New York State Common Retirement Fund Has $21.21 Million Stock Holdings in Eastman Chemical (NYSE:EMN)

New York State Common Retirement Fund trimmed its position in shares of Eastman Chemical (NYSE:EMN - Free Report) by 8.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 189,448 shares of the basic materials company's stock after selling 17,022 shares during the quarter. New York State Common Retirement Fund owned approximately 0.16% of Eastman Chemical worth $21,209,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the company. Capital Research Global Investors raised its holdings in Eastman Chemical by 649.8% during the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company's stock valued at $452,139,000 after buying an additional 3,909,740 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Eastman Chemical by 9.5% during the second 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 raised its position in shares of Eastman Chemical by 1.8% in the second quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company's stock valued at $219,454,000 after purchasing an additional 40,070 shares during the period. Bank of New York Mellon Corp raised its position in shares of 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 lifted its stake 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 worth $112,307,000 after buying an additional 171,945 shares during the last quarter. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Price Performance

EMN stock traded up $0.83 during trading on Tuesday, hitting $100.88. 1,127,689 shares of the stock traded hands, compared to its average volume of 944,679. The stock has a market cap of $11.79 billion, a price-to-earnings ratio of 13.39, a P/E/G ratio of 0.77 and a beta of 1.44. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. Eastman Chemical has a one year low of $75.01 and a one year high of $114.50. The company has a 50 day simple moving average of $105.78 and a 200 day simple moving average of $101.07.

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 (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.45% and a net margin of 9.47%. The business had revenue of $2.46 billion for the quarter, compared to analysts' expectations of $2.38 billion. During the same quarter last year, the business earned $1.47 earnings per share. The firm's quarterly revenue was up 8.7% compared to the same quarter last year. Equities analysts expect that Eastman Chemical will post 7.61 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a "hold" rating on the stock in a report on Monday. Piper Sandler reissued a "neutral" rating and set a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. 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 note on Monday, July 29th. Royal Bank of Canada upped their price target on Eastman Chemical from $100.00 to $107.00 and gave the stock a "sector perform" rating in a report on Friday, October 11th. Finally, Wells Fargo & Company reduced their price objective on Eastman Chemical from $118.00 to $110.00 and set an "equal weight" rating for the company in a research report on Monday. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Eastman Chemical presently has an average rating of "Hold" and a consensus price target of $111.64.

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.