Janney Montgomery Scott LLC Decreases Position in Eastman Chemical (NYSE:EMN)

Janney Montgomery Scott LLC cut its stake in Eastman Chemical (NYSE:EMN) by 11.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,077 shares of the basic materials company’s stock after selling 2,819 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Eastman Chemical were worth $2,360,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of EMN. Cultivar Capital Inc. purchased a new position in shares of Eastman Chemical during the 2nd quarter valued at about $29,000. Wolff Wiese Magana LLC grew its holdings in shares of Eastman Chemical by 238.1% in the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 200 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in Eastman Chemical during the first quarter valued at approximately $38,000. Rothschild Investment LLC purchased a new position in Eastman Chemical during the second quarter worth $38,000. Finally, Northwest Investment Counselors LLC bought a new stake in Eastman Chemical in the third quarter worth about $38,000. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Down 1.8 %

NYSE EMN opened at $100.52 on Wednesday. The business has a fifty day moving average price of $105.89 and a 200 day moving average price of $101.31. 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 company has a market cap of $11.65 billion, a P/E ratio of 13.46, a P/E/G ratio of 0.77 and a beta of 1.44. Eastman Chemical has a one year low of $76.28 and a one year high of $114.50.

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 analysts’ consensus estimates of $2.14 by $0.12. The business 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 company’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.47 earnings per share. Research analysts anticipate that Eastman Chemical will post 7.62 EPS for the current fiscal year.

Insider Transactions at Eastman Chemical

In related 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 completion of the sale, the senior vice president now owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on EMN. Bank of America cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and upped their price target for the stock from $114.00 to $119.00 in a report on Wednesday, October 16th. Piper Sandler reaffirmed a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a research report on Tuesday, July 30th. 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. StockNews.com cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 6th. Finally, Mizuho increased their price target on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Nine research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Eastman Chemical presently has an average rating of “Hold” and an average target price of $111.50.

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.