Forsta AP Fonden Purchases New Holdings in Eastman Chemical (EMN)

Forsta AP Fonden purchased a new stake in Eastman Chemical (NYSE:EMN) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 46,100 shares of the basic materials company’s stock, valued at approximately $4,413,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. LSV Asset Management increased its holdings in shares of Eastman Chemical by 9.4% in the 3rd quarter. LSV Asset Management now owns 5,504,697 shares of the basic materials company’s stock valued at $526,909,000 after purchasing an additional 471,527 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Eastman Chemical by 6.3% in the 3rd quarter. Victory Capital Management Inc. now owns 2,216,992 shares of the basic materials company’s stock valued at $212,211,000 after purchasing an additional 131,152 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Eastman Chemical by 108.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,783,518 shares of the basic materials company’s stock valued at $170,718,000 after purchasing an additional 926,293 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Eastman Chemical by 2.2% in the 2nd quarter. Northern Trust Corp now owns 1,780,880 shares of the basic materials company’s stock valued at $178,015,000 after purchasing an additional 38,246 shares in the last quarter. Finally, Morgan Stanley increased its holdings in shares of Eastman Chemical by 158.3% in the 2nd quarter. Morgan Stanley now owns 1,215,942 shares of the basic materials company’s stock valued at $121,546,000 after purchasing an additional 745,156 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

NYSE:EMN opened at $80.62 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 1.69 and a debt-to-equity ratio of 0.98. Eastman Chemical has a twelve month low of $73.95 and a twelve month high of $112.45. The stock has a market cap of $11.43 billion, a price-to-earnings ratio of 9.71, a price-to-earnings-growth ratio of 1.11 and a beta of 1.26.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, October 25th. The basic materials company reported $2.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.29 by $0.05. Eastman Chemical had a net margin of 16.05% and a return on equity of 21.18%. The firm had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.53 billion. On average, research analysts forecast that Eastman Chemical will post 8.43 EPS for the current year.

A number of brokerages have recently issued reports on EMN. Cowen cut their price target on shares of Eastman Chemical from $115.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, October 31st. Citigroup cut their price target on shares of Eastman Chemical from $94.00 to $86.00 and set a “neutral” rating for the company in a report on Monday, October 29th. KeyCorp cut their price target on shares of Eastman Chemical from $122.00 to $110.00 and set an “overweight” rating for the company in a report on Monday, October 29th. Zacks Investment Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Wednesday, August 1st. Finally, Morgan Stanley increased their price target on shares of Eastman Chemical from $98.00 to $107.00 and gave the company an “equal weight” rating in a report on Tuesday, July 31st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. Eastman Chemical currently has a consensus rating of “Hold” and an average target price of $99.00.

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About Eastman Chemical

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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