New York State Teachers Retirement System Acquires 1,254 Shares of Eastman Chemical (NYSE:EMN)

New York State Teachers Retirement System raised its holdings in shares of Eastman Chemical (NYSE:EMN) by 0.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 136,373 shares of the basic materials company’s stock after purchasing an additional 1,254 shares during the quarter. New York State Teachers Retirement System owned 0.12% of Eastman Chemical worth $15,267,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of EMN. Capital Research Global Investors grew its stake in shares of Eastman Chemical by 649.8% in 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 acquiring an additional 3,909,740 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Eastman Chemical by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock worth $223,435,000 after acquiring an additional 198,645 shares in the last quarter. Earnest Partners LLC grew its stake in shares of Eastman Chemical by 1.8% in the 2nd quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company’s stock worth $219,454,000 after acquiring an additional 40,070 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Eastman Chemical by 0.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,220,463 shares of the basic materials company’s stock worth $119,569,000 after acquiring an additional 7,847 shares in the last quarter. Finally, Clearbridge Investments LLC grew its stake in shares of Eastman Chemical by 18.1% in the 1st quarter. Clearbridge Investments LLC now owns 1,120,604 shares of the basic materials company’s stock worth $112,307,000 after acquiring an additional 171,945 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on EMN. Wells Fargo & Company upped their target price on shares of Eastman Chemical from $105.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 15th. Barclays increased their price target on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Royal Bank of Canada increased their price target on shares of Eastman Chemical from $100.00 to $107.00 and gave the company a “sector perform” rating in a research report on Friday, October 11th. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Finally, Mizuho increased their price target on shares of Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $112.07.

Eastman Chemical Trading Down 3.8 %

Shares of Eastman Chemical stock opened at $101.08 on Friday. Eastman Chemical has a 12-month low of $74.31 and a 12-month high of $114.50. The company has a market cap of $11.81 billion, a price-to-earnings ratio of 13.60, a PEG ratio of 0.80 and a beta of 1.44. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. The company’s 50-day moving average price is $105.80 and its 200-day moving average price is $100.98.

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, topping analysts’ consensus estimates of $2.13 by $0.13. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The firm had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the prior year, the firm posted $1.47 earnings per share. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. On average, equities analysts expect that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Eastman Chemical 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.