Advisors Management Group Inc. ADV Grows Stock Position in Eastman Chemical (NYSE:EMN)

Advisors Management Group Inc. ADV raised its stake in shares of Eastman Chemical (NYSE:EMN) by 77.3% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 5,569 shares of the basic materials company’s stock after buying an additional 2,428 shares during the period. Advisors Management Group Inc. ADV’s holdings in Eastman Chemical were worth $623,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Asset Management One Co. Ltd. increased its stake in shares of Eastman Chemical by 1.3% in the 3rd quarter. Asset Management One Co. Ltd. now owns 45,077 shares of the basic materials company’s stock valued at $5,046,000 after purchasing an additional 591 shares in the last quarter. QRG Capital Management Inc. increased its stake in shares of Eastman Chemical by 20.4% in the 3rd quarter. QRG Capital Management Inc. now owns 41,227 shares of the basic materials company’s stock valued at $4,615,000 after purchasing an additional 6,989 shares in the last quarter. Intact Investment Management Inc. increased its stake in shares of Eastman Chemical by 10.9% in the 3rd quarter. Intact Investment Management Inc. now owns 41,960 shares of the basic materials company’s stock valued at $4,697,000 after purchasing an additional 4,140 shares in the last quarter. Roman Butler Fullerton & Co. purchased a new position in shares of Eastman Chemical in the 3rd quarter valued at about $251,000. Finally, Forum Financial Management LP purchased a new position in shares of Eastman Chemical in the 3rd quarter valued at about $217,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Wall Street Analyst Weigh In

EMN has been the topic of several research analyst reports. Barclays lifted their price objective on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Wells Fargo & Company lowered 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. Mizuho boosted their target price on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Piper Sandler restated a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a report on Tuesday, July 30th. Finally, StockNews.com cut Eastman Chemical from a “buy” rating to a “hold” rating in a report on Wednesday. Nine investment 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 presently has an average rating of “Hold” and a consensus price target of $111.50.

Eastman Chemical Stock Up 2.8 %

EMN stock opened at $103.69 on Thursday. The firm has a market cap of $12.02 billion, a PE ratio of 13.88, a PEG ratio of 0.77 and a beta of 1.44. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.71 and a current ratio of 1.52. The firm’s 50 day moving average price is $105.85 and its 200-day moving average price is $101.12. Eastman Chemical has a one year low of $75.01 and a one year high of $114.50.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.12. The company 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 firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.47 earnings per share. On average, equities research analysts anticipate that Eastman Chemical will post 7.61 EPS for the current year.

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.