Eastman Chemical (NYSE:EMN) Shares Sold by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. cut its position in shares of Eastman Chemical (NYSE:EMN) by 0.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,333 shares of the basic materials company’s stock after selling 120 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Eastman Chemical were worth $2,052,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Capital Research Global Investors increased its position in Eastman Chemical by 649.8% during the 1st 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. Assenagon Asset Management S.A. raised its stake in shares of Eastman Chemical by 1,104.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock valued at $104,560,000 after acquiring an additional 856,432 shares during the period. Truist Financial Corp lifted its holdings in shares of Eastman Chemical by 201.5% during the 2nd quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock valued at $90,572,000 after acquiring an additional 617,889 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its position in Eastman Chemical by 318.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock worth $69,516,000 after purchasing an additional 534,081 shares during the period. Finally, Envestnet Asset Management Inc. increased its holdings in Eastman Chemical by 34.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock valued at $83,524,000 after purchasing an additional 218,531 shares in the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $101.61 on Friday. The stock has a market capitalization of $11.78 billion, a price-to-earnings ratio of 13.60, a PEG ratio of 0.77 and a beta of 1.44. Eastman Chemical has a one year low of $80.14 and a one year high of $114.50. The company’s 50-day simple moving average is $106.07 and its 200-day simple moving average is $101.38. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The company had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter last year, the business posted $1.47 EPS. Eastman Chemical’s quarterly revenue was up 8.7% compared to the same quarter last year. Equities analysts anticipate that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on EMN. Mizuho boosted their price objective on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and upped their price target for the stock from $114.00 to $119.00 in a report on Wednesday, October 16th. Piper Sandler reaffirmed a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. Finally, Barclays raised their price target on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $111.50.

Insiders Place Their Bets

In related news, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total transaction of $321,405.00. Following the sale, the senior vice president now owns 12,366 shares in the company, valued at $1,298,430. This represents a 19.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.93% of the stock is currently owned by corporate 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.