Summit Financial Wealth Advisors LLC raised its stake in shares of Eastman Chemical Company (NYSE:EMN) by 253.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 26,877 shares of the basic materials company’s stock after purchasing an additional 19,280 shares during the period. Summit Financial Wealth Advisors LLC’s holdings in Eastman Chemical were worth $2,432,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Janus Henderson Group PLC boosted its stake in shares of Eastman Chemical by 38.6% in the second quarter. Janus Henderson Group PLC now owns 25,832 shares of the basic materials company’s stock worth $2,170,000 after acquiring an additional 7,199 shares during the period. Laurion Capital Management LP lifted its position in shares of Eastman Chemical by 689.5% in the second quarter. Laurion Capital Management LP now owns 87,034 shares of the basic materials company’s stock worth $7,310,000 after buying an additional 76,010 shares in the last quarter. Contravisory Investment Management Inc. lifted its position in shares of Eastman Chemical by 1.6% in the second quarter. Contravisory Investment Management Inc. now owns 3,293 shares of the basic materials company’s stock worth $277,000 after buying an additional 52 shares in the last quarter. Prudential Financial Inc. lifted its position in shares of Eastman Chemical by 3.0% in the second quarter. Prudential Financial Inc. now owns 561,295 shares of the basic materials company’s stock worth $47,143,000 after buying an additional 16,260 shares in the last quarter. Finally, Exane Derivatives lifted its position in shares of Eastman Chemical by 569,000.0% in the second quarter. Exane Derivatives now owns 28,455 shares of the basic materials company’s stock worth $2,389,000 after buying an additional 28,450 shares in the last quarter. 83.32% of the stock is owned by institutional investors and hedge funds.

A number of research firms recently commented on EMN. J P Morgan Chase & Co boosted their target price on Eastman Chemical from $95.00 to $105.00 and gave the stock an “overweight” rating in a research report on Monday, October 30th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $93.00 target price (up from $91.00) on shares of Eastman Chemical in a research report on Monday, October 30th. Wells Fargo & Company reiterated an “outperform” rating and issued a $102.00 target price (up from $94.00) on shares of Eastman Chemical in a research report on Monday, October 30th. They noted that the move was a valuation call. KeyCorp reiterated a “buy” rating and issued a $108.00 target price (up from $100.00) on shares of Eastman Chemical in a research report on Monday, October 30th. Finally, UBS AG boosted their target price on Eastman Chemical from $97.00 to $103.00 and gave the stock a “buy” rating in a research report on Friday, October 27th. Nine analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $96.00.

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Shares of Eastman Chemical Company (NYSE:EMN) traded up $0.77 during midday trading on Monday, hitting $90.75. The stock had a trading volume of 798,100 shares, compared to its average volume of 1,159,316. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.94 and a current ratio of 1.83. Eastman Chemical Company has a 12-month low of $73.52 and a 12-month high of $94.96. The stock has a market capitalization of $13,050.00, a P/E ratio of 12.08, a price-to-earnings-growth ratio of 1.55 and a beta of 1.31.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, October 26th. The basic materials company reported $2.19 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.16. Eastman Chemical had a return on equity of 22.77% and a net margin of 10.89%. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the prior year, the business posted $1.86 earnings per share. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. research analysts expect that Eastman Chemical Company will post 7.13 EPS for the current year.

In other news, Director Renee J. Hornbaker sold 4,000 shares of the stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total value of $337,720.00. Following the sale, the director now directly owns 21,858 shares in the company, valued at $1,845,470.94. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Perry Stuckey sold 5,200 shares of the stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $92.12, for a total value of $479,024.00. The disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.

Eastman Chemical Profile

Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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