Garner Asset Management Corp Sells 100 Shares of Eastman Chemical (NYSE:EMN)

Garner Asset Management Corp cut its position in shares of Eastman Chemical (NYSE:EMN) by 3.7% in the third quarter, Holdings Channel reports. The institutional investor owned 2,608 shares of the basic materials company’s stock after selling 100 shares during the period. Garner Asset Management Corp’s holdings in Eastman Chemical were worth $292,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Sompo Asset Management Co. Ltd. boosted its position in Eastman Chemical by 10.1% during the 3rd quarter. Sompo Asset Management Co. Ltd. now owns 5,910 shares of the basic materials company’s stock worth $662,000 after acquiring an additional 540 shares during the last quarter. Cerity Partners LLC raised its holdings in shares of Eastman Chemical by 1.7% in the third quarter. Cerity Partners LLC now owns 216,358 shares of the basic materials company’s stock valued at $24,222,000 after purchasing an additional 3,624 shares during the last quarter. Icon Wealth Advisors LLC lifted its position in shares of Eastman Chemical by 1,441.5% in the third quarter. Icon Wealth Advisors LLC now owns 15,323 shares of the basic materials company’s stock worth $1,715,000 after purchasing an additional 14,329 shares in the last quarter. Raymond James Trust N.A. boosted its holdings in Eastman Chemical by 0.6% during the third quarter. Raymond James Trust N.A. now owns 78,432 shares of the basic materials company’s stock worth $8,780,000 after purchasing an additional 439 shares during the last quarter. Finally, L & S Advisors Inc grew its position in Eastman Chemical by 0.9% in the third quarter. L & S Advisors Inc now owns 61,224 shares of the basic materials company’s stock valued at $6,854,000 after purchasing an additional 540 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $105.59 on Friday. Eastman Chemical has a 52 week low of $80.71 and a 52 week high of $114.50. The company has a market capitalization of $12.24 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 0.79 and a beta of 1.44. The company has a 50-day simple moving average of $106.43 and a 200 day simple moving average of $101.57. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52.

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

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction dated Wednesday, November 6th. The shares were 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 in the company, valued at $1,298,430. The trade was a 19.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.93% of the company’s stock.

Wall Street Analysts Forecast Growth

EMN has been the topic of several analyst reports. Bank of America cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Piper Sandler reissued a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a research report on Tuesday, July 30th. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Thursday, November 14th. Barclays upped their price objective on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research note on Monday, November 4th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target 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.