Twin Capital Management Inc. decreased its position in shares of Eastman Chemical Company (NYSE:EMN) by 25.1% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,565 shares of the basic materials company’s stock after selling 3,537 shares during the quarter. Twin Capital Management Inc.’s holdings in Eastman Chemical were worth $956,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in the business. Strs Ohio grew its position in shares of Eastman Chemical by 12.5% during the 2nd quarter. Strs Ohio now owns 13,417 shares of the basic materials company’s stock worth $1,126,000 after buying an additional 1,490 shares during the period. Municipal Employees Retirement System of Michigan grew its position in Eastman Chemical by 8.9% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 13,130 shares of the basic materials company’s stock valued at $1,103,000 after purchasing an additional 1,070 shares during the period. Harbour Capital Advisors LLC grew its position in Eastman Chemical by 2,173.3% in the 2nd quarter. Harbour Capital Advisors LLC now owns 28,053 shares of the basic materials company’s stock valued at $334,000 after purchasing an additional 26,819 shares during the period. Daiwa Securities Group Inc. grew its position in Eastman Chemical by 1.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 4,150 shares of the basic materials company’s stock valued at $349,000 after purchasing an additional 50 shares during the period. Finally, Sei Investments Co. grew its position in Eastman Chemical by 43.6% in the 2nd quarter. Sei Investments Co. now owns 40,739 shares of the basic materials company’s stock valued at $3,422,000 after purchasing an additional 12,363 shares during the period. Hedge funds and other institutional investors own 82.66% of the company’s stock.
Shares of Eastman Chemical Company (EMN) opened at $91.98 on Friday. Eastman Chemical Company has a 52 week low of $74.31 and a 52 week high of $94.96. The company has a market capitalization of $13,276.75, a price-to-earnings ratio of 12.30, a PEG ratio of 1.57 and a beta of 1.31. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.94 and a current ratio of 1.83.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, October 26th. The basic materials company reported $2.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.03 by $0.16. Eastman Chemical had a return on equity of 22.77% and a net margin of 10.89%. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the previous year, the business posted $1.86 EPS. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. research analysts predict that Eastman Chemical Company will post 7.13 earnings per share for the current fiscal year.
Several analysts recently issued reports on the stock. Jefferies Group reissued a “buy” rating and issued a $96.00 price target on shares of Eastman Chemical in a research report on Tuesday, October 3rd. Nomura downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 price target for the company. in a research report on Tuesday, October 10th. Wells Fargo & Company reissued an “outperform” rating and issued a $102.00 price target (up previously from $94.00) on shares of Eastman Chemical in a research report on Monday, October 30th. They noted that the move was a valuation call. Goldman Sachs Group raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $81.00 to $101.00 in a report on Thursday, September 28th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $93.00 price objective (up from $91.00) on shares of Eastman Chemical in a report on Monday, October 30th. Ten equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $96.00.
In related news, SVP Perry Stuckey sold 5,200 shares of the business’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $92.12, for a total value of $479,024.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.14% of the company’s stock.
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About Eastman Chemical
Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.
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