Massachusetts Financial Services Co. MA Boosts Stake in Eastman Chemical (NYSE:EMN)

Massachusetts Financial Services Co. MA boosted its position in Eastman Chemical (NYSE:EMN - Free Report) by 3.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,734,190 shares of the basic materials company's stock after buying an additional 83,504 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 2.36% of Eastman Chemical worth $306,093,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of EMN. Cultivar Capital Inc. purchased a new stake in Eastman Chemical in the second quarter worth $29,000. Wolff Wiese Magana LLC increased its position in Eastman Chemical by 238.1% in the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company's stock worth $32,000 after buying an additional 200 shares during the last quarter. EntryPoint Capital LLC purchased a new stake in Eastman Chemical in the first quarter worth $38,000. Rothschild Investment LLC purchased a new stake in Eastman Chemical in the second quarter worth $38,000. Finally, Northwest Investment Counselors LLC bought a new position in shares of Eastman Chemical in the third quarter worth $38,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Eastman Chemical

In related news, SVP Christopher Moore Killian sold 3,061 shares of the business's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total transaction of $321,405.00. Following the transaction, the senior vice president now owns 12,366 shares in the company, valued at $1,298,430. The trade was a 19.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.93% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on EMN shares. Wells Fargo & Company cut their price target on Eastman Chemical from $118.00 to $110.00 and set an "equal weight" rating for the company in a report 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. Royal Bank of Canada reissued a "sector perform" rating and set a $105.00 price objective on shares of Eastman Chemical in a research note on Friday. Mizuho lifted their price objective on Eastman Chemical from $107.00 to $113.00 and gave the company a "neutral" rating in a research note on Friday, November 1st. Finally, Piper Sandler reissued a "neutral" rating and set a $105.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $111.50.

Eastman Chemical Trading Up 2.0 %

Shares of EMN traded up $2.04 during trading hours on Friday, hitting $105.64. The company had a trading volume of 1,006,406 shares, compared to its average volume of 958,652. The firm has a market cap of $12.25 billion, a P/E ratio of 14.12, a P/E/G ratio of 0.77 and a beta of 1.44. The stock's 50 day moving average price is $106.38 and its 200 day moving average price is $101.53. 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 52-week low of $80.71 and a 52-week high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The firm had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the previous year, the business earned $1.47 earnings per share. The company's quarterly revenue was up 8.7% on a year-over-year basis. On average, research analysts predict that Eastman Chemical will post 7.63 EPS for the current year.

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.