The Manufacturers Life Insurance Company Has $11.77 Million Position in Eastman Chemical (NYSE:EMN)

The Manufacturers Life Insurance Company cut its holdings in shares of Eastman Chemical (NYSE:EMN) by 0.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 105,154 shares of the basic materials company’s stock after selling 370 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Eastman Chemical were worth $11,772,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Cultivar Capital Inc. acquired a new position in shares of Eastman Chemical during the second quarter worth $29,000. Wolff Wiese Magana LLC raised 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 during the last quarter. Rothschild Investment LLC acquired a new position in Eastman Chemical during the 2nd quarter worth about $38,000. Northwest Investment Counselors LLC bought a new stake in shares of Eastman Chemical in the 3rd quarter valued at about $38,000. Finally, Friedenthal Financial acquired a new stake in shares of Eastman Chemical in the second quarter valued at about $49,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on EMN. Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $110.00 to $125.00 in a research note on Tuesday, November 26th. Bank of America cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Royal Bank of Canada reissued a “sector perform” rating and set a $105.00 target price on shares of Eastman Chemical in a research note on Friday, November 22nd. Deutsche Bank Aktiengesellschaft cut their price target on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. Finally, Mizuho lifted their price objective on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $112.86.

Eastman Chemical Trading Down 0.4 %

NYSE EMN opened at $104.27 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. Eastman Chemical has a 52 week low of $80.71 and a 52 week high of $114.50. The business has a 50 day moving average price of $106.18 and a 200-day moving average price of $101.75. The company has a market cap of $12.09 billion, a price-to-earnings ratio of 13.96, a P/E/G ratio of 0.84 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, beating 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 analyst estimates of $2.38 billion. During the same quarter in the previous year, the business posted $1.47 EPS. Eastman Chemical’s quarterly revenue was up 8.7% on a year-over-year basis. As a group, equities analysts expect that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Stephen Glenn Crawford sold 10,504 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total value of $1,102,920.00. Following the completion of the sale, the executive vice president now directly owns 47,287 shares of the company’s stock, valued at approximately $4,965,135. This represents a 18.18 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction of $471,623.04. Following the completion of the sale, the senior vice president now owns 4,403 shares of the company’s stock, valued at approximately $466,013.52. The trade was a 50.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,021 shares of company stock worth $1,895,948 in the last quarter. Insiders own 1.93% 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.