PNC Financial Services Group Inc. Acquires 340,562 Shares of Eastman Chemical (NYSE:EMN)

PNC Financial Services Group Inc. increased its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 57.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 935,732 shares of the basic materials company's stock after purchasing an additional 340,562 shares during the quarter. PNC Financial Services Group Inc. owned about 0.81% of Eastman Chemical worth $104,755,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the stock. Cultivar Capital Inc. bought a new stake in shares of Eastman Chemical during the second quarter worth $29,000. Wolff Wiese Magana LLC grew its position in shares of Eastman Chemical by 238.1% during the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company's stock worth $32,000 after buying an additional 200 shares during the period. EntryPoint Capital LLC bought a new stake in shares of Eastman Chemical during the first quarter worth approximately $38,000. Rothschild Investment LLC bought a new position in Eastman Chemical in the second quarter valued at approximately $38,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Eastman Chemical during the 3rd quarter worth $38,000. Institutional investors own 83.65% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on EMN. Barclays upped their price objective on Eastman Chemical from $103.00 to $111.00 and gave the company an "equal weight" rating in a report on Monday, July 29th. Piper Sandler reissued a "neutral" rating and set a $105.00 price target on shares of Eastman Chemical in a research report on Tuesday, July 30th. Bank of America lowered Eastman Chemical from a "buy" rating to a "neutral" rating and lifted their target price for the stock from $114.00 to $119.00 in a report on Wednesday, October 16th. StockNews.com upgraded Eastman Chemical from a "hold" rating to a "buy" rating in a report on Thursday, November 14th. Finally, Royal Bank of Canada cut their price target on shares of Eastman Chemical from $107.00 to $105.00 and set a "sector perform" rating on the stock in a research note on Wednesday, November 6th. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $111.50.

Insider Activity

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 shares were sold at an average price of $105.00, for a total value of $321,405.00. Following the transaction, the senior vice president now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.28% of the company's stock.

Eastman Chemical Trading Up 0.0 %

Eastman Chemical stock traded up $0.04 during mid-day trading on Wednesday, hitting $101.37. 778,863 shares of the stock were exchanged, 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 quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. The firm's fifty day simple moving average is $106.30 and its two-hundred day simple moving average is $101.51. The stock has a market capitalization of $11.75 billion, a price-to-earnings ratio of 13.57, a PEG ratio of 0.77 and a beta of 1.44.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, beating the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.47 EPS. Analysts forecast that Eastman Chemical will post 7.63 EPS for the current year.

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.