Crossmark Global Holdings Inc. Raises Position in Eastman Chemical (EMN)

Crossmark Global Holdings Inc. increased its holdings in Eastman Chemical (NYSE:EMN) by 38.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,980 shares of the basic materials company’s stock after buying an additional 2,765 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Eastman Chemical were worth $730,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of EMN. First Midwest Bank Trust Division grew its stake in shares of Eastman Chemical by 19.7% during the 3rd quarter. First Midwest Bank Trust Division now owns 10,131 shares of the basic materials company’s stock worth $970,000 after purchasing an additional 1,666 shares during the period. Wright Investors Service Inc. acquired a new stake in shares of Eastman Chemical during the 3rd quarter worth approximately $302,000. Lowe Brockenbrough & Co. Inc. grew its stake in shares of Eastman Chemical by 1.2% during the 3rd quarter. Lowe Brockenbrough & Co. Inc. now owns 67,826 shares of the basic materials company’s stock worth $6,492,000 after purchasing an additional 815 shares during the period. Commonwealth Bank of Australia grew its stake in shares of Eastman Chemical by 10.8% during the 3rd quarter. Commonwealth Bank of Australia now owns 19,437 shares of the basic materials company’s stock worth $1,856,000 after purchasing an additional 1,900 shares during the period. Finally, Perella Weinberg Partners Capital Management LP acquired a new stake in shares of Eastman Chemical during the 4th quarter worth approximately $828,000. Institutional investors own 85.03% of the company’s stock.

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In other Eastman Chemical news, Director David W. Raisbeck bought 13,500 shares of the firm’s stock in a transaction dated Friday, December 7th. The shares were purchased at an average price of $73.21 per share, for a total transaction of $988,335.00. Following the transaction, the director now directly owns 35,418 shares of the company’s stock, valued at approximately $2,592,951.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.18% of the company’s stock.

A number of brokerages have recently commented on EMN. Cowen cut shares of Eastman Chemical from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $94.00 to $88.00 in a research note on Wednesday, February 6th. Zacks Investment Research raised shares of Eastman Chemical from a “sell” rating to a “hold” rating in a research note on Tuesday, February 5th. Standpoint Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Thursday, January 31st. Morgan Stanley raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and set a $90.00 price objective on the stock in a research note on Thursday, January 17th. Finally, Jefferies Financial Group dropped their price objective on shares of Eastman Chemical to $91.00 and set a “buy” rating on the stock in a research note on Friday, December 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $94.91.

Shares of NYSE:EMN opened at $81.34 on Wednesday. Eastman Chemical has a 1 year low of $67.40 and a 1 year high of $112.45. The company has a market cap of $11.08 billion, a PE ratio of 9.92, a price-to-earnings-growth ratio of 1.04 and a beta of 1.20. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.94 and a current ratio of 1.69.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, January 31st. The basic materials company reported $1.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.21). Eastman Chemical had a net margin of 10.64% and a return on equity of 20.22%. The business had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.42 billion. Sell-side analysts expect that Eastman Chemical will post 8.76 EPS for the current fiscal year.

Eastman Chemical Profile

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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