Ontario Teachers Pension Plan Board Sells 28,854 Shares of Eastman Chemical (NYSE:EMN)

Ontario Teachers Pension Plan Board decreased its holdings in shares of Eastman Chemical (NYSE:EMN - Free Report) by 52.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,989 shares of the basic materials company's stock after selling 28,854 shares during the period. Ontario Teachers Pension Plan Board's holdings in Eastman Chemical were worth $2,909,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of EMN. Wolff Wiese Magana LLC raised its holdings in shares of Eastman Chemical by 238.1% in the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company's stock valued at $32,000 after purchasing an additional 200 shares during the last quarter. Cultivar Capital Inc. purchased a new position in Eastman Chemical in the second quarter valued at approximately $29,000. Northwest Investment Counselors LLC bought a new position in Eastman Chemical during the third quarter valued at $38,000. EntryPoint Capital LLC bought a new stake in shares of Eastman Chemical in the first quarter valued at $38,000. Finally, Rothschild Investment LLC purchased a new position in shares of Eastman Chemical during the 2nd quarter valued at $38,000. Institutional investors and hedge funds own 83.65% of the company's stock.

Insider Transactions at Eastman Chemical

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of the firm's stock in a transaction on Wednesday, November 6th. The stock was 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 approximately $1,298,430. This trade represents a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.28% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Royal Bank of Canada decreased their price objective on Eastman Chemical from $107.00 to $105.00 and set a "sector perform" rating for the company in a report on Wednesday, November 6th. Mizuho upped their price target on shares of Eastman Chemical from $107.00 to $113.00 and gave the company a "neutral" rating in a research note on Friday, November 1st. Piper Sandler reiterated a "neutral" rating and issued a $105.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. 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. Finally, Barclays boosted their price objective 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. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Eastman Chemical has a consensus rating of "Hold" and an average target price of $111.50.

Eastman Chemical Price Performance

NYSE EMN traded up $0.04 on Wednesday, reaching $101.37. 778,863 shares of the company's stock traded hands, compared to its average volume of 957,147. Eastman Chemical has a 12 month low of $80.71 and a 12 month high of $114.50. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. The stock has a 50-day simple moving average of $106.25 and a 200 day simple moving average of $101.51. The stock has a market cap of $11.75 billion, a PE ratio of 13.56, a P/E/G ratio of 0.77 and a beta of 1.44.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS 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 period last year, the business earned $1.47 earnings per share. The business's quarterly revenue was up 8.7% on a year-over-year basis. As a group, research analysts predict that Eastman Chemical will post 7.63 earnings per share for the current year.

About Eastman Chemical

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.