New York State Teachers Retirement System Purchases 1,254 Shares of Eastman Chemical (NYSE:EMN)

New York State Teachers Retirement System lifted its position in Eastman Chemical (NYSE:EMN) by 0.9% during the 3rd quarter, Holdings Channel reports. The firm owned 136,373 shares of the basic materials company’s stock after acquiring an additional 1,254 shares during the period. New York State Teachers Retirement System’s holdings in Eastman Chemical were worth $15,267,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Capital Research Global Investors lifted its stake 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 acquiring an additional 3,909,740 shares during the period. Assenagon Asset Management S.A. lifted its stake in Eastman Chemical by 1,104.3% in the third quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock worth $104,560,000 after acquiring an additional 856,432 shares during the period. Truist Financial Corp lifted its stake in Eastman Chemical by 201.5% in the second quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock worth $90,572,000 after acquiring an additional 617,889 shares during the period. DekaBank Deutsche Girozentrale lifted its stake in Eastman Chemical by 318.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock worth $69,516,000 after acquiring an additional 534,081 shares during the period. Finally, Envestnet Asset Management Inc. lifted 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 worth $83,524,000 after acquiring an additional 218,531 shares during the period. Institutional investors own 83.65% of the company’s stock.

Analyst Upgrades and Downgrades

EMN has been the subject of a number of research analyst reports. Barclays raised their price target on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Royal Bank of Canada raised their price target on Eastman Chemical from $100.00 to $107.00 and gave the stock a “sector perform” rating in a research note on Friday, October 11th. Deutsche Bank Aktiengesellschaft raised their price target on Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research 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 research report on Tuesday, October 15th. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $112.07.

Eastman Chemical Price Performance

EMN opened at $101.08 on Friday. The stock has a 50-day moving average price of $105.80 and a 200-day moving average price 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 firm has a market cap of $11.81 billion, a PE ratio of 13.60, a P/E/G 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 posted 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. The firm had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. Eastman Chemical’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.47 EPS. Sell-side analysts predict that Eastman Chemical will post 7.66 earnings per share for the current fiscal 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.