CIBC Asset Management Inc Acquires 1,270 Shares of Eastman Chemical (NYSE:EMN)

CIBC Asset Management Inc lifted its stake in Eastman Chemical (NYSE:EMN) by 6.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,998 shares of the basic materials company’s stock after purchasing an additional 1,270 shares during the period. CIBC Asset Management Inc’s holdings in Eastman Chemical were worth $2,239,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. O Shaughnessy Asset Management LLC lifted its stake in Eastman Chemical by 4.6% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 40,735 shares of the basic materials company’s stock worth $4,082,000 after purchasing an additional 1,802 shares in the last quarter. UniSuper Management Pty Ltd increased its stake in Eastman Chemical by 584.3% in the 1st quarter. UniSuper Management Pty Ltd now owns 11,517 shares of the basic materials company’s stock worth $1,154,000 after buying an additional 9,834 shares during the period. Bessemer Group Inc. raised its stake in shares of Eastman Chemical by 321.2% during the first quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock valued at $1,628,000 after acquiring an additional 12,392 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its position in shares of Eastman Chemical by 1.1% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 40,996 shares of the basic materials company’s stock worth $4,110,000 after buying an additional 457 shares in the last quarter. Finally, Pitcairn Co. purchased a new position in Eastman Chemical during the 1st quarter valued at about $244,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the transaction, the senior vice president now owns 12,366 shares in the company, valued at approximately $1,298,430. This trade represents a 19.84 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on EMN shares. Barclays raised their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a report on Monday, November 4th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. 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 report on Wednesday, October 16th. Finally, Royal Bank of Canada dropped their target price 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. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Eastman Chemical has an average rating of “Hold” and a consensus price target of $111.50.

Eastman Chemical Price Performance

Shares of NYSE:EMN opened at $101.26 on Wednesday. Eastman Chemical has a 12 month low of $80.71 and a 12 month high of $114.50. The firm has a market capitalization of $11.74 billion, a price-to-earnings ratio of 13.56, a price-to-earnings-growth ratio of 0.77 and a beta of 1.44. The business’s 50 day simple moving average is $106.25 and its 200-day simple moving average is $101.51. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78.

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