Victory Capital Management Inc. Boosts Stock Holdings in Eastman Chemical (NYSE:EMN)

Victory Capital Management Inc. raised its holdings in shares of Eastman Chemical (NYSE:EMN) by 443.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 158,253 shares of the basic materials company’s stock after purchasing an additional 129,112 shares during the quarter. Victory Capital Management Inc. owned 0.14% of Eastman Chemical worth $17,716,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Cultivar Capital Inc. bought a new position in Eastman Chemical during the second quarter valued at $29,000. Wolff Wiese Magana LLC lifted its position in 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 purchasing an additional 200 shares during the last quarter. EntryPoint Capital LLC bought a new position in Eastman Chemical during the first quarter valued at $38,000. Rothschild Investment LLC bought a new position in Eastman Chemical during the second quarter valued at $38,000. Finally, Northwest Investment Counselors LLC bought a new position in Eastman Chemical during the third quarter valued at $38,000. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Down 2.6 %

Shares of Eastman Chemical stock opened at $101.26 on Wednesday. The firm’s 50 day moving average price is $106.25 and its 200-day moving average price is $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. Eastman Chemical has a 52-week low of $80.71 and a 52-week high of $114.50. The company has a market cap of $11.74 billion, a P/E ratio of 13.56, a PEG ratio of 0.77 and a beta of 1.44.

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 the consensus estimate of $2.14 by $0.12. The company had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. Eastman Chemical’s revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.47 EPS. On average, sell-side analysts predict that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total transaction of $321,405.00. Following the completion of the sale, the senior vice president now directly owns 12,366 shares in the company, valued at approximately $1,298,430. The trade was a 19.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 2.28% of the company’s stock.

Wall Street Analyst Weigh In

EMN has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a report on Monday, November 4th. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. Barclays raised their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Wells Fargo & Company decreased their price objective on shares of Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating for the company in a report on Monday, November 4th. Finally, Royal Bank of Canada decreased their price objective on shares of Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus 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.