The Manufacturers Life Insurance Company Sells 370 Shares of Eastman Chemical (NYSE:EMN)

The Manufacturers Life Insurance Company cut its holdings in shares of Eastman Chemical (NYSE:EMN) by 0.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,154 shares of the basic materials company’s stock after selling 370 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.09% of Eastman Chemical worth $11,772,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of EMN. Wolff Wiese Magana LLC increased its position 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 acquiring an additional 200 shares during the last quarter. Cultivar Capital Inc. acquired a new position in shares of Eastman Chemical during the 2nd quarter worth approximately $29,000. Northwest Investment Counselors LLC bought a new stake in shares of Eastman Chemical during the 3rd quarter worth approximately $38,000. Rothschild Investment LLC acquired a new stake in shares of Eastman Chemical in the 2nd quarter valued at approximately $38,000. Finally, Friedenthal Financial acquired a new stake in shares of Eastman Chemical in the 2nd quarter valued at approximately $49,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Tuesday. Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $110.00 to $125.00 in a research note on Tuesday, November 26th. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Mizuho raised their price objective on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $112.86.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $104.27 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. The stock has a market capitalization 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. Eastman Chemical has a twelve month low of $80.71 and a twelve month high of $114.50. The company has a 50-day simple moving average of $106.18 and a two-hundred day simple moving average of $101.75.

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

Insider Buying and Selling

In other Eastman Chemical news, EVP Stephen Glenn Crawford sold 10,504 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total value of $1,102,920.00. Following the sale, the executive vice president now owns 47,287 shares of the company’s stock, valued at approximately $4,965,135. This trade represents a 18.18 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 completion of the transaction, the senior vice president now owns 12,366 shares in the company, valued at approximately $1,298,430. The trade was a 19.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,021 shares of company stock worth $1,895,948. Company insiders own 1.93% of the company’s stock.

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.