Principal Street Partners LLC Sells 17,090 Shares of Eastman Chemical (NYSE:EMN)

Principal Street Partners LLC decreased its holdings in shares of Eastman Chemical (NYSE:EMN) by 22.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 60,502 shares of the basic materials company’s stock after selling 17,090 shares during the period. Eastman Chemical makes up approximately 1.1% of Principal Street Partners LLC’s investment portfolio, making the stock its 17th biggest position. Principal Street Partners LLC’s holdings in Eastman Chemical were worth $6,771,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA increased its holdings in shares of Eastman Chemical by 3.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock worth $306,093,000 after buying an additional 83,504 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Eastman Chemical by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock valued at $223,435,000 after acquiring an additional 198,645 shares during the last quarter. Earnest Partners LLC raised its position in Eastman Chemical by 1.8% during the second quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company’s stock valued at $219,454,000 after purchasing an additional 40,070 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Eastman Chemical by 0.6% during the second quarter. Bank of New York Mellon Corp now owns 1,220,463 shares of the basic materials company’s stock worth $119,569,000 after purchasing an additional 7,847 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in shares of Eastman Chemical by 15.4% in the 3rd quarter. Thrivent Financial for Lutherans now owns 947,473 shares of the basic materials company’s stock worth $106,070,000 after purchasing an additional 126,301 shares in the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Trading Down 1.0 %

EMN opened at $104.75 on Tuesday. The firm has a market capitalization of $12.14 billion, a price-to-earnings ratio of 14.17, a PEG ratio of 0.81 and a beta of 1.44. Eastman Chemical has a one year low of $80.71 and a one year high of $114.50. The business has a 50 day simple moving average of $106.43 and a two-hundred day simple moving average of $101.59. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78.

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on EMN shares. Barclays boosted their target price on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Mizuho boosted their price objective on shares of Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Wells Fargo & Company raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $110.00 to $125.00 in a report on Tuesday. Piper Sandler reissued a “neutral” rating and issued a $105.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective 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. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $112.57.

Insider Buying and Selling

In other news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the transaction, the senior vice president now owns 12,366 shares of the company’s stock, valued at $1,298,430. The trade was a 19.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.28% of the stock is owned by company insiders.

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.