Eastman Chemical (NYSE:EMN) Position Reduced by Apollon Wealth Management LLC

Apollon Wealth Management LLC lowered its stake in Eastman Chemical (NYSE:EMN) by 15.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 2,472 shares of the basic materials company’s stock after selling 438 shares during the period. Apollon Wealth Management LLC’s holdings in Eastman Chemical were worth $277,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. UMB Bank n.a. raised its stake in Eastman Chemical by 4.3% during the third quarter. UMB Bank n.a. now owns 2,343 shares of the basic materials company’s stock valued at $262,000 after buying an additional 96 shares in the last quarter. V Square Quantitative Management LLC lifted its stake in Eastman Chemical by 3.8% during the third quarter. V Square Quantitative Management LLC now owns 2,683 shares of the basic materials company’s stock worth $300,000 after purchasing an additional 98 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its holdings in Eastman Chemical by 2.8% in the second quarter. Kingswood Wealth Advisors LLC now owns 4,026 shares of the basic materials company’s stock worth $394,000 after purchasing an additional 111 shares during the period. Patrick M Sweeney & Associates Inc. increased its stake in Eastman Chemical by 3.3% during the third quarter. Patrick M Sweeney & Associates Inc. now owns 3,434 shares of the basic materials company’s stock valued at $384,000 after purchasing an additional 111 shares during the last quarter. Finally, Prosperity Consulting Group LLC increased its stake in Eastman Chemical by 4.8% during the second quarter. Prosperity Consulting Group LLC now owns 2,662 shares of the basic materials company’s stock valued at $261,000 after purchasing an additional 123 shares during the last quarter. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Trading Up 2.4 %

Shares of NYSE:EMN opened at $104.01 on Tuesday. The company has a 50 day moving average of $106.19 and a 200-day moving average of $101.49. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80. The firm has a market cap of $12.06 billion, a P/E ratio of 13.92, a P/E/G ratio of 0.77 and a beta of 1.44. Eastman Chemical has a twelve month low of $80.71 and a twelve month high of $114.50.

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

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. Mizuho increased their price target on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Barclays boosted their price objective on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Royal Bank of Canada dropped their target price on Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Finally, Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their price target for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $111.50.

Insider Activity at Eastman Chemical

In related news, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were 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 in the company, valued at $1,298,430. The trade was a 19.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.93% of the company’s stock.

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.