Massachusetts Financial Services Co. MA Boosts Holdings in Eastman Chemical (NYSE:EMN)

Massachusetts Financial Services Co. MA raised its holdings in Eastman Chemical (NYSE:EMN) by 3.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,734,190 shares of the basic materials company’s stock after buying an additional 83,504 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Eastman Chemical were worth $306,093,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Cultivar Capital Inc. purchased a new stake in shares of Eastman Chemical during the 2nd quarter worth about $29,000. Wolff Wiese Magana LLC grew its holdings 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 purchasing an additional 200 shares during the period. EntryPoint Capital LLC purchased a new stake in shares of Eastman Chemical during the 1st quarter worth about $38,000. Rothschild Investment LLC purchased a new stake in shares of Eastman Chemical during the 2nd quarter worth about $38,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Eastman Chemical during the 3rd quarter worth about $38,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on EMN shares. Wells Fargo & Company reduced their price target on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a research report on Monday, November 4th. Royal Bank of Canada decreased their price target on shares of Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Mizuho upped their price target on shares of Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday, November 4th. Finally, Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $111.50.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $103.65 on Friday. Eastman Chemical has a 12-month low of $80.71 and a 12-month high of $114.50. The firm has a market capitalization of $12.01 billion, a price-to-earnings ratio of 13.88, a price-to-earnings-growth ratio of 0.77 and a beta of 1.44. The business has a 50 day simple moving average of $106.30 and a 200 day simple moving average of $101.51. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (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 business had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same period in the prior year, the company posted $1.47 EPS. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, equities research analysts anticipate that Eastman Chemical will post 7.63 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Christopher Moore Killian sold 3,061 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was 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 of the company’s stock, valued at $1,298,430. This trade represents a 19.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.93% of the stock is currently owned by insiders.

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.