Louisiana State Employees Retirement System Decreases Stake in Eastman Chemical (NYSE:EMN)

Louisiana State Employees Retirement System decreased its position in shares of Eastman Chemical (NYSE:EMN) by 1.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 6,600 shares of the basic materials company’s stock after selling 100 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Eastman Chemical were worth $739,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Cultivar Capital Inc. purchased a new stake in shares of Eastman Chemical in the 2nd quarter valued at about $29,000. Wolff Wiese Magana LLC lifted its position in shares of Eastman Chemical by 238.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 200 shares during the period. EntryPoint Capital LLC bought a new position in shares of Eastman Chemical in the 1st quarter worth approximately $38,000. Rothschild Investment LLC purchased a new stake in shares of Eastman Chemical in the 2nd quarter worth about $38,000. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Eastman Chemical during the third quarter valued at approximately $38,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

EMN has been the subject of several recent analyst reports. Piper Sandler restated a “neutral” rating and issued a $105.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. Royal Bank of Canada raised their price target on Eastman Chemical from $100.00 to $107.00 and gave the company a “sector perform” rating in a report on Friday, October 11th. 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. Barclays upped their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Finally, StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Eastman Chemical has an average rating of “Hold” and a consensus price target of $111.64.

Eastman Chemical Stock Performance

NYSE EMN opened at $100.05 on Tuesday. The stock has a 50-day simple moving average of $105.80 and a two-hundred day simple moving average of $101.04. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. The firm has a market capitalization of $11.69 billion, a P/E ratio of 13.39, a PEG ratio of 0.80 and a beta of 1.44. Eastman Chemical has a fifty-two week low of $75.01 and a fifty-two week high of $114.50.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.45% and a net margin of 9.47%. The business had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the previous year, the business earned $1.47 earnings per share. The business’s revenue was up 8.7% compared to the same quarter last year. On average, equities analysts forecast that Eastman Chemical will post 7.66 earnings per share for the current year.

About Eastman Chemical

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.