22,691 Shares in Eastman Chemical (NYSE:EMN) Bought by PDT Partners LLC

PDT Partners LLC purchased a new position in shares of Eastman Chemical (NYSE:EMN - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 22,691 shares of the basic materials company's stock, valued at approximately $2,540,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Dakota Wealth Management grew its position in shares of Eastman Chemical by 13.5% in the second 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 grew its holdings in Eastman Chemical by 21.8% during the 3rd quarter. KBC Group NV now owns 110,610 shares of the basic materials company's stock valued at $12,383,000 after purchasing an additional 19,809 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Eastman Chemical by 6.8% during the 3rd quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company's stock valued at $16,588,000 after purchasing an additional 9,447 shares in the last quarter. Cetera Advisors LLC grew its holdings in Eastman Chemical by 119.7% during the 1st quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company's stock worth $1,011,000 after acquiring an additional 5,496 shares in the last quarter. Finally, Comerica Bank grew its holdings in Eastman Chemical by 18.5% during the 1st quarter. Comerica Bank now owns 39,306 shares of the basic materials company's stock worth $3,939,000 after acquiring an additional 6,126 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Trading Up 0.5 %

Shares of Eastman Chemical stock traded up $0.49 during trading on Friday, hitting $104.72. The stock had a trading volume of 498,661 shares, compared to its average volume of 1,118,542. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $12.14 billion, a PE ratio of 14.02, a P/E/G ratio of 0.84 and a beta of 1.44. The stock has a 50 day simple moving average of $106.26 and a 200 day simple moving average of $101.72. Eastman Chemical has a 1 year low of $80.71 and a 1 year high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings results 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. The business had revenue of $2.46 billion during the quarter, compared to analysts' expectations of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The firm's quarterly revenue was up 8.7% compared to the same quarter last year. During the same period last year, the company posted $1.47 earnings per share. On average, research analysts expect that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Insider Buying and Selling

In other Eastman Chemical news, EVP Stephen Glenn Crawford sold 10,504 shares of Eastman Chemical stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total value of $1,102,920.00. Following the completion of the sale, the executive vice president now directly owns 47,287 shares in the company, valued at $4,965,135. The trade was a 18.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 $1,298,430. This trade represents a 19.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,021 shares of company stock worth $1,895,948. 1.93% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on EMN shares. Bank of America lowered 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 report on Wednesday, October 16th. Wells Fargo & Company upgraded shares of Eastman Chemical from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $110.00 to $125.00 in a research report on Tuesday, November 26th. Royal Bank of Canada restated a "sector perform" rating and issued a $105.00 price target on shares of Eastman Chemical in a research report on Friday, November 22nd. Mizuho raised their price target on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 26th. Finally, StockNews.com downgraded shares of Eastman Chemical from a "buy" rating to a "hold" rating in a research report on Monday, November 25th. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Eastman Chemical has a consensus rating of "Hold" and an average target price of $112.86.

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.