Pitcairn Co. Has $266,000 Stock Position in Eastman Chemical (NYSE:EMN)

Pitcairn Co. lessened its stake in shares of Eastman Chemical (NYSE:EMN) by 8.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,375 shares of the basic materials company’s stock after selling 206 shares during the period. Pitcairn Co.’s holdings in Eastman Chemical were worth $266,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Cultivar Capital Inc. acquired a new stake in shares of Eastman Chemical during the second quarter valued at approximately $29,000. Wolff Wiese Magana LLC grew its position in Eastman Chemical by 238.1% during the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 200 shares in the last quarter. Rothschild Investment LLC acquired a new stake in Eastman Chemical during the 2nd quarter valued at $38,000. Northwest Investment Counselors LLC purchased a new stake in shares of Eastman Chemical in the third quarter valued at $38,000. Finally, Friedenthal Financial acquired a new stake in shares of Eastman Chemical in the second quarter worth $49,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Stock Down 0.7 %

EMN opened at $104.22 on Thursday. The firm has a market cap of $12.08 billion, a P/E ratio of 13.95, a price-to-earnings-growth ratio of 0.81 and a beta of 1.44. 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 business has a 50 day moving average price of $106.42 and a 200 day moving average price of $101.65. Eastman Chemical has a twelve month low of $80.71 and a twelve month high of $114.50.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Mizuho increased their price objective on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday, November 4th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research note on Friday, November 22nd. Bank of America lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their target price for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. Finally, Wells Fargo & Company raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $110.00 to $125.00 in a research note on Tuesday. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $112.86.

Insider Activity

In other news, SVP Julie A. Mcalindon sold 4,456 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total value of $471,623.04. Following the completion of the sale, the senior vice president now directly owns 4,403 shares of the company’s stock, valued at approximately $466,013.52. This represents a 50.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Christopher Moore Killian sold 3,061 shares of the firm’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 completion of the sale, the senior vice president now owns 12,366 shares in the company, valued at approximately $1,298,430. The trade was a 19.84 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,021 shares of company stock valued at $1,895,948. 2.28% of the stock is owned by insiders.

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.