Eastman Chemical (NYSE:EMN) Shares Purchased by Swiss National Bank

Swiss National Bank lifted its position in Eastman Chemical (NYSE:EMN) by 0.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 349,100 shares of the basic materials company’s stock after acquiring an additional 1,500 shares during the quarter. Swiss National Bank’s holdings in Eastman Chemical were worth $39,082,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in EMN. Capital Research Global Investors boosted its holdings in Eastman Chemical by 649.8% in the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock worth $452,139,000 after purchasing an additional 3,909,740 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Eastman Chemical by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock valued at $223,435,000 after buying an additional 198,645 shares during the period. Earnest Partners LLC boosted its holdings in shares of Eastman Chemical by 1.8% in the 2nd quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company’s stock valued at $219,454,000 after buying an additional 40,070 shares during the period. Bank of New York Mellon Corp raised its stake in Eastman Chemical by 0.6% during the second quarter. Bank of New York Mellon Corp now owns 1,220,463 shares of the basic materials company’s stock worth $119,569,000 after acquiring an additional 7,847 shares during the period. Finally, Thrivent Financial for Lutherans lifted its holdings in Eastman Chemical by 15.4% in the third quarter. Thrivent Financial for Lutherans now owns 947,473 shares of the basic materials company’s stock worth $106,070,000 after acquiring an additional 126,301 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Stock Up 0.0 %

Shares of EMN stock opened at $101.37 on Thursday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. The stock has a market cap of $11.75 billion, a PE ratio of 13.57, a price-to-earnings-growth ratio of 0.77 and a beta of 1.44. The business’s fifty day moving average is $106.30 and its 200-day moving average is $101.51. Eastman Chemical has a 1 year low of $80.71 and a 1 year high of $114.50.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.14 by $0.12. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The firm had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the previous year, the business earned $1.47 earnings per share. Eastman Chemical’s revenue for the quarter was up 8.7% compared to the same quarter last year. Equities analysts expect that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on EMN. Deutsche Bank Aktiengesellschaft decreased their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research note on Monday, November 4th. Piper Sandler restated a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and raised their target price for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. Royal Bank of Canada cut their price objective on shares of Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Finally, Barclays upped their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $111.50.

Insider Activity at Eastman Chemical

In other news, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total transaction of $321,405.00. Following the sale, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at $1,298,430. The trade was a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.28% of the company’s stock.

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.