Eastman Chemical (NYSE:EMN) Shares Bought by Olstein Capital Management L.P.

Olstein Capital Management L.P. boosted its position in shares of Eastman Chemical (NYSE:EMN) by 19.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 57,500 shares of the basic materials company’s stock after buying an additional 9,500 shares during the quarter. Olstein Capital Management L.P.’s holdings in Eastman Chemical were worth $6,437,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of EMN. Capital Research Global Investors increased its stake in Eastman Chemical by 649.8% in the 1st quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock worth $452,139,000 after purchasing an additional 3,909,740 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Eastman Chemical by 1,104.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock valued at $104,560,000 after acquiring an additional 856,432 shares in the last quarter. Truist Financial Corp grew its stake in Eastman Chemical by 201.5% in the second quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock valued at $90,572,000 after purchasing an additional 617,889 shares in the last quarter. DekaBank Deutsche Girozentrale grew its stake in shares of Eastman Chemical by 318.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock valued at $69,516,000 after buying an additional 534,081 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in Eastman Chemical by 34.5% in the second quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock worth $83,524,000 after buying an additional 218,531 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Price Performance

NYSE:EMN traded up $0.72 during trading hours on Thursday, reaching $104.40. The company had a trading volume of 65,191 shares, compared to its average volume of 944,240. The company has a quick ratio of 0.71, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. The stock has a 50-day moving average of $105.85 and a two-hundred day moving average of $101.12. Eastman Chemical has a one year low of $75.50 and a one year high of $114.50. The firm has a market capitalization of $12.10 billion, a PE ratio of 13.88, a PEG ratio of 0.77 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.14 by $0.12. The company had revenue of $2.46 billion for 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 revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.47 EPS. Analysts forecast that Eastman Chemical will post 7.61 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have commented on the stock. Barclays boosted their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Royal Bank of Canada decreased their price objective on shares of Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating for the company in a report on Wednesday. Wells Fargo & Company cut their target price on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a report on Monday. StockNews.com cut Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, Piper Sandler reissued a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Eastman Chemical has a consensus rating of “Hold” and an average 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.