns 4,403 shares in the company, valued at approximately $466,013.52. The trade was a 50.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,021 shares of company stock valued at $1,895,948 over the last 90 days. Corporate insiders own 2.28% 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.