Empower Advisory Group LLC Purchases 20,552 Shares of Eastman Chemical (NYSE:EMN)

Empower Advisory Group LLC raised its holdings in Eastman Chemical (NYSE:EMN) by 2.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 851,931 shares of the basic materials company’s stock after buying an additional 20,552 shares during the period. Empower Advisory Group LLC’s holdings in Eastman Chemical were worth $95,374,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Bessemer Group Inc. increased its holdings in shares of Eastman Chemical by 321.2% during the 1st quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock worth $1,628,000 after acquiring an additional 12,392 shares during the last quarter. Empowered Funds LLC bought a new position in shares of Eastman Chemical during the first quarter worth approximately $594,000. Dakota Wealth Management raised its position in shares of Eastman Chemical by 13.5% in the second quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock valued at $2,183,000 after buying an additional 2,655 shares in the last quarter. Cetera Advisors LLC boosted its stake in shares of Eastman Chemical by 119.7% in the first quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company’s stock valued at $1,011,000 after buying an additional 5,496 shares during the period. Finally, Comerica Bank grew its position in Eastman Chemical by 18.5% during 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. Institutional investors own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Barclays upped their target price on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. 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. StockNews.com lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 6th. 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 note on Wednesday, October 16th. Finally, Royal Bank of Canada reduced their price target on shares of Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Nine equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $111.50.

Insider Activity at Eastman Chemical

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the transaction, the senior vice president now owns 12,366 shares in the company, valued at approximately $1,298,430. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.28% of the stock is currently owned by corporate insiders.

Eastman Chemical Price Performance

EMN stock opened at $100.52 on Wednesday. The company’s fifty day simple moving average is $105.89 and its 200 day simple moving average is $101.31. Eastman Chemical has a 12-month low of $76.28 and a 12-month high of $114.50. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. The firm has a market cap of $11.65 billion, a price-to-earnings ratio of 13.46, a PEG ratio of 0.78 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last issued 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 for the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The company’s revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.47 earnings per share. On average, analysts expect that Eastman Chemical will post 7.63 earnings per share for the current year.

Eastman Chemical 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.