Janney Montgomery Scott LLC Sells 2,819 Shares of Eastman Chemical (NYSE:EMN)

Janney Montgomery Scott LLC lowered its holdings in Eastman Chemical (NYSE:EMN) by 11.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,077 shares of the basic materials company’s stock after selling 2,819 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Eastman Chemical were worth $2,360,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cultivar Capital Inc. acquired a new stake in shares of Eastman Chemical in the 2nd quarter valued at approximately $29,000. Wolff Wiese Magana LLC raised its holdings in Eastman Chemical by 238.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 200 shares during the period. EntryPoint Capital LLC acquired a new position in shares of Eastman Chemical in the first quarter valued at about $38,000. Rothschild Investment LLC bought a new stake in shares of Eastman Chemical during the 2nd quarter valued at $38,000. Finally, Northwest Investment Counselors LLC bought a new position in Eastman Chemical in the third quarter valued at approximately $38,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, SVP Christopher Moore Killian sold 3,061 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the transaction, the senior vice president now owns 12,366 shares in the company, valued at $1,298,430. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.93% of the stock is currently owned by insiders.

Eastman Chemical Trading Down 1.8 %

EMN stock opened at $100.52 on Wednesday. The company has a market capitalization of $11.65 billion, a PE ratio of 13.46, a price-to-earnings-growth ratio of 0.77 and a beta of 1.44. The company’s 50 day moving average price is $105.89 and its two-hundred day moving average price is $101.31. Eastman Chemical has a one year low of $76.28 and a one year high of $114.50. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.71 and a current ratio of 1.52.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $2.38 billion. During the same period in the previous year, the firm earned $1.47 earnings per share. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. As a group, analysts predict that Eastman Chemical will post 7.62 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on EMN. Royal Bank of Canada dropped their target price on Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Wells Fargo & Company reduced their target price on shares of Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating for the company in a research note on Monday, November 4th. StockNews.com downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft lowered their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research note on Monday, November 4th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Eastman Chemical presently has an average rating of “Hold” and an average price target of $111.50.

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.