Sumitomo Mitsui Trust Group Inc. Has $37.30 Million Stock Position in Eastman Chemical (NYSE:EMN)

Sumitomo Mitsui Trust Group Inc. raised its position in shares of Eastman Chemical (NYSE:EMN) by 5.4% in the third quarter, according to its most recent filing with the SEC. The firm owned 333,174 shares of the basic materials company’s stock after purchasing an additional 17,031 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.29% of Eastman Chemical worth $37,299,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in Eastman Chemical by 1.1% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 19,285 shares of the basic materials company’s stock valued at $1,933,000 after acquiring an additional 219 shares during the last quarter. Tocqueville Asset Management L.P. bought a new stake in shares of Eastman Chemical during the 1st quarter valued at about $217,000. TIAA Trust National Association grew its stake in Eastman Chemical by 22.3% during the first quarter. TIAA Trust National Association now owns 4,217 shares of the basic materials company’s stock worth $423,000 after purchasing an additional 768 shares during the period. Jacobi Capital Management LLC acquired a new stake in Eastman Chemical during the first quarter worth approximately $261,000. Finally, Lcnb Corp lifted its stake in Eastman Chemical by 1.7% in the first quarter. Lcnb Corp now owns 6,275 shares of the basic materials company’s stock valued at $629,000 after buying an additional 103 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Price Performance

Shares of NYSE:EMN opened at $101.61 on Friday. 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 stock has a market cap of $11.78 billion, a PE ratio of 13.60, a price-to-earnings-growth ratio of 0.77 and a beta of 1.44. The stock’s fifty day simple moving average is $106.07 and its two-hundred day simple moving average is $101.38. Eastman Chemical has a 1-year low of $80.14 and a 1-year high of $114.50.

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

Insider Activity at Eastman Chemical

In related news, SVP Christopher Moore Killian sold 3,061 shares of the 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 completion of the transaction, the senior vice president now owns 12,366 shares in the company, valued at approximately $1,298,430. This represents a 19.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.93% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

EMN has been the subject of several recent analyst reports. Royal Bank of Canada reduced 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 research report on Wednesday, November 6th. Mizuho lifted their price target 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. Piper Sandler reissued a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft decreased their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday, November 4th. Finally, StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a report on Thursday. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $111.50.

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.