State of Alaska Department of Revenue Sells 285 Shares of Eastman Chemical (NYSE:EMN)

State of Alaska Department of Revenue lessened its stake in Eastman Chemical (NYSE:EMN) by 1.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,548 shares of the basic materials company’s stock after selling 285 shares during the quarter. State of Alaska Department of Revenue’s holdings in Eastman Chemical were worth $1,627,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of EMN. Capital Research Global Investors lifted its holdings in shares of Eastman Chemical by 649.8% during the 1st quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock worth $452,139,000 after acquiring an additional 3,909,740 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Eastman Chemical by 1,104.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock valued at $104,560,000 after purchasing an additional 856,432 shares during the last quarter. Truist Financial Corp raised its holdings in shares of Eastman Chemical by 201.5% during the 2nd quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock worth $90,572,000 after buying an additional 617,889 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of Eastman Chemical by 318.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock worth $69,516,000 after buying an additional 534,081 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in Eastman Chemical by 34.5% in the second quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock valued at $83,524,000 after buying an additional 218,531 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the company. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. Mizuho increased their price objective on shares of Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday. Piper Sandler reaffirmed a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Barclays upped their price target on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Finally, Wells Fargo & Company raised their price objective on Eastman Chemical from $105.00 to $118.00 and gave the company an “equal weight” rating in a report on Tuesday, October 15th. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $112.07.

Eastman Chemical Price Performance

Shares of EMN opened at $101.08 on Friday. The business has a 50-day moving average of $105.80 and a 200-day moving average of $100.98. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. The company has a market capitalization of $11.81 billion, a price-to-earnings ratio of 13.60, a price-to-earnings-growth ratio of 0.80 and a beta of 1.44. Eastman Chemical has a 1 year low of $74.31 and a 1 year high of $114.50.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.13 by $0.13. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The firm had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the business earned $1.47 EPS. The company’s revenue was up 8.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Eastman Chemical will post 7.66 earnings per share 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.