Eastman Chemical Company $EMN Stock: Fulcrum Asset Management LLP Boosts Holdings

Fulcrum Asset Management LLP raised its stake in Eastman Chemical Company (NYSE:EMN) by 189,366.7% in the third quarter, Holdings Channel reports. The firm owned 22,736 shares of the basic materials company’s stock after acquiring an additional 22,724 shares during the quarter. Fulcrum Asset Management LLP’s holdings in Eastman Chemical were worth $1,495,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in EMN. Elevation Wealth Partners LLC acquired a new stake in Eastman Chemical in the third quarter valued at $25,000. Continuum Advisory LLC acquired a new position in shares of Eastman Chemical during the 2nd quarter worth about $40,000. Altshuler Shaham Ltd increased its stake in shares of Eastman Chemical by 36.9% during the 1st quarter. Altshuler Shaham Ltd now owns 538 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 145 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Eastman Chemical in the 2nd quarter valued at about $44,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Eastman Chemical in the 2nd quarter valued at about $46,000. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Up 1.6%

EMN opened at $66.53 on Thursday. The stock has a fifty day moving average of $65.80 and a 200-day moving average of $70.81. The company has a market capitalization of $7.61 billion, a P/E ratio of 11.82, a P/E/G ratio of 0.91 and a beta of 1.07. Eastman Chemical Company has a fifty-two week low of $56.11 and a fifty-two week high of $83.47. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.79 and a current ratio of 1.57.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 29th. The basic materials company reported $1.84 earnings per share for the quarter, missing analysts’ consensus estimates of $1.92 by ($0.08). The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.41 billion. Eastman Chemical had a net margin of 7.15% and a return on equity of 10.59%. The firm’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.14 earnings per share. On average, equities analysts expect that Eastman Chemical Company will post 6.10 EPS for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on EMN. Zacks Research lowered Eastman Chemical from a “hold” rating to a “strong sell” rating in a research note on Monday, October 19th. Wells Fargo & Company set a $68.00 target price on Eastman Chemical in a research note on Friday, October 16th. UBS Group decreased their target price on Eastman Chemical from $92.00 to $77.00 and set a “buy” rating on the stock in a report on Monday, October 5th. Barclays increased their price target on Eastman Chemical from $72.00 to $74.00 and gave the company an “equal weight” rating in a research note on Monday, November 2nd. Finally, JPMorgan Chase & Co. dropped their price target on Eastman Chemical from $66.00 to $65.00 and set a “neutral” rating on the stock in a research note on Monday, November 2nd. Six investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $74.79.

Eastman Chemical Profile

Eastman Chemical Company is a global specialty materials and chemicals company founded in 1920 in Kingsport, Tennessee. Originally part of Eastman Kodak, it became an independent company in 1994. Eastman develops and manufactures materials and chemical products for customers in a wide range of industries. Its products include specialty plastics and films, performance additives, chemical intermediates, and cellulose acetate fibers. These materials are used in applications such as transportation, building and construction, consumer goods, electronics, packaging, and healthcare.