State of New Jersey Common Pension Fund D Has $4.10 Million Holdings in Eastman Chemical (NYSE:EMN)

State of New Jersey Common Pension Fund D trimmed its holdings in shares of Eastman Chemical (NYSE:EMN) by 5.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,617 shares of the basic materials company’s stock after selling 1,999 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Eastman Chemical were worth $4,099,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of EMN. Capital Research Global Investors increased its stake in shares of Eastman Chemical by 649.8% in the 1st quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after buying an additional 3,909,740 shares during the period. Assenagon Asset Management S.A. raised its holdings in Eastman Chemical by 1,104.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock worth $104,560,000 after purchasing an additional 856,432 shares during the last quarter. Truist Financial Corp raised its holdings in Eastman Chemical by 201.5% during the 2nd quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock worth $90,572,000 after purchasing an additional 617,889 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of Eastman Chemical by 318.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock valued at $69,516,000 after purchasing an additional 534,081 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in shares of Eastman Chemical by 34.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock worth $83,524,000 after buying an additional 218,531 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analyst Ratings Changes

EMN has been the topic of a number of recent research reports. Piper Sandler reaffirmed a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Barclays lifted their price objective 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. Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and raised their target price for the stock from $114.00 to $119.00 in a report on Wednesday, October 16th. StockNews.com cut Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 6th. Finally, Wells Fargo & Company cut their price target on shares of Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a research report on Monday, November 4th. Nine investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $111.50.

Insider Buying and Selling at Eastman Chemical

In related news, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction 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 sale, the senior vice president now directly owns 12,366 shares in the company, valued at $1,298,430. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.93% of the company’s stock.

Eastman Chemical Price Performance

NYSE EMN opened at $100.52 on Wednesday. Eastman Chemical has a 12-month low of $76.28 and a 12-month high of $114.50. The firm’s 50 day moving average is $105.89 and its 200-day moving average is $101.31. The company has a market capitalization of $11.65 billion, a PE ratio of 13.46, a price-to-earnings-growth ratio of 0.77 and a beta of 1.44. The company has a quick ratio of 0.71, a current ratio of 1.52 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.14 by $0.12. The firm had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.47 EPS. Equities research analysts anticipate that Eastman Chemical will post 7.62 earnings per share for the current fiscal year.

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.