Eastman Chemical Company (NYSE:EMN) Shares Sold by Tredje AP fonden

Key Points

• Tredje AP fonden cut its holdings in Eastman Chemical Company by 75.9%, now owning just 9,362 shares worth approximately $825,000 after selling 29,408 shares in the first quarter.
• Analysts have mixed views on Eastman Chemical, with price targets ranging from $76.00 to $105.00, and an average target of $97.08, suggesting a consensus rating of "Moderate Buy."
• As of the latest data, 83.65% of Eastman Chemical's stock is held by institutional investors, reflecting strong institutional interest in the company.

Tredje AP fonden decreased its stake in Eastman Chemical Company (NYSE:EMN - Free Report) by 75.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,362 shares of the basic materials company's stock after selling 29,408 shares during the quarter. Tredje AP fonden's holdings in Eastman Chemical were worth $825,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Headlands Technologies LLC bought a new position in shares of Eastman Chemical in the fourth quarter worth about $43,000. Orion Capital Management LLC bought a new stake in shares of Eastman Chemical in the 4th quarter valued at approximately $47,000. Brown Brothers Harriman & Co. lifted its stake in shares of Eastman Chemical by 135.7% in the 4th quarter. Brown Brothers Harriman & Co. now owns 528 shares of the basic materials company's stock valued at $48,000 after purchasing an additional 304 shares during the last quarter. TD Private Client Wealth LLC lifted its stake in shares of Eastman Chemical by 46.4% in the 1st quarter. TD Private Client Wealth LLC now owns 536 shares of the basic materials company's stock valued at $47,000 after purchasing an additional 170 shares during the last quarter. Finally, Johnson Financial Group Inc. lifted its stake in shares of Eastman Chemical by 68.5% in the 4th quarter. Johnson Financial Group Inc. now owns 556 shares of the basic materials company's stock valued at $55,000 after purchasing an additional 226 shares during the last quarter. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Stock Up 4.4%

NYSE EMN traded up $2.56 during midday trading on Monday, hitting $61.35. 2,040,411 shares of the company traded hands, compared to its average volume of 1,546,882. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.72 and a quick ratio of 0.79. The company has a market cap of $7.08 billion, a PE ratio of 8.62, a price-to-earnings-growth ratio of 1.69 and a beta of 1.21. The company's 50-day simple moving average is $77.71 and its 200-day simple moving average is $84.48. Eastman Chemical Company has a 52 week low of $56.78 and a 52 week high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its earnings results on Thursday, July 31st. The basic materials company reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.72 by ($0.12). The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.32 billion. Eastman Chemical had a net margin of 8.96% and a return on equity of 15.29%. The firm's revenue was down 3.2% compared to the same quarter last year. During the same period last year, the business posted $2.15 EPS. As a group, equities research analysts forecast that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Mizuho reduced their price target on Eastman Chemical from $92.00 to $80.00 and set an "outperform" rating on the stock in a report on Friday. Royal Bank Of Canada upgraded Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price target on the stock in a report on Wednesday, April 9th. Wall Street Zen downgraded Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $76.00 price target (down from $112.00) on shares of Eastman Chemical in a report on Monday, April 28th. Finally, The Goldman Sachs Group reduced their price target on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $92.54.

Eastman Chemical Company 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.