Eastman Chemical (NYSE:EMN) Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. increased its position in shares of Eastman Chemical (NYSE:EMN) by 57.2% in the 3rd quarter, Holdings Channel.com reports. The firm owned 935,732 shares of the basic materials company’s stock after acquiring an additional 340,562 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Eastman Chemical were worth $104,755,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of EMN. O Shaughnessy Asset Management LLC boosted its stake in Eastman Chemical by 4.6% during the first quarter. O Shaughnessy Asset Management LLC now owns 40,735 shares of the basic materials company’s stock worth $4,082,000 after buying an additional 1,802 shares during the period. UniSuper Management Pty Ltd boosted its stake in Eastman Chemical by 584.3% during the first quarter. UniSuper Management Pty Ltd now owns 11,517 shares of the basic materials company’s stock worth $1,154,000 after buying an additional 9,834 shares during the period. Bessemer Group Inc. boosted its stake in 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 buying an additional 12,392 shares during the period. CANADA LIFE ASSURANCE Co boosted its stake in Eastman Chemical by 1.1% during the first quarter. CANADA LIFE ASSURANCE Co now owns 40,996 shares of the basic materials company’s stock worth $4,110,000 after buying an additional 457 shares during the period. Finally, Pitcairn Co. purchased a new position in Eastman Chemical during the first quarter worth about $244,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on EMN. Piper Sandler reissued a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Mizuho raised their price objective on shares of Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Thursday, November 14th. Bank of America lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and raised their price objective for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. Finally, Wells Fargo & Company lowered 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 research note on Monday, November 4th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $111.50.

Insiders Place Their Bets

In other news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value of $321,405.00. Following the transaction, the senior vice president now directly 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 sale was disclosed in a legal filing with the SEC, which is available through this link. 2.28% of the stock is owned by corporate insiders.

Eastman Chemical Stock Down 2.6 %

Shares of NYSE:EMN opened at $101.26 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 fifty-two week low of $80.71 and a fifty-two week high of $114.50. The firm’s 50 day moving average price is $106.25 and its 200 day moving average price is $101.51. The stock has a market cap of $11.74 billion, a price-to-earnings 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 earnings per share for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter last year, the company earned $1.47 earnings per share. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. As a group, equities research analysts predict that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

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.