Sumitomo Mitsui Trust Group Inc. Raises Holdings in Eastman Chemical (NYSE:EMN)

Sumitomo Mitsui Trust Group Inc. increased its position in Eastman Chemical (NYSE:EMN) by 5.4% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 333,174 shares of the basic materials company’s stock after acquiring an additional 17,031 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Eastman Chemical were worth $37,299,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in EMN. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in shares of Eastman Chemical by 1.1% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 19,285 shares of the basic materials company’s stock worth $1,933,000 after purchasing an additional 219 shares in the last quarter. Tocqueville Asset Management L.P. bought a new position in Eastman Chemical in the 1st quarter worth approximately $217,000. TIAA Trust National Association grew its stake in Eastman Chemical by 22.3% in the 1st quarter. TIAA Trust National Association now owns 4,217 shares of the basic materials company’s stock valued at $423,000 after buying an additional 768 shares in the last quarter. Jacobi Capital Management LLC bought a new stake in Eastman Chemical during the 1st quarter valued at $261,000. Finally, Lcnb Corp lifted its position in shares of Eastman Chemical by 1.7% during the first quarter. Lcnb Corp now owns 6,275 shares of the basic materials company’s stock worth $629,000 after acquiring an additional 103 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

EMN has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft dropped their price objective on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Piper Sandler restated a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Thursday. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and raised their price target for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Finally, Royal Bank of Canada decreased their price target 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. Eight 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 company currently has a consensus rating of “Hold” and an average target price of $111.50.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $101.61 on Friday. The business’s 50-day moving average price is $106.07 and its 200-day moving average price is $101.38. The firm has a market capitalization of $11.78 billion, a PE ratio of 13.60, a price-to-earnings-growth ratio of 0.77 and a beta of 1.44. Eastman Chemical has a 12 month low of $80.14 and a 12 month high of $114.50. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN) last posted 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. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The firm had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period last year, the firm posted $1.47 earnings per share. The business’s revenue was up 8.7% compared to the same quarter last year. Sell-side analysts forecast that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Insider Buying and Selling at Eastman Chemical

In other news, SVP Christopher Moore Killian sold 3,061 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were 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 approximately $1,298,430. This trade represents a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.93% of the company’s stock.

Eastman Chemical Company 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.