Sumitomo Mitsui Trust Group Inc. Raises Stock Position in Eastman Chemical (NYSE:EMN)

Sumitomo Mitsui Trust Group Inc. raised its holdings in Eastman Chemical (NYSE:EMN - Free Report) by 5.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 333,174 shares of the basic materials company's stock after purchasing an additional 17,031 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.29% of Eastman Chemical worth $37,299,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Capital Research Global Investors increased its stake in shares of Eastman Chemical by 649.8% in the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company's stock worth $452,139,000 after purchasing an additional 3,909,740 shares in the last quarter. Dimensional Fund Advisors LP grew its stake 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 valued at $223,435,000 after acquiring an additional 198,645 shares in the last quarter. Earnest Partners LLC grew its stake in Eastman Chemical by 1.8% during 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 acquiring an additional 40,070 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Eastman Chemical by 0.6% during 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 acquiring an additional 7,847 shares in the last quarter. Finally, Clearbridge Investments LLC grew its stake in Eastman Chemical by 18.1% during the first quarter. Clearbridge Investments LLC now owns 1,120,604 shares of the basic materials company's stock valued at $112,307,000 after acquiring an additional 171,945 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company's stock.

Eastman Chemical Trading Up 0.9 %

Shares of EMN traded up $0.86 during mid-day trading on Friday, reaching $101.61. The company's stock had a trading volume of 990,039 shares, compared to its average volume of 1,003,053. The stock has a market cap of $11.78 billion, a PE ratio of 13.60, a P/E/G ratio of 0.77 and a beta of 1.44. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80. Eastman Chemical has a 52 week low of $80.14 and a 52 week high of $114.50. The company's fifty day moving average price is $106.07 and its two-hundred day moving average price is $101.43.

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, topping analysts' consensus estimates of $2.14 by $0.12. The firm had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The business's quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.47 EPS. On average, analysts predict that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Insider Activity at Eastman Chemical

In related news, SVP Christopher Moore Killian sold 3,061 shares of the company's stock in a transaction 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 directly owns 12,366 shares in the company, valued at $1,298,430. This represents a 19.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.93% of the stock is currently owned by company insiders.

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.