Quest Partners LLC Takes $154,000 Position in Eastman Chemical (NYSE:EMN)

Quest Partners LLC bought a new position in shares of Eastman Chemical (NYSE:EMN) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,374 shares of the basic materials company’s stock, valued at approximately $154,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cultivar Capital Inc. bought a new position in shares of Eastman Chemical during the 2nd quarter worth approximately $29,000. Wolff Wiese Magana LLC grew its position in shares of Eastman Chemical by 238.1% during the 3rd 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 in the last quarter. Rothschild Investment LLC purchased a new position in shares of Eastman Chemical during the second quarter worth about $38,000. Northwest Investment Counselors LLC bought a new stake in shares of Eastman Chemical during the 3rd quarter worth $38,000. Finally, Friedenthal Financial bought a new stake in Eastman Chemical in the 2nd quarter worth approximately $49,000. 83.65% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on EMN shares. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $110.00 to $125.00 in a research report on Tuesday. Royal Bank of Canada reiterated a “sector perform” rating and set a $105.00 target price on shares of Eastman Chemical in a report on Friday, November 22nd. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research note on Monday, November 4th. Mizuho lifted their price target on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, StockNews.com lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Eastman Chemical has an average rating of “Hold” and an average target price of $112.86.

Insider Buying and Selling at Eastman Chemical

In related news, SVP Christopher Moore Killian sold 3,061 shares of the 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 owns 12,366 shares of the company’s stock, valued at $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 available at this link. Also, SVP Julie A. Mcalindon sold 4,456 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total value of $471,623.04. Following the transaction, the senior vice president now directly owns 4,403 shares in the company, valued at $466,013.52. This represents a 50.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,021 shares of company stock valued at $1,895,948 in the last ninety days. Corporate insiders own 2.28% of the company’s stock.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $104.23 on Friday. The company has a market cap of $12.08 billion, a price-to-earnings ratio of 13.95, a PEG ratio of 0.81 and a beta of 1.44. Eastman Chemical has a 52-week low of $80.71 and a 52-week high of $114.50. 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 firm’s fifty day moving average is $106.37 and its 200 day moving average is $101.67.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data 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 net margin of 9.47% and a return on equity of 15.37%. The company had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same period in the prior year, the company posted $1.47 EPS. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. Sell-side analysts forecast that Eastman Chemical will post 7.63 EPS for the current fiscal year.

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.