Eastman Chemical Company (NYSE:EMN) Shares Bought by Klein Pavlis & Peasley Financial Inc.

Key Points

• Klein Pavlis & Peasley Financial Inc. increased its holdings in Eastman Chemical Company by 55.1% in the 1st quarter, owning 15,528 shares worth approximately $1.37 million.
• Wall Street analysts have mixed opinions on Eastman Chemical, with price targets ranging from $90.00 to $115.00 and an overall consensus rating of "Moderate Buy".
• Eastman Chemical's stock has declined 19% and reported earnings of $1.60 per share, missing estimates by $0.12, with quarterly revenue down 3.2% year-over-year.

Klein Pavlis & Peasley Financial Inc. grew its holdings in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 55.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,528 shares of the basic materials company's stock after purchasing an additional 5,518 shares during the quarter. Klein Pavlis & Peasley Financial Inc.'s holdings in Eastman Chemical were worth $1,368,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. boosted its stake in Eastman Chemical by 5.9% in the 1st quarter. Principal Financial Group Inc. now owns 155,509 shares of the basic materials company's stock worth $13,702,000 after buying an additional 8,708 shares during the last quarter. OneDigital Investment Advisors LLC lifted its holdings in shares of Eastman Chemical by 36.9% during the 1st quarter. OneDigital Investment Advisors LLC now owns 3,029 shares of the basic materials company's stock worth $267,000 after acquiring an additional 816 shares during the period. Teacher Retirement System of Texas acquired a new stake in shares of Eastman Chemical in the first quarter worth approximately $1,494,000. Farther Finance Advisors LLC grew its holdings in Eastman Chemical by 12.8% in the first quarter. Farther Finance Advisors LLC now owns 1,890 shares of the basic materials company's stock valued at $167,000 after purchasing an additional 214 shares during the period. Finally, Golden State Wealth Management LLC increased its position in Eastman Chemical by 882.3% during the first quarter. Golden State Wealth Management LLC now owns 943 shares of the basic materials company's stock worth $83,000 after purchasing an additional 847 shares during the last quarter. Institutional investors and hedge funds own 83.65% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on EMN shares. Citigroup decreased their price target on shares of Eastman Chemical from $90.00 to $68.00 and set a "buy" rating on the stock in a report on Monday. Piper Sandler lowered their price target on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. Wells Fargo & Company cut their price objective on Eastman Chemical from $90.00 to $70.00 and set an "overweight" rating on the stock in a report on Monday. Wall Street Zen cut Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. Finally, Barclays cut their price target 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. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Eastman Chemical has a consensus rating of "Moderate Buy" and a consensus target price of $90.00.

Eastman Chemical Stock Up 3.5%

Shares of EMN traded up $2.03 during mid-day trading on Monday, reaching $60.82. 4,178,302 shares of the stock traded hands, compared to its average volume of 1,562,734. The firm has a market cap of $7.02 billion, a price-to-earnings ratio of 8.54, a P/E/G ratio of 1.69 and a beta of 1.21. The stock has a fifty day simple moving average of $77.71 and a 200 day simple moving average of $84.48. The company has a quick ratio of 0.79, a current ratio of 1.72 and a debt-to-equity ratio of 0.80. Eastman Chemical Company has a 12-month low of $56.78 and a 12-month high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The basic materials company reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.72 by ($0.12). The firm had revenue of $2.29 billion for 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 period last year, the firm earned $2.15 EPS. Sell-side analysts expect that Eastman Chemical Company will post 8.55 EPS for the current fiscal 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.