Eastman Chemical (NYSE:EMN) Shares Purchased by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. increased its stake in shares of Eastman Chemical (NYSE:EMN) by 11.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,384 shares of the basic materials company’s stock after purchasing an additional 1,461 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Eastman Chemical were worth $1,610,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. UMB Bank n.a. lifted its holdings in shares of Eastman Chemical by 4.3% during the third quarter. UMB Bank n.a. now owns 2,343 shares of the basic materials company’s stock worth $262,000 after purchasing an additional 96 shares during the period. V Square Quantitative Management LLC lifted its holdings in Eastman Chemical by 3.8% in the third quarter. V Square Quantitative Management LLC now owns 2,683 shares of the basic materials company’s stock valued at $300,000 after acquiring an additional 98 shares during the period. Kingswood Wealth Advisors LLC lifted its holdings in Eastman Chemical by 2.8% in the second quarter. Kingswood Wealth Advisors LLC now owns 4,026 shares of the basic materials company’s stock valued at $394,000 after acquiring an additional 111 shares during the period. Patrick M Sweeney & Associates Inc. lifted its holdings in Eastman Chemical by 3.3% in the third quarter. Patrick M Sweeney & Associates Inc. now owns 3,434 shares of the basic materials company’s stock valued at $384,000 after acquiring an additional 111 shares during the period. Finally, Prosperity Consulting Group LLC lifted its holdings in Eastman Chemical by 4.8% in the second quarter. Prosperity Consulting Group LLC now owns 2,662 shares of the basic materials company’s stock valued at $261,000 after acquiring an additional 123 shares during the period. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Trading Down 0.7 %

Eastman Chemical stock opened at $104.23 on Friday. The stock has a market cap of $12.08 billion, a PE ratio of 13.95, a P/E/G ratio of 0.81 and a beta of 1.44. The stock has a 50-day moving average price of $106.37 and a 200 day moving average price of $101.67. Eastman Chemical has a 52 week low of $80.71 and a 52 week high of $114.50. 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 (NYSE:EMN) last posted its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.14 by $0.12. The company had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The firm’s revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.47 EPS. Equities research analysts predict that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Eastman Chemical

In other news, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was 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 owns 12,366 shares in the company, valued at approximately $1,298,430. The trade was a 19.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the business’s stock in a transaction dated 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 $4,965,135. The trade was a 18.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,021 shares of company stock worth $1,895,948 in the last 90 days. 2.28% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. StockNews.com downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a report on Monday. Royal Bank of Canada reissued a “sector perform” rating and issued a $105.00 target price on shares of Eastman Chemical in a report on Friday, November 22nd. Deutsche Bank Aktiengesellschaft reduced their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a report on Monday, November 4th. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. Finally, Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $110.00 to $125.00 in a research note on Tuesday. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $112.86.

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.