QRG Capital Management Inc. Has $4.62 Million Holdings in Eastman Chemical (NYSE:EMN)

QRG Capital Management Inc. lifted its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 20.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,227 shares of the basic materials company's stock after buying an additional 6,989 shares during the quarter. QRG Capital Management Inc.'s holdings in Eastman Chemical were worth $4,615,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Intact Investment Management Inc. boosted its holdings in Eastman Chemical by 10.9% in the third quarter. Intact Investment Management Inc. now owns 41,960 shares of the basic materials company's stock worth $4,697,000 after purchasing an additional 4,140 shares during the period. Roman Butler Fullerton & Co. acquired a new position in Eastman Chemical in the third quarter worth $251,000. Forum Financial Management LP acquired a new position in Eastman Chemical in the third quarter worth $217,000. Robeco Institutional Asset Management B.V. boosted its holdings in Eastman Chemical by 2.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 19,568 shares of the basic materials company's stock worth $2,191,000 after purchasing an additional 414 shares during the period. Finally, Van ECK Associates Corp boosted its holdings in Eastman Chemical by 0.6% in the third quarter. Van ECK Associates Corp now owns 48,790 shares of the basic materials company's stock worth $5,220,000 after purchasing an additional 287 shares during the period. Institutional investors and hedge funds own 83.65% of the company's stock.

Eastman Chemical Price Performance

NYSE:EMN traded up $2.80 during mid-day trading on Wednesday, reaching $103.68. 1,744,666 shares of the stock were exchanged, compared to its average volume of 948,400. The business has a fifty day moving average price of $105.78 and a 200 day moving average price of $101.10. The firm has a market capitalization of $12.12 billion, a PE ratio of 14.03, a PEG ratio of 0.77 and a beta of 1.44. Eastman Chemical has a 1-year low of $75.01 and a 1-year high of $114.50. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, topping analysts' consensus estimates of $2.14 by $0.12. The firm had revenue of $2.46 billion for the quarter, compared to analysts' expectations of $2.38 billion. Eastman Chemical had a return on equity of 15.45% and a net margin of 9.47%. Eastman Chemical's revenue was up 8.7% on a year-over-year basis. During the same quarter last year, the business posted $1.47 EPS. Research analysts expect that Eastman Chemical will post 7.61 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on EMN shares. Bank of America downgraded shares of Eastman Chemical from a "buy" rating to a "neutral" rating and lifted their price objective for the stock from $114.00 to $119.00 in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft cut their target price on Eastman Chemical from $115.00 to $110.00 and set a "hold" rating on the stock in a research note on Monday. Barclays raised their target price on Eastman Chemical from $103.00 to $111.00 and gave the company an "equal weight" rating in a research note on Monday, July 29th. Royal Bank of Canada cut their target price on Eastman Chemical from $107.00 to $105.00 and set a "sector perform" rating on the stock in a research note on Wednesday. Finally, Piper Sandler reiterated a "neutral" rating and issued a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus 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.