Eastman Chemical (NYSE:EMN) Shares Sold by Atria Investments Inc

Atria Investments Inc trimmed its position in Eastman Chemical (NYSE:EMN) by 4.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,315 shares of the basic materials company’s stock after selling 1,143 shares during the quarter. Atria Investments Inc’s holdings in Eastman Chemical were worth $2,722,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Capital Research Global Investors increased its stake in Eastman Chemical by 649.8% in the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after purchasing an additional 3,909,740 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Eastman Chemical by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock valued at $223,435,000 after buying an additional 198,645 shares during the last quarter. Earnest Partners LLC raised its stake in Eastman Chemical by 1.8% during the 2nd quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company’s stock worth $219,454,000 after acquiring an additional 40,070 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Eastman Chemical by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 1,220,463 shares of the basic materials company’s stock valued at $119,569,000 after acquiring an additional 7,847 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its stake in Eastman Chemical by 18.1% in the first quarter. Clearbridge Investments LLC now owns 1,120,604 shares of the basic materials company’s stock valued at $112,307,000 after acquiring an additional 171,945 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total transaction 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. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.93% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on EMN shares. Barclays boosted their target price on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Piper Sandler reissued a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. Royal Bank of Canada cut 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 report on Wednesday, November 6th. Wells Fargo & Company decreased their price target on shares of Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating for the company in a research note on Monday, November 4th. Finally, 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. Eight 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 a consensus rating of “Hold” and an average target price of $111.50.

Eastman Chemical Stock Performance

Shares of EMN opened at $100.77 on Thursday. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. Eastman Chemical has a 52-week low of $78.44 and a 52-week high of $114.50. The company has a 50-day simple moving average of $105.92 and a 200-day simple moving average of $101.31. The company has a market capitalization of $11.68 billion, a PE ratio of 13.49, a P/E/G ratio of 0.77 and a beta of 1.44.

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