New York State Common Retirement Fund Trims Stake in Eastman Chemical (NYSE:EMN)

New York State Common Retirement Fund trimmed its holdings in shares of Eastman Chemical (NYSE:EMN) by 8.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 189,448 shares of the basic materials company’s stock after selling 17,022 shares during the quarter. New York State Common Retirement Fund owned about 0.16% of Eastman Chemical worth $21,209,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in EMN. Cultivar Capital Inc. purchased a new position in Eastman Chemical during the second quarter worth about $29,000. Wolff Wiese Magana LLC lifted its stake in Eastman Chemical by 238.1% during the third 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. EntryPoint Capital LLC bought a new stake in Eastman Chemical during the first quarter worth about $38,000. Rothschild Investment LLC bought a new stake in Eastman Chemical during the second quarter worth about $38,000. Finally, Northwest Investment Counselors LLC bought a new stake in Eastman Chemical during the third quarter worth about $38,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Stock Down 1.0 %

Shares of NYSE:EMN opened at $100.05 on Tuesday. Eastman Chemical has a 1 year low of $75.01 and a 1 year high of $114.50. The company has a market cap of $11.69 billion, a PE ratio of 13.39, a P/E/G ratio of 0.80 and a beta of 1.44. 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 stock’s 50-day moving average is $105.80 and its 200 day moving average is $101.04.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.45% and a net margin of 9.47%. The company had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the previous year, the business earned $1.47 EPS. Eastman Chemical’s revenue was up 8.7% compared to the same quarter last year. Sell-side analysts anticipate that Eastman Chemical will post 7.66 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on EMN shares. Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Mizuho lifted their price target on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday. Barclays boosted their target price on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Finally, Piper Sandler reissued a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Eastman Chemical has an average rating of “Hold” and an average target price of $111.64.

Eastman Chemical 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.