First Trust Direct Indexing L.P. Trims Stake in Eastman Chemical (NYSE:EMN)

First Trust Direct Indexing L.P. lessened its position in shares of Eastman Chemical (NYSE:EMN) by 6.0% during the third quarter, HoldingsChannel reports. The institutional investor owned 2,330 shares of the basic materials company’s stock after selling 148 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Eastman Chemical were worth $261,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Wolff Wiese Magana LLC increased its holdings in shares of Eastman Chemical by 238.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 200 shares during the period. Cultivar Capital Inc. acquired a new position in Eastman Chemical in the second quarter valued at $29,000. Northwest Investment Counselors LLC purchased a new stake in shares of Eastman Chemical in the third quarter valued at about $38,000. EntryPoint Capital LLC acquired a new stake in shares of Eastman Chemical during the first quarter worth about $38,000. Finally, Rothschild Investment LLC purchased a new position in shares of Eastman Chemical during the second quarter worth about $38,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Stock Down 1.0 %

Eastman Chemical stock opened at $100.05 on Tuesday. Eastman Chemical has a fifty-two week low of $75.01 and a fifty-two week high of $114.50. The firm has a market capitalization of $11.69 billion, a price-to-earnings ratio of 13.39, a price-to-earnings-growth ratio of 0.80 and a beta of 1.44. The stock’s fifty day moving average is $105.80 and its two-hundred day moving average is $101.04. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results 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 15.45% and a net margin of 9.47%. The company had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter last year, the business posted $1.47 earnings per share. Eastman Chemical’s revenue was up 8.7% compared to the same quarter last year. Analysts predict that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on EMN shares. Wells Fargo & Company dropped their target price on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a report on Monday. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Royal Bank of Canada lifted their target price on shares of Eastman Chemical from $100.00 to $107.00 and gave the company a “sector perform” rating in a report on Friday, October 11th. Piper Sandler reiterated a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $111.64.

Eastman Chemical 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.