Bridgewater Associates LP Buys 28,328 Shares of Eastman Chemical (NYSE:EMN)

Bridgewater Associates LP raised its stake in Eastman Chemical (NYSE:EMN) by 31.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 118,245 shares of the basic materials company’s stock after buying an additional 28,328 shares during the period. Bridgewater Associates LP’s holdings in Eastman Chemical were worth $13,238,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Dakota Wealth Management boosted its holdings in Eastman Chemical by 13.5% in the second quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock valued at $2,183,000 after acquiring an additional 2,655 shares during the last quarter. KBC Group NV boosted its stake in shares of Eastman Chemical by 21.8% in the 3rd quarter. KBC Group NV now owns 110,610 shares of the basic materials company’s stock valued at $12,383,000 after purchasing an additional 19,809 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Eastman Chemical by 6.8% in the 3rd quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company’s stock valued at $16,588,000 after purchasing an additional 9,447 shares during the last quarter. Cetera Advisors LLC raised its stake in Eastman Chemical by 119.7% during the first quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company’s stock worth $1,011,000 after buying an additional 5,496 shares during the last quarter. Finally, Comerica Bank lifted its holdings in Eastman Chemical by 18.5% in the first quarter. Comerica Bank now owns 39,306 shares of the basic materials company’s stock valued at $3,939,000 after buying an additional 6,126 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, SVP Julie A. Mcalindon sold 4,456 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total value of $471,623.04. Following the completion of the sale, the senior vice president now directly owns 4,403 shares of the company’s stock, valued at $466,013.52. This trade represents a 50.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total value of $1,102,920.00. Following the transaction, the executive vice president now directly owns 47,287 shares in the company, valued at $4,965,135. This represents a 18.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,021 shares of company stock worth $1,895,948 in the last quarter. 2.28% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on EMN shares. Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $110.00 to $125.00 in a research note on Tuesday. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday, November 4th. Mizuho increased their target price on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $105.00 price target on shares of Eastman Chemical in a report on Friday, November 22nd. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $112.86.

Eastman Chemical Stock Down 0.7 %

EMN opened at $104.23 on Friday. Eastman Chemical has a fifty-two week low of $80.71 and a fifty-two week high of $114.50. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. The company’s 50-day moving average is $106.37 and its 200 day moving average is $101.67. The firm has a market capitalization of $12.08 billion, a P/E ratio of 13.95, a PEG ratio of 0.81 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. The firm had revenue of $2.46 billion for the quarter, compared to the consensus estimate 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 was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.47 EPS. Research analysts expect that Eastman Chemical will post 7.63 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.