Ontario Teachers Pension Plan Board Sells 28,854 Shares of Eastman Chemical (NYSE:EMN)

Ontario Teachers Pension Plan Board trimmed its holdings in Eastman Chemical (NYSE:EMN) by 52.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 25,989 shares of the basic materials company’s stock after selling 28,854 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Eastman Chemical were worth $2,909,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. UMB Bank n.a. raised its holdings in shares of Eastman Chemical by 4.3% in the third quarter. UMB Bank n.a. now owns 2,343 shares of the basic materials company’s stock worth $262,000 after buying an additional 96 shares during the period. V Square Quantitative Management LLC increased its holdings in Eastman Chemical by 3.8% during the 3rd quarter. V Square Quantitative Management LLC now owns 2,683 shares of the basic materials company’s stock worth $300,000 after purchasing an additional 98 shares during the period. Kingswood Wealth Advisors LLC increased its holdings in Eastman Chemical by 2.8% during the 2nd quarter. Kingswood Wealth Advisors LLC now owns 4,026 shares of the basic materials company’s stock worth $394,000 after purchasing an additional 111 shares during the period. Patrick M Sweeney & Associates Inc. increased its holdings in Eastman Chemical by 3.3% during the 3rd quarter. Patrick M Sweeney & Associates Inc. now owns 3,434 shares of the basic materials company’s stock worth $384,000 after purchasing an additional 111 shares during the period. Finally, Prosperity Consulting Group LLC increased its holdings in Eastman Chemical by 4.8% during the 2nd quarter. Prosperity Consulting Group LLC now owns 2,662 shares of the basic materials company’s stock worth $261,000 after purchasing an additional 123 shares during the period. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on EMN. Mizuho raised their price objective on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. Deutsche Bank Aktiengesellschaft cut their price target on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price target for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Finally, Wells Fargo & Company cut their price target on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a report on Monday, November 4th. 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 presently has an average rating of “Hold” and an average price target of $111.50.

Insider Buying and Selling

In other news, SVP Christopher Moore Killian sold 3,061 shares of the company’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 completion of the sale, the senior vice president now directly owns 12,366 shares in the company, valued at $1,298,430. This represents a 19.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.28% of the stock is currently owned by insiders.

Eastman Chemical Stock Down 2.6 %

Eastman Chemical stock opened at $101.26 on Wednesday. The company has a market cap of $11.74 billion, a PE ratio of 13.56, a PEG ratio of 0.77 and a beta of 1.44. The business’s 50-day simple moving average is $106.25 and its two-hundred day simple moving average is $101.51. 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.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.12. The business had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.47 EPS. Equities analysts anticipate that Eastman Chemical will post 7.63 EPS for the current year.

About Eastman Chemical

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.