Ontario Teachers Pension Plan Board Reduces Stock Position in Eastman Chemical (NYSE:EMN)

Ontario Teachers Pension Plan Board lowered its stake in shares of Eastman Chemical (NYSE:EMN) by 52.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,989 shares of the basic materials company’s stock after selling 28,854 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Eastman Chemical were worth $2,909,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Bessemer Group Inc. lifted its position in shares of Eastman Chemical by 321.2% during the first quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock worth $1,628,000 after acquiring an additional 12,392 shares in the last quarter. Dakota Wealth Management raised its position in shares of Eastman Chemical by 13.5% in the second quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock worth $2,183,000 after buying an additional 2,655 shares in the last quarter. KBC Group NV raised its position in shares of Eastman Chemical by 21.8% in the third quarter. KBC Group NV now owns 110,610 shares of the basic materials company’s stock worth $12,383,000 after buying an additional 19,809 shares in the last quarter. Cetera Advisors LLC raised its position in shares of Eastman Chemical by 119.7% in 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 in the last quarter. Finally, Comerica Bank raised its position in shares of Eastman Chemical by 18.5% in the first quarter. Comerica Bank now owns 39,306 shares of the basic materials company’s stock worth $3,939,000 after buying an additional 6,126 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft lowered their price objective on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. Mizuho increased their target price on Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Barclays increased their target price on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Thursday, November 14th. Finally, Wells Fargo & Company reduced their target price on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Monday, November 4th. Eight equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Eastman Chemical presently has a consensus rating of “Hold” and a consensus price target of $111.50.

Insiders Place Their Bets

In related news, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was 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 directly owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This represents a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.28% of the company’s stock.

Eastman Chemical Stock Down 2.6 %

Eastman Chemical stock opened at $101.26 on Wednesday. The stock has a market cap of $11.74 billion, a PE ratio of 13.56, a price-to-earnings-growth ratio of 0.77 and a beta of 1.44. 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 one year low of $80.71 and a one year high of $114.50. The stock has a fifty day moving average of $106.25 and a 200 day moving average of $101.51.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $2.14 by $0.12. The company 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%. Eastman Chemical’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.47 earnings per share. As a group, sell-side analysts predict that Eastman Chemical will post 7.63 EPS for the current year.

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.