Baker Avenue Asset Management LP Purchases 223 Shares of Eastman Chemical Company (NYSE:EMN)

Baker Avenue Asset Management LP increased its position in shares of Eastman Chemical Company (NYSE:EMN) by 5.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,124 shares of the basic materials company’s stock after acquiring an additional 223 shares during the period. Baker Avenue Asset Management LP’s holdings in Eastman Chemical were worth $363,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of EMN. Beverly Hills Private Wealth LLC boosted its stake in shares of Eastman Chemical by 4.5% in the 1st quarter. Beverly Hills Private Wealth LLC now owns 3,304 shares of the basic materials company’s stock valued at $291,000 after purchasing an additional 143 shares in the last quarter. Prudent Man Advisors LLC lifted its stake in Eastman Chemical by 2.2% in the first quarter. Prudent Man Advisors LLC now owns 6,651 shares of the basic materials company’s stock worth $586,000 after purchasing an additional 144 shares during the last quarter. Burney Co. boosted its position in Eastman Chemical by 0.9% during the first quarter. Burney Co. now owns 18,083 shares of the basic materials company’s stock valued at $1,593,000 after buying an additional 154 shares during the period. Roman Butler Fullerton & Co. boosted its position in Eastman Chemical by 6.1% during the first quarter. Roman Butler Fullerton & Co. now owns 2,864 shares of the basic materials company’s stock valued at $252,000 after buying an additional 164 shares during the period. Finally, Goelzer Investment Management Inc. grew its stake in shares of Eastman Chemical by 0.5% during the first quarter. Goelzer Investment Management Inc. now owns 36,505 shares of the basic materials company’s stock valued at $3,216,000 after buying an additional 164 shares during the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Trading Down 19.0%

Shares of EMN opened at $58.79 on Friday. Eastman Chemical Company has a 1-year low of $56.78 and a 1-year high of $114.50. The company has a current ratio of 1.72, a quick ratio of 0.79 and a debt-to-equity ratio of 0.80. The firm’s 50-day moving average price is $77.71 and its 200-day moving average price is $84.53. The firm has a market capitalization of $6.79 billion, a price-to-earnings ratio of 8.26, a PEG ratio of 1.69 and a beta of 1.21.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, July 31st. The basic materials company reported $1.60 EPS for the quarter, missing the consensus estimate of $1.72 by ($0.12). The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.32 billion. Eastman Chemical had a return on equity of 15.29% and a net margin of 8.96%. The business’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter last year, the business earned $2.15 earnings per share. Sell-side analysts anticipate that Eastman Chemical Company will post 8.55 EPS for the current year.

Wall Street Analyst Weigh In

EMN has been the subject of several analyst reports. Wells Fargo & Company dropped their target price on Eastman Chemical from $125.00 to $90.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. The Goldman Sachs Group dropped their price objective on Eastman Chemical from $112.00 to $87.00 and set a “neutral” rating for the company in a research note on Monday, April 28th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $76.00 target price (down previously from $112.00) on shares of Eastman Chemical in a report on Monday, April 28th. UBS Group lowered their price target on shares of Eastman Chemical from $107.00 to $101.00 and set a “buy” rating for the company in a report on Wednesday, July 9th. Finally, Piper Sandler cut their price target on shares of Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating on the stock in a report on Monday, April 7th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $95.15.

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.