Eastman Chemical Company (NYSE:EMN) Shares Purchased by Bayforest Capital Ltd

Key Points

• Bayforest Capital Ltd significantly increased its stake in Eastman Chemical Company by 1,282.4% during the first quarter, now holding 4,700 shares valued at $414,000.
• Eastman Chemical has received mixed ratings from analysts, with Mizuho upgrading it to "outperform" with a target price of $105, while Goldman Sachs and Wells Fargo lowered their price targets.
• The company's stock is currently facing a decline, down 3.2%, with shares opening at $73.41 and a 52-week range between $70.90 and $114.50.

Bayforest Capital Ltd lifted its position in Eastman Chemical Company (NYSE:EMN - Free Report) by 1,282.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,700 shares of the basic materials company's stock after buying an additional 4,360 shares during the period. Bayforest Capital Ltd's holdings in Eastman Chemical were worth $414,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Principal Financial Group Inc. grew its position in Eastman Chemical by 5.9% during the 1st quarter. Principal Financial Group Inc. now owns 155,509 shares of the basic materials company's stock worth $13,702,000 after purchasing an additional 8,708 shares during the last quarter. OneDigital Investment Advisors LLC boosted its holdings in shares of Eastman Chemical by 36.9% in the 1st quarter. OneDigital Investment Advisors LLC now owns 3,029 shares of the basic materials company's stock valued at $267,000 after acquiring an additional 816 shares during the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of Eastman Chemical in the 1st quarter valued at $1,494,000. Farther Finance Advisors LLC boosted its holdings in shares of Eastman Chemical by 12.8% in the 1st quarter. Farther Finance Advisors LLC now owns 1,890 shares of the basic materials company's stock valued at $167,000 after acquiring an additional 214 shares during the last quarter. Finally, Golden State Wealth Management LLC boosted its holdings in shares of Eastman Chemical by 882.3% in the 1st quarter. Golden State Wealth Management LLC now owns 943 shares of the basic materials company's stock valued at $83,000 after acquiring an additional 847 shares during the last quarter. Hedge funds and other institutional investors own 83.65% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Barclays dropped their price objective on shares of Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 29th. UBS Group decreased their target price on shares of Eastman Chemical from $107.00 to $101.00 and set a "buy" rating for the company in a research note on Wednesday, July 9th. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $76.00 target price (down from $112.00) on shares of Eastman Chemical in a research note on Monday, April 28th. Wells Fargo & Company decreased their target price on shares of Eastman Chemical from $90.00 to $70.00 and set an "overweight" rating for the company in a research note on Monday. Finally, Piper Sandler reduced their price objective on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Eastman Chemical presently has a consensus rating of "Moderate Buy" and an average target price of $92.54.

Eastman Chemical Stock Up 4.4%

Shares of NYSE EMN traded up $2.56 during midday trading on Monday, hitting $61.35. The company's stock had a trading volume of 2,040,411 shares, compared to its average volume of 1,546,882. The business's fifty day simple moving average is $77.71 and its two-hundred day simple moving average is $84.48. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.72 and a quick ratio of 0.79. Eastman Chemical Company has a 1 year low of $56.78 and a 1 year high of $114.50. The firm has a market capitalization of $7.08 billion, a price-to-earnings ratio of 8.62, a price-to-earnings-growth ratio of 1.69 and a beta of 1.21.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted 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 net margin of 8.96% and a return on equity of 15.29%. The business had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.32 billion. During the same period in the previous year, the business posted $2.15 EPS. The company's revenue for the quarter was down 3.2% compared to the same quarter last year. On average, equities analysts predict that Eastman Chemical Company will post 8.55 EPS for the current year.

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.