ING Groep NV Buys 64,803 Shares of Eastman Chemical (NYSE:EMN)

ING Groep NV boosted its stake in Eastman Chemical (NYSE:EMN - Free Report) by 60.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 172,634 shares of the basic materials company's stock after purchasing an additional 64,803 shares during the quarter. ING Groep NV owned approximately 0.15% of Eastman Chemical worth $19,326,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Capital Research Global Investors lifted its stake in 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 purchasing an additional 3,909,740 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in Eastman Chemical by 1,104.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company's stock valued at $104,560,000 after acquiring an additional 856,432 shares during the period. Truist Financial Corp boosted its holdings in Eastman Chemical by 201.5% in the second quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company's stock worth $90,572,000 after acquiring an additional 617,889 shares in the last quarter. DekaBank Deutsche Girozentrale increased its stake in Eastman Chemical by 318.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company's stock valued at $69,516,000 after purchasing an additional 534,081 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in Eastman Chemical by 34.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company's stock valued at $83,524,000 after acquiring an additional 218,531 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on EMN. Barclays boosted their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an "equal weight" rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft reduced their price objective on Eastman Chemical from $115.00 to $110.00 and set a "hold" rating for the company in a research note on Monday, November 4th. Bank of America cut Eastman Chemical from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. Mizuho lifted their price target on shares of Eastman Chemical from $107.00 to $113.00 and gave the company a "neutral" rating in a report on Friday, November 1st. Finally, Wells Fargo & Company reduced their price objective on shares of Eastman Chemical from $118.00 to $110.00 and set an "equal weight" rating for the company in a research note on Monday, November 4th. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, Eastman Chemical presently has a consensus rating of "Hold" and a consensus target price of $111.50.

Eastman Chemical Trading Up 0.8 %

Shares of Eastman Chemical stock traded up $0.85 on Friday, reaching $101.60. The company had a trading volume of 990,039 shares, compared to its average volume of 952,873. The firm's 50-day moving average price is $106.07 and its two-hundred day moving average price is $101.33. Eastman Chemical has a 1 year low of $80.14 and a 1 year high of $114.50. The firm has a market cap of $11.78 billion, a price-to-earnings ratio of 13.60, a P/E/G ratio of 0.77 and a beta of 1.44. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78.

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. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The business had revenue of $2.46 billion for the quarter, compared to analysts' expectations of $2.38 billion. During the same quarter in the previous year, the business posted $1.47 earnings per share. The business's revenue was up 8.7% compared to the same quarter last year. As a group, research analysts predict that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction that occurred on 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 sale, the senior vice president now owns 12,366 shares of the company's stock, valued at approximately $1,298,430. The trade was a 19.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.93% of the stock is owned by 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.