Citigroup Inc. Trims Stock Position in Eastman Chemical (NYSE:EMN)

Citigroup Inc. reduced its stake in shares of Eastman Chemical (NYSE:EMN) by 20.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 117,864 shares of the basic materials company’s stock after selling 31,221 shares during the quarter. Citigroup Inc.’s holdings in Eastman Chemical were worth $13,195,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD boosted its position in shares of Eastman Chemical by 0.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 159,474 shares of the basic materials company’s stock valued at $15,983,000 after purchasing an additional 750 shares during the period. B. Riley Wealth Advisors Inc. boosted its holdings in shares of Eastman Chemical by 63.1% in the first quarter. B. Riley Wealth Advisors Inc. now owns 4,344 shares of the basic materials company’s stock valued at $435,000 after acquiring an additional 1,680 shares during the period. Tidal Investments LLC grew its position in shares of Eastman Chemical by 31.3% during the first quarter. Tidal Investments LLC now owns 7,468 shares of the basic materials company’s stock worth $748,000 after acquiring an additional 1,780 shares during the last quarter. Comerica Bank increased its holdings in shares of Eastman Chemical by 18.5% in the 1st quarter. Comerica Bank now owns 39,306 shares of the basic materials company’s stock valued at $3,939,000 after acquiring an additional 6,126 shares during the period. Finally, iA Global Asset Management Inc. acquired a new stake in Eastman Chemical during the 1st quarter worth $188,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Trading Down 0.7 %

Shares of EMN opened at $104.23 on Friday. The firm’s 50-day moving average is $106.37 and its two-hundred day moving average is $101.67. Eastman Chemical has a twelve month low of $80.71 and a twelve 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. 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 issued its quarterly earnings data 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 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 was up 8.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.47 earnings per share. On average, research analysts predict that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on EMN shares. Royal Bank of Canada restated a “sector perform” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research note on Friday, November 22nd. Wells Fargo & Company upgraded 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 report on Tuesday. StockNews.com downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft cut their price target on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research note on Monday, November 4th. Finally, Bank of America lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Eastman Chemical currently has a consensus rating of “Hold” and a consensus target price of $112.86.

Insider Activity at Eastman Chemical

In other news, SVP Julie A. Mcalindon sold 4,456 shares of the company’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 sale, the senior vice president now directly owns 4,403 shares in the company, valued at $466,013.52. This represents a 50.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the sale, the senior vice president now owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This represents a 19.84 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,021 shares of company stock valued at $1,895,948. Insiders own 2.28% of the company’s stock.

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.