Prospera Financial Services Inc Purchases 3,940 Shares of Eastman Chemical (NYSE:EMN)

Prospera Financial Services Inc boosted its position in Eastman Chemical (NYSE:EMN) by 21.4% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 22,391 shares of the basic materials company’s stock after acquiring an additional 3,940 shares during the period. Prospera Financial Services Inc’s holdings in Eastman Chemical were worth $2,506,000 as of its most recent SEC filing.

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

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $101.37 on Thursday. The business has a 50 day moving average of $106.30 and a 200 day moving average of $101.51. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. The company has a market cap of $11.75 billion, a PE ratio of 13.57, a P/E/G ratio of 0.77 and a beta of 1.44. Eastman Chemical has a 52 week low of $80.71 and a 52 week high of $114.50.

Eastman Chemical (NYSE:EMN) last posted 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 business had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.47 earnings per share. As a group, equities research analysts forecast that Eastman Chemical will post 7.63 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the sale, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This represents a 19.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.28% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Wells Fargo & Company cut their price objective on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating for the company in a report on Monday, November 4th. Barclays upped their target price 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. Royal Bank of Canada cut their target price on Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Mizuho upped their target price on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Finally, Deutsche Bank Aktiengesellschaft cut their target price on 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 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.com, the stock currently has a consensus 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.