CWA Asset Management Group LLC Takes $558,000 Position in Eastman Chemical (NYSE:EMN)

CWA Asset Management Group LLC bought a new stake in Eastman Chemical (NYSE:EMN - Free Report) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 4,984 shares of the basic materials company's stock, valued at approximately $558,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Research Global Investors grew its holdings in shares of Eastman Chemical by 649.8% in the 1st quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company's stock worth $452,139,000 after acquiring an additional 3,909,740 shares during the last quarter. Dimensional Fund Advisors LP lifted 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 buying an additional 198,645 shares in the last quarter. Earnest Partners LLC grew its position in shares of Eastman Chemical by 1.8% in the 2nd quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company's stock valued at $219,454,000 after acquiring an additional 40,070 shares during the period. Bank of New York Mellon Corp increased its stake in Eastman Chemical by 0.6% during the 2nd 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 acquiring an additional 7,847 shares during the period. Finally, Clearbridge Investments LLC raised its position in Eastman Chemical by 18.1% in the first quarter. Clearbridge Investments LLC now owns 1,120,604 shares of the basic materials company's stock valued at $112,307,000 after purchasing an additional 171,945 shares during the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total transaction of $321,405.00. Following 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.93% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on EMN. Bank of America downgraded 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 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 note on Tuesday, July 30th. StockNews.com cut Eastman Chemical from a "buy" rating to a "hold" rating in a research report on Wednesday, November 6th. Wells Fargo & Company decreased their price target on Eastman Chemical from $118.00 to $110.00 and set an "equal weight" rating on the stock in a report on Monday, November 4th. Finally, Mizuho increased their target price on shares of Eastman Chemical from $107.00 to $113.00 and gave the company a "neutral" rating in a research note on Friday, November 1st. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Eastman Chemical presently has a consensus rating of "Hold" and a consensus price target of $111.50.

Eastman Chemical Price Performance

Shares of NYSE EMN traded down $1.88 during midday trading on Tuesday, reaching $100.49. The company's stock had a trading volume of 1,023,482 shares, compared to its average volume of 952,916. 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 13.45, a P/E/G ratio of 0.77 and a beta of 1.44. Eastman Chemical has a fifty-two week low of $76.28 and a fifty-two week high of $114.50. The business's 50 day moving average price is $105.89 and its two-hundred day moving average price is $101.28.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. 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 firm earned $1.47 earnings per share. The business's revenue was up 8.7% on a year-over-year basis. On average, analysts forecast that Eastman Chemical will post 7.62 EPS for the current fiscal 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.