Jackson Square Capital LLC Acquires 2,243 Shares of Eastman Chemical (NYSE:EMN)

Jackson Square Capital LLC raised its holdings in Eastman Chemical (NYSE:EMN) by 17.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 14,921 shares of the basic materials company’s stock after purchasing an additional 2,243 shares during the quarter. Jackson Square Capital LLC’s holdings in Eastman Chemical were worth $1,670,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of EMN. Bessemer Group Inc. lifted its position in Eastman Chemical by 321.2% during the 1st quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock worth $1,628,000 after buying an additional 12,392 shares in the last quarter. Empowered Funds LLC acquired a new position in shares of Eastman Chemical during the first quarter worth approximately $594,000. Dakota Wealth Management increased its holdings in shares of Eastman Chemical by 13.5% in the second quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock valued at $2,183,000 after purchasing an additional 2,655 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in Eastman Chemical by 11.1% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 76,969 shares of the basic materials company’s stock worth $7,714,000 after purchasing an additional 7,717 shares during the last quarter. Finally, Cetera Advisors LLC lifted its holdings in Eastman Chemical by 119.7% during the 1st quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company’s stock worth $1,011,000 after buying an additional 5,496 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analysts Set New Price Targets

EMN has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft dropped their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday. Royal Bank of Canada lowered their price target on shares of Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating for the company in a research report on Wednesday. Piper Sandler restated a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. Wells Fargo & Company reduced their price objective on shares of Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Monday. Finally, Barclays upped their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Nine research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $111.50.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $103.69 on Thursday. The company has a fifty day moving average price of $105.85 and a 200 day moving average price of $101.12. The firm has a market cap of $12.02 billion, a PE ratio of 13.88, a PEG ratio of 0.77 and a beta of 1.44. The company has a current ratio of 1.52, a quick ratio of 0.71 and a debt-to-equity ratio of 0.80. Eastman Chemical has a 1-year low of $75.01 and a 1-year 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 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The company had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the prior year, the firm earned $1.47 earnings per share. Eastman Chemical’s revenue for the quarter was up 8.7% compared to the same quarter last year. Research analysts predict that Eastman Chemical will post 7.61 earnings per share 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.