MetLife Investment Management LLC Has $3.40 Million Position in Eastman Chemical (NYSE:EMN)

MetLife Investment Management LLC decreased its holdings in shares of Eastman Chemical (NYSE:EMN) by 3.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 30,393 shares of the basic materials company’s stock after selling 969 shares during the period. MetLife Investment Management LLC’s holdings in Eastman Chemical were worth $3,402,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in EMN. Dakota Wealth Management boosted its holdings in shares of Eastman Chemical by 13.5% during the 2nd quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock worth $2,183,000 after buying an additional 2,655 shares during the period. KBC Group NV grew its position in shares of Eastman Chemical by 21.8% in the third 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 during the last quarter. Principal Financial Group Inc. increased its stake in shares of Eastman Chemical by 6.8% during the third quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company’s stock worth $16,588,000 after purchasing an additional 9,447 shares during the period. Cetera Advisors LLC lifted 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 purchasing an additional 5,496 shares during the last quarter. Finally, Cetera Investment Advisers lifted its holdings in Eastman Chemical by 81.5% during the 1st quarter. Cetera Investment Advisers now owns 47,691 shares of the basic materials company’s stock worth $4,780,000 after purchasing an additional 21,412 shares during the last quarter. 83.65% of the stock is owned by institutional investors.

Analyst Ratings Changes

EMN has been the topic of several recent research reports. Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $105.00 price target on shares of Eastman Chemical in a research report on Friday, November 22nd. Mizuho boosted their price objective on shares of Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Finally, Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $110.00 to $125.00 in a research note on Tuesday, November 26th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Eastman Chemical currently has an average rating of “Moderate Buy” and an average price target of $112.86.

Eastman Chemical Stock Performance

Eastman Chemical stock opened at $102.90 on Wednesday. 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 stock has a market cap of $11.93 billion, a PE ratio of 13.78, a P/E/G ratio of 0.83 and a beta of 1.42. Eastman Chemical has a 12-month low of $80.71 and a 12-month high of $114.50. The business’s 50-day moving average price is $106.03 and its two-hundred day moving average price is $101.77.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (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 net margin of 9.47% and a return on equity of 15.37%. The firm’s revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.47 EPS. As a group, analysts expect that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Christopher Moore Killian sold 3,061 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 12,366 shares in the company, valued at $1,298,430. This trade represents a 19.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of Eastman Chemical stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the sale, the executive vice president now owns 47,287 shares in the company, valued at approximately $4,965,135. This represents a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,021 shares of company stock worth $1,895,948. Insiders own 2.28% of the company’s stock.

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.