Eastman Chemical (EMN) Stake Lessened by M&T Bank Corp

M&T Bank Corp decreased its holdings in shares of Eastman Chemical (NYSE:EMN) by 12.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,570 shares of the basic materials company’s stock after selling 6,459 shares during the period. M&T Bank Corp’s holdings in Eastman Chemical were worth $3,184,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Advisors Asset Management Inc. raised its position in shares of Eastman Chemical by 49.1% in the second quarter. Advisors Asset Management Inc. now owns 7,451 shares of the basic materials company’s stock valued at $745,000 after purchasing an additional 2,454 shares during the period. Schroder Investment Management Group raised its position in shares of Eastman Chemical by 46.3% in the second quarter. Schroder Investment Management Group now owns 36,278 shares of the basic materials company’s stock valued at $3,617,000 after purchasing an additional 11,482 shares during the period. Manning & Napier Group LLC raised its position in shares of Eastman Chemical by 9.2% in the third quarter. Manning & Napier Group LLC now owns 41,321 shares of the basic materials company’s stock valued at $3,954,000 after purchasing an additional 3,469 shares during the period. Bank of Montreal Can raised its position in shares of Eastman Chemical by 0.3% in the third quarter. Bank of Montreal Can now owns 448,770 shares of the basic materials company’s stock valued at $42,956,000 after purchasing an additional 1,238 shares during the period. Finally, Deprince Race & Zollo Inc. increased its holdings in Eastman Chemical by 11.8% during the 3rd quarter. Deprince Race & Zollo Inc. now owns 198,776 shares of the basic materials company’s stock worth $19,027,000 after acquiring an additional 21,036 shares during the period. Hedge funds and other institutional investors own 85.03% of the company’s stock.

Shares of Eastman Chemical stock opened at $79.10 on Monday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.69 and a quick ratio of 0.94. The stock has a market capitalization of $11.08 billion, a P/E ratio of 9.65, a price-to-earnings-growth ratio of 1.04 and a beta of 1.20. Eastman Chemical has a 1 year low of $67.40 and a 1 year high of $112.45.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, January 31st. The basic materials company reported $1.39 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.60 by ($0.21). The business had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.42 billion. Eastman Chemical had a return on equity of 20.22% and a net margin of 10.64%. Equities research analysts expect that Eastman Chemical will post 8.76 earnings per share for the current fiscal year.

A number of analysts recently weighed in on the stock. Cowen lowered shares of Eastman Chemical from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $94.00 to $88.00 in a report on Wednesday, February 6th. Zacks Investment Research raised shares of Eastman Chemical from a “sell” rating to a “hold” rating in a report on Tuesday, February 5th. Standpoint Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Thursday, January 31st. Morgan Stanley raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and set a $90.00 target price on the stock in a report on Thursday, January 17th. Finally, Jefferies Financial Group decreased their target price on shares of Eastman Chemical to $91.00 and set a “buy” rating on the stock in a report on Friday, December 21st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $94.91.

In other news, Director David W. Raisbeck acquired 13,500 shares of Eastman Chemical stock in a transaction on Friday, December 7th. The stock was acquired at an average cost of $73.21 per share, for a total transaction of $988,335.00. Following the purchase, the director now owns 35,418 shares in the company, valued at $2,592,951.78. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.18% of the stock is currently owned by company insiders.

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Eastman Chemical Company Profile

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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