Vestcor Inc Acquires 1,313 Shares of Eastman Chemical Company (NYSE:EMN)

Vestcor Inc lifted its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 99.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,628 shares of the basic materials company’s stock after purchasing an additional 1,313 shares during the period. Vestcor Inc’s holdings in Eastman Chemical were worth $232,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Headlands Technologies LLC bought a new stake in Eastman Chemical in the 4th quarter valued at about $43,000. Orion Capital Management LLC bought a new stake in Eastman Chemical in the 4th quarter valued at about $47,000. TD Private Client Wealth LLC raised its stake in Eastman Chemical by 46.4% in the 1st quarter. TD Private Client Wealth LLC now owns 536 shares of the basic materials company’s stock valued at $47,000 after acquiring an additional 170 shares during the period. Johnson Financial Group Inc. raised its stake in Eastman Chemical by 68.5% in the 4th quarter. Johnson Financial Group Inc. now owns 556 shares of the basic materials company’s stock valued at $55,000 after acquiring an additional 226 shares during the period. Finally, Wayfinding Financial LLC bought a new stake in Eastman Chemical in the 1st quarter valued at about $50,000. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Stock Up 3.5%

Shares of NYSE EMN opened at $60.82 on Tuesday. Eastman Chemical Company has a 12 month low of $56.78 and a 12 month 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 has a market capitalization of $7.02 billion, a price-to-earnings ratio of 8.54, a PEG ratio of 1.69 and a beta of 1.21. The business has a 50-day moving average of $77.32 and a 200-day moving average of $84.25.

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). Eastman Chemical had a return on equity of 15.29% and a net margin of 8.96%. The business had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.32 billion. During the same period in the previous year, the firm posted $2.15 EPS. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. Sell-side analysts expect that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Citigroup lowered their price objective on Eastman Chemical from $90.00 to $68.00 and set a “buy” rating on the stock in a research note on Monday. Royal Bank Of Canada upgraded Eastman Chemical from a “sector perform” rating to an “outperform” rating and set a $91.00 price objective on the stock in a research note on Wednesday, April 9th. The Goldman Sachs Group lowered their price objective on Eastman Chemical from $112.00 to $87.00 and set a “neutral” rating on the stock in a research note on Monday, April 28th. Wells Fargo & Company lowered their price objective on Eastman Chemical from $90.00 to $70.00 and set an “overweight” rating on the stock in a research note on Monday. Finally, Wall Street Zen lowered Eastman Chemical from a “buy” rating to a “hold” rating in a report on Monday, April 28th. Six equities research 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, Eastman Chemical currently has an average rating of “Moderate Buy” and an average price target of $90.00.

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.