NFJ Investment Group LLC Trims Position in Eastman Chemical (NYSE:EMN)

NFJ Investment Group LLC trimmed its position in shares of Eastman Chemical (NYSE:EMN) by 13.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 67,438 shares of the basic materials company’s stock after selling 10,645 shares during the period. NFJ Investment Group LLC owned 0.06% of Eastman Chemical worth $7,550,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Cultivar Capital Inc. bought a new stake in Eastman Chemical during the second quarter valued at about $29,000. Wolff Wiese Magana LLC lifted its holdings in Eastman Chemical by 238.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 200 shares in the last quarter. Rothschild Investment LLC bought a new position in Eastman Chemical in the 2nd quarter worth approximately $38,000. Northwest Investment Counselors LLC purchased a new stake in Eastman Chemical during the 3rd quarter valued at approximately $38,000. Finally, Friedenthal Financial bought a new stake in shares of Eastman Chemical during the second quarter valued at approximately $49,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Down 1.3 %

Shares of EMN opened at $102.90 on Wednesday. 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 $80.71 and a 52-week high of $114.50. The company has a market cap of $11.93 billion, a PE ratio of 13.78, a P/E/G ratio of 0.83 and a beta of 1.42. The business has a fifty day moving average of $106.03 and a 200 day moving average of $101.77.

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

Insider Buying and Selling at Eastman Chemical

In related news, SVP Julie A. Mcalindon sold 4,456 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total value of $471,623.04. Following the transaction, the senior vice president now owns 4,403 shares of the company’s stock, valued at $466,013.52. This trade represents a 50.30 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 sale, the senior vice president now owns 12,366 shares of the company’s stock, valued at $1,298,430. The trade was a 19.84 % 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 over the last 90 days. Company insiders own 2.27% of the company’s stock.

Analyst Upgrades and Downgrades

EMN has been the subject of a number of research reports. Mizuho upped their target price on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Wells Fargo & Company raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $110.00 to $125.00 in a report on Tuesday, November 26th. Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $114.00 to $119.00 in a report on Wednesday, October 16th. Royal Bank of Canada reissued a “sector perform” rating and set a $105.00 price target on shares of Eastman Chemical in a research note on Friday, November 22nd. Finally, StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Tuesday. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $112.86.

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.