Caisse DE Depot ET Placement DU Quebec Acquires New Position in Eastman Chemical (NYSE:EMN)

Caisse DE Depot ET Placement DU Quebec acquired a new position in shares of Eastman Chemical (NYSE:EMN - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 94,000 shares of the basic materials company's stock, valued at approximately $10,523,000. Caisse DE Depot ET Placement DU Quebec owned approximately 0.08% of Eastman Chemical as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Massachusetts Financial Services Co. MA increased its holdings in Eastman Chemical by 3.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company's stock worth $306,093,000 after purchasing an additional 83,504 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Eastman Chemical by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company's stock worth $223,435,000 after buying an additional 198,645 shares in the last quarter. Earnest Partners LLC raised its position in Eastman Chemical by 1.8% in the 2nd quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company's stock valued at $219,454,000 after buying an additional 40,070 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Eastman Chemical by 0.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,220,463 shares of the basic materials company's stock valued at $119,569,000 after acquiring an additional 7,847 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its position in Eastman Chemical by 15.4% during the 3rd quarter. Thrivent Financial for Lutherans now owns 947,473 shares of the basic materials company's stock worth $106,070,000 after acquiring an additional 126,301 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on EMN. Bank of America lowered shares of Eastman Chemical from a "buy" rating to a "neutral" rating and boosted their price objective for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. StockNews.com raised shares of Eastman Chemical from a "hold" rating to a "buy" rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft decreased their price objective on Eastman Chemical from $115.00 to $110.00 and set a "hold" rating for the company in a report on Monday, November 4th. Royal Bank of Canada reiterated a "sector perform" rating and set a $105.00 target price on shares of Eastman Chemical in a report on Friday, November 22nd. Finally, Wells Fargo & Company raised Eastman Chemical from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $110.00 to $125.00 in a research report on Tuesday, November 26th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $112.86.

Insiders Place Their Bets

In other news, SVP Julie A. Mcalindon sold 4,456 shares of Eastman Chemical 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 in the company, valued at approximately $466,013.52. The trade was a 50.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the 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 sale, the executive vice president now directly owns 47,287 shares in the company, valued at $4,965,135. This represents a 18.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,021 shares of company stock worth $1,895,948 in the last 90 days. Company insiders own 2.28% of the company's stock.

Eastman Chemical Stock Performance

Shares of NYSE EMN traded down $1.37 during mid-day trading on Tuesday, reaching $102.90. 844,525 shares of the company were exchanged, compared to its average volume of 955,347. Eastman Chemical has a twelve month low of $80.71 and a twelve month high of $114.50. The stock has a market capitalization of $11.93 billion, a P/E ratio of 13.78, a P/E/G ratio of 0.83 and a beta of 1.42. The company's 50-day simple moving average is $106.18 and its 200-day simple moving average is $101.75. 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 (NYSE:EMN - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) 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 revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.47 earnings per share. As a group, research analysts predict that Eastman Chemical will post 7.63 earnings per share for the current year.

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.