Kentucky Retirement Systems Has $912,000 Stock Holdings in Eastman Chemical (NYSE:EMN)

Kentucky Retirement Systems decreased its holdings in shares of Eastman Chemical (NYSE:EMN) by 8.1% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 8,144 shares of the basic materials company’s stock after selling 722 shares during the period. Kentucky Retirement Systems’ holdings in Eastman Chemical were worth $912,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of EMN. Cultivar Capital Inc. acquired a new position in Eastman Chemical during the second quarter worth $29,000. Wolff Wiese Magana LLC raised its holdings in shares of Eastman Chemical by 238.1% in the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 200 shares during the last quarter. EntryPoint Capital LLC purchased a new stake in shares of Eastman Chemical in the first quarter valued at about $38,000. Rothschild Investment LLC purchased a new stake in Eastman Chemical during the second quarter worth about $38,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Eastman Chemical during the third quarter worth about $38,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

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 that occurred on 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 sale, the senior vice president now directly owns 12,366 shares in the company, valued at $1,298,430. The trade was a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.28% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

EMN has been the subject of a number of research analyst reports. Royal Bank of Canada decreased their price objective on shares of Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Barclays raised their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Piper Sandler restated a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. Wells Fargo & Company decreased their price objective on shares of Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating for the company in a report on Monday, November 4th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research 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 MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $111.50.

Eastman Chemical Price Performance

EMN stock opened at $101.26 on Wednesday. The firm has a 50 day moving average of $106.25 and a 200-day moving average of $101.51. 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 has a 12 month low of $80.71 and a 12 month high of $114.50. The firm has a market capitalization of $11.74 billion, a P/E ratio of 13.56, a price-to-earnings-growth ratio of 0.77 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last released 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. 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 analyst estimates of $2.38 billion. During the same period last year, the business earned $1.47 earnings per share. Eastman Chemical’s revenue was up 8.7% compared to the same quarter last year. As a group, sell-side analysts predict that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

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.