BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Reduces Holdings in Eastman Chemical (NYSE:EMN)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its holdings in shares of Eastman Chemical (NYSE:EMN) by 12.9% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 19,622 shares of the basic materials company’s stock after selling 2,903 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Eastman Chemical were worth $2,197,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Caisse DE Depot ET Placement DU Quebec purchased a new stake in Eastman Chemical in the third quarter valued at approximately $10,523,000. PDT Partners LLC purchased a new stake in Eastman Chemical in the third quarter valued at approximately $2,540,000. Verition Fund Management LLC boosted its position in Eastman Chemical by 76.8% in the third quarter. Verition Fund Management LLC now owns 198,811 shares of the basic materials company’s stock valued at $22,257,000 after buying an additional 86,330 shares during the last quarter. Captrust Financial Advisors lifted its holdings in Eastman Chemical by 3.8% in the third quarter. Captrust Financial Advisors now owns 24,701 shares of the basic materials company’s stock valued at $2,765,000 after acquiring an additional 903 shares during the period. Finally, Public Sector Pension Investment Board lifted its holdings in Eastman Chemical by 11.2% in the third quarter. Public Sector Pension Investment Board now owns 4,951 shares of the basic materials company’s stock valued at $554,000 after acquiring an additional 500 shares during the period. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Tuesday. Royal Bank of Canada reiterated a “sector perform” rating and set a $105.00 price target on shares of Eastman Chemical in a report on Friday, November 22nd. Deutsche Bank Aktiengesellschaft decreased their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research note on Monday, November 4th. Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and increased their target price for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. Finally, Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $110.00 to $125.00 in a research note on Tuesday, November 26th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $112.86.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $101.94 on Thursday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. Eastman Chemical has a fifty-two week low of $80.71 and a fifty-two week high of $114.50. The firm has a market capitalization of $11.82 billion, a PE ratio of 13.65, a price-to-earnings-growth ratio of 0.83 and a beta of 1.42. The stock’s 50-day simple moving average is $105.86 and its 200-day simple moving average is $101.77.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The business had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the company earned $1.47 EPS. The business’s quarterly revenue was up 8.7% on a year-over-year basis. As a group, equities research analysts forecast that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Insider Transactions at Eastman Chemical

In related news, SVP Julie A. Mcalindon sold 4,456 shares of the firm’s stock in a transaction that occurred 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 transaction, the senior vice president now owns 4,403 shares in the company, valued at $466,013.52. This trade represents a 50.30 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Christopher Moore Killian sold 3,061 shares of the firm’s 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 transaction, the senior vice president now owns 12,366 shares in the company, valued at $1,298,430. This represents a 19.84 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,021 shares of company stock valued at $1,895,948. Corporate insiders own 2.27% of the company’s stock.

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.