Eastman Chemical (NYSE:EMN) Shares Purchased by Olstein Capital Management L.P.

Olstein Capital Management L.P. grew its position in shares of Eastman Chemical (NYSE:EMN - Free Report) by 19.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,500 shares of the basic materials company's stock after purchasing an additional 9,500 shares during the quarter. Olstein Capital Management L.P.'s holdings in Eastman Chemical were worth $6,437,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Capital Research Global Investors raised its position in shares of Eastman Chemical by 649.8% in the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company's stock worth $452,139,000 after acquiring an additional 3,909,740 shares during the period. Dimensional Fund Advisors LP raised its holdings in Eastman Chemical by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company's stock worth $223,435,000 after purchasing an additional 198,645 shares during the period. Earnest Partners LLC boosted its position in Eastman Chemical by 1.8% during the second quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company's stock worth $219,454,000 after purchasing an additional 40,070 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Eastman Chemical by 0.6% in the second 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 purchasing an additional 7,847 shares during the period. Finally, Clearbridge Investments LLC increased its position in shares of Eastman Chemical by 18.1% in the first quarter. Clearbridge Investments LLC now owns 1,120,604 shares of the basic materials company's stock valued at $112,307,000 after buying an additional 171,945 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total transaction of $321,405.00. Following the completion of the transaction, the senior vice president now owns 12,366 shares of the company's stock, valued at $1,298,430. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.28% of the company's stock.

Eastman Chemical Trading Down 0.1 %

Shares of EMN stock traded down $0.16 on Thursday, hitting $103.53. 1,527,596 shares of the stock traded hands, compared to its average volume of 951,114. Eastman Chemical has a twelve month low of $75.50 and a twelve month high of $114.50. The stock has a market capitalization of $12.00 billion, a PE ratio of 13.88, a PEG ratio of 0.77 and a beta of 1.44. The firm's 50-day moving average price is $105.85 and its two-hundred day moving average price is $101.12. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.71 and a current ratio of 1.52.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, beating the consensus estimate 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 business's revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.47 EPS. As a group, analysts anticipate that Eastman Chemical will post 7.61 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on EMN. Barclays increased their target price on Eastman Chemical from $103.00 to $111.00 and gave the company an "equal weight" rating in a research report on Monday, July 29th. Mizuho lifted their target price on shares of Eastman Chemical from $107.00 to $113.00 and gave the company a "neutral" rating in a research report on Friday, November 1st. StockNews.com downgraded shares of Eastman Chemical from a "buy" rating to a "hold" rating in a research report on Wednesday. Wells Fargo & Company lowered their price objective on Eastman Chemical from $118.00 to $110.00 and set an "equal weight" rating on the stock in a report on Monday. Finally, Piper Sandler reissued a "neutral" rating and set a $105.00 target price on shares of Eastman Chemical in a report on Tuesday, July 30th. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $111.50.

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.