Erste Asset Management GmbH Purchases Shares of 57,400 Eastman Chemical (NYSE:EMN)

Erste Asset Management GmbH purchased a new stake in Eastman Chemical (NYSE:EMN - Free Report) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 57,400 shares of the basic materials company's stock, valued at approximately $6,451,000.

Other large investors also recently made changes to their positions in the company. Wolff Wiese Magana LLC lifted its stake in Eastman Chemical by 238.1% during the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company's stock valued at $32,000 after purchasing an additional 200 shares during the last quarter. Cultivar Capital Inc. acquired a new stake in shares of Eastman Chemical during the 2nd quarter valued at $29,000. Northwest Investment Counselors LLC bought a new stake in shares of Eastman Chemical during the 3rd quarter worth $38,000. Rothschild Investment LLC acquired a new position in shares of Eastman Chemical in the 2nd quarter worth $38,000. Finally, Friedenthal Financial acquired a new stake in shares of Eastman Chemical during the second quarter worth $49,000. Institutional investors own 83.65% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Wells Fargo & Company raised shares of Eastman Chemical from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $110.00 to $125.00 in a research note on Tuesday, November 26th. Bank of America lowered Eastman Chemical from a "buy" rating to a "neutral" rating and increased their target price for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. 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. Mizuho raised their price objective on Eastman Chemical from $113.00 to $117.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 26th. Finally, StockNews.com upgraded Eastman Chemical from a "hold" rating to a "buy" rating in a report on Tuesday. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $112.86.

Insider Activity

In other Eastman Chemical news, EVP Stephen Glenn Crawford sold 10,504 shares of Eastman Chemical stock in a transaction that occurred 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 transaction, the executive vice president now directly 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total value of $471,623.04. Following the completion of the sale, the senior vice president now directly owns 4,403 shares of the company's stock, valued at $466,013.52. This represents a 50.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,021 shares of company stock valued at $1,895,948 over the last 90 days. 2.28% of the stock is currently owned by company insiders.

Eastman Chemical Stock Down 1.3 %

Shares of Eastman Chemical stock traded down $1.37 during midday trading on Tuesday, reaching $102.90. 844,525 shares of the company's stock traded hands, compared to its average volume of 955,347. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. Eastman Chemical has a 52 week low of $80.71 and a 52 week high of $114.50. The company's 50 day simple moving average is $106.03 and its 200 day simple moving average is $101.77. The company has a market cap of $11.93 billion, a price-to-earnings ratio of 13.78, a price-to-earnings-growth ratio of 0.83 and a beta of 1.42.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results 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. 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 business's quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.47 earnings per share. Equities analysts expect 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.