Eastman Chemical (NYSE:EMN) Shares Sold by NFJ Investment Group LLC

NFJ Investment Group LLC reduced its stake in Eastman Chemical (NYSE:EMN - Free Report) by 13.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 67,438 shares of the basic materials company's stock after selling 10,645 shares during the quarter. NFJ Investment Group LLC owned about 0.06% of Eastman Chemical worth $7,550,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Dakota Wealth Management raised its position in shares of Eastman Chemical by 13.5% in the 2nd quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company's stock valued at $2,183,000 after purchasing an additional 2,655 shares during the last quarter. KBC Group NV increased its holdings in Eastman Chemical by 21.8% in the 3rd quarter. KBC Group NV now owns 110,610 shares of the basic materials company's stock worth $12,383,000 after buying an additional 19,809 shares during the period. Principal Financial Group Inc. increased its holdings in Eastman Chemical by 6.8% in the 3rd quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company's stock worth $16,588,000 after buying an additional 9,447 shares during the period. Cetera Advisors LLC increased its holdings in Eastman Chemical by 119.7% in the 1st quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company's stock worth $1,011,000 after buying an additional 5,496 shares during the period. Finally, Cetera Investment Advisers increased its holdings in Eastman Chemical by 81.5% in the 1st quarter. Cetera Investment Advisers now owns 47,691 shares of the basic materials company's stock worth $4,780,000 after buying an additional 21,412 shares during the period. 83.65% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Mizuho increased their price target on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a "neutral" rating in a report on Tuesday, November 26th. Wells Fargo & Company raised shares of Eastman Chemical from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $110.00 to $125.00 in a research note on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Eastman Chemical from $115.00 to $110.00 and set a "hold" rating on the stock in a research note on Monday, November 4th. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $105.00 price objective on shares of Eastman Chemical in a research note on Friday, November 22nd. Finally, Bank of America cut shares of Eastman Chemical from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $112.86.

Eastman Chemical Price Performance

EMN stock traded down $0.95 during midday trading on Wednesday, reaching $101.99. The stock had a trading volume of 817,709 shares, compared to its average volume of 954,667. The company's fifty day simple moving average is $106.03 and its 200 day simple moving average is $101.77. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80. The company has a market cap of $11.82 billion, a price-to-earnings ratio of 13.78, a price-to-earnings-growth ratio of 0.83 and a beta of 1.42. 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 announced 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. The company had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The firm's revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.47 EPS. As a group, sell-side analysts predict that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Eastman Chemical

In related news, SVP Julie A. Mcalindon sold 4,456 shares of the firm's stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction of $471,623.04. Following the completion of the sale, the senior vice president now directly owns 4,403 shares of the company's stock, valued at approximately $466,013.52. This trade represents a 50.30 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at $4,965,135. The trade was a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,021 shares of company stock worth $1,895,948. Corporate insiders own 2.27% of the company's stock.

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.