Erste Asset Management GmbH Purchases New Stake in Eastman Chemical (NYSE:EMN)

Erste Asset Management GmbH acquired a new position in shares of Eastman Chemical (NYSE:EMN) in the third quarter, Holdings Channel.com reports. The institutional investor acquired 57,400 shares of the basic materials company’s stock, valued at approximately $6,451,000.

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

Eastman Chemical Trading Down 0.4 %

Eastman Chemical stock opened at $104.27 on Tuesday. The stock has a market cap of $12.09 billion, a price-to-earnings ratio of 13.96, a price-to-earnings-growth ratio of 0.84 and a beta of 1.44. 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 12 month low of $80.71 and a 12 month high of $114.50. The business has a 50 day moving average price of $106.18 and a two-hundred day moving average price of $101.75.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The company had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the previous year, the business earned $1.47 earnings per share. The company’s quarterly revenue was up 8.7% on a year-over-year basis. As a group, equities analysts forecast that Eastman Chemical will post 7.63 EPS for the current year.

Insider Activity at Eastman Chemical

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value 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. The trade was a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total value of $1,102,920.00. Following the completion of the transaction, the executive vice president now owns 47,287 shares in the company, valued at $4,965,135. The trade was a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,021 shares of company stock valued at $1,895,948 in the last ninety days. Insiders own 1.93% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Tuesday. Mizuho boosted 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. Deutsche Bank Aktiengesellschaft cut their price target on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Bank of America cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $114.00 to $119.00 in a report on Wednesday, October 16th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research note on Friday, November 22nd. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Eastman Chemical currently has an average rating of “Moderate Buy” and an average target price of $112.86.

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.