Citigroup Inc. Has $13.20 Million Stock Holdings in Eastman Chemical (NYSE:EMN)

Citigroup Inc. lessened its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 20.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 117,864 shares of the basic materials company's stock after selling 31,221 shares during the quarter. Citigroup Inc. owned about 0.10% of Eastman Chemical worth $13,195,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD raised its holdings in Eastman Chemical by 0.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 159,474 shares of the basic materials company's stock worth $15,983,000 after acquiring an additional 750 shares during the period. B. Riley Wealth Advisors Inc. grew its position in shares of Eastman Chemical by 63.1% in the first quarter. B. Riley Wealth Advisors Inc. now owns 4,344 shares of the basic materials company's stock valued at $435,000 after purchasing an additional 1,680 shares during the last quarter. Tidal Investments LLC increased its stake in shares of Eastman Chemical by 31.3% in the first quarter. Tidal Investments LLC now owns 7,468 shares of the basic materials company's stock worth $748,000 after purchasing an additional 1,780 shares during the period. Comerica Bank lifted its position in shares of Eastman Chemical by 18.5% during the 1st quarter. Comerica Bank now owns 39,306 shares of the basic materials company's stock worth $3,939,000 after purchasing an additional 6,126 shares during the last quarter. Finally, iA Global Asset Management Inc. acquired a new stake in Eastman Chemical in the 1st quarter valued at approximately $188,000. Institutional investors own 83.65% of the company's stock.

Insider Activity

In other Eastman Chemical news, SVP Julie A. Mcalindon sold 4,456 shares of Eastman Chemical stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total value of $471,623.04. Following the completion of the transaction, the senior vice president now owns 4,403 shares in the company, valued at approximately $466,013.52. The trade was a 50.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the 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 in the company, valued at $4,965,135. The trade was a 18.18 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,021 shares of company stock worth $1,895,948. Insiders own 1.93% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on EMN. Wells Fargo & Company upgraded Eastman Chemical from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $110.00 to $125.00 in a report on Tuesday. Mizuho increased their price target on shares of Eastman Chemical from $113.00 to $117.00 and gave the company a "neutral" rating in a report on Tuesday. Bank of America downgraded 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 report on Wednesday, October 16th. StockNews.com lowered shares of Eastman Chemical from a "buy" rating to a "hold" rating in a research report on Monday. Finally, Royal Bank of Canada restated a "sector perform" rating and set a $105.00 price target on shares of Eastman Chemical in a research note on Friday, November 22nd. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Eastman Chemical has an average rating of "Hold" and a consensus price target of $112.86.

Eastman Chemical Price Performance

NYSE:EMN traded up $0.49 during trading hours on Friday, reaching $104.72. The company had a trading volume of 498,661 shares, compared to its average volume of 956,347. 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 50-day moving average of $106.29 and a two-hundred day moving average of $101.68. Eastman Chemical has a one year low of $80.71 and a one year high of $114.50. The firm has a market capitalization of $12.14 billion, a PE ratio of 13.95, a PEG ratio of 0.83 and a beta of 1.44.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its earnings results 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 business 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 quarter last year, the company posted $1.47 EPS. Analysts forecast 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.