BNP Paribas Financial Markets Acquires 83,474 Shares of Eastman Chemical (NYSE:EMN)

BNP Paribas Financial Markets increased its holdings in Eastman Chemical (NYSE:EMN - Free Report) by 107.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 161,467 shares of the basic materials company's stock after acquiring an additional 83,474 shares during the period. BNP Paribas Financial Markets owned approximately 0.14% of Eastman Chemical worth $18,076,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. UMB Bank n.a. boosted its position 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 buying an additional 96 shares during the period. V Square Quantitative Management LLC boosted its position in shares of Eastman Chemical by 3.8% during the third quarter. V Square Quantitative Management LLC now owns 2,683 shares of the basic materials company's stock worth $300,000 after buying an additional 98 shares during the period. Kingswood Wealth Advisors LLC boosted its position in shares of Eastman Chemical by 2.8% during the second quarter. Kingswood Wealth Advisors LLC now owns 4,026 shares of the basic materials company's stock worth $394,000 after buying an additional 111 shares during the period. Patrick M Sweeney & Associates Inc. raised its stake in shares of 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 in the last quarter. Finally, Prosperity Consulting Group LLC raised its stake in shares of 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 in the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Trading Up 0.5 %

Shares of NYSE EMN traded up $0.49 during trading on Friday, hitting $104.72. 498,661 shares of the company traded hands, compared to its average volume of 1,118,542. The company has a 50-day moving average price of $106.26 and a 200-day moving average price of $101.72. 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 1 year low of $80.71 and a 1 year high of $114.50. The firm has a market capitalization of $12.14 billion, a P/E ratio of 14.02, a P/E/G ratio of 0.84 and a beta of 1.44.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, beating 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 net margin of 9.47% and a return on equity of 15.37%. The firm's revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.47 EPS. On average, equities analysts predict that Eastman Chemical will post 7.63 EPS for the current year.

Analyst Ratings Changes

A number of research firms have weighed in on EMN. Deutsche Bank Aktiengesellschaft cut their price target on Eastman Chemical from $115.00 to $110.00 and set a "hold" rating on the stock in a research note on Monday, November 4th. Bank of America lowered Eastman Chemical from a "buy" rating to a "neutral" rating and raised their price target for the stock from $114.00 to $119.00 in a report on Wednesday, October 16th. StockNews.com lowered Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, November 25th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $105.00 price objective on shares of Eastman Chemical in a report on Friday, November 22nd. Finally, Wells Fargo & Company upgraded shares of Eastman Chemical from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $110.00 to $125.00 in a research report on Tuesday, November 26th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Eastman Chemical presently has a consensus rating of "Hold" and a consensus target price of $112.86.

Insider Buying and Selling

In other news, EVP Stephen Glenn Crawford sold 10,504 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total value of $1,102,920.00. Following the completion of the transaction, the executive vice president now directly owns 47,287 shares in the company, valued at $4,965,135. This trade represents a 18.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 transaction of $471,623.04. Following the completion of the transaction, the senior vice president now owns 4,403 shares of the company's stock, valued at $466,013.52. This trade 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 worth $1,895,948 over the last quarter. 1.93% of the stock is owned by company insiders.

Eastman Chemical Company 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.