Kentucky Retirement Systems Has $912,000 Position in Eastman Chemical (NYSE:EMN)

Kentucky Retirement Systems cut its position in Eastman Chemical (NYSE:EMN) by 8.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,144 shares of the basic materials company’s stock after selling 722 shares during the quarter. Kentucky Retirement Systems’ holdings in Eastman Chemical were worth $912,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in EMN. Cultivar Capital Inc. acquired a new position in shares of Eastman Chemical in the 2nd quarter valued at approximately $29,000. Wolff Wiese Magana LLC raised its position in shares of Eastman Chemical by 238.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after buying an additional 200 shares in the last quarter. EntryPoint Capital LLC acquired a new position in shares of Eastman Chemical in the 1st quarter valued at approximately $38,000. Rothschild Investment LLC acquired a new position in shares of Eastman Chemical in the 2nd quarter valued at approximately $38,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Eastman Chemical in the 3rd quarter valued at approximately $38,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on EMN shares. Deutsche Bank Aktiengesellschaft lowered their price objective 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. Mizuho upped their price objective on shares of Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Thursday, November 14th. Barclays upped their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada lowered their price objective 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. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $111.50.

Insider Buying and Selling

In related news, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total transaction of $321,405.00. Following the transaction, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at $1,298,430. This represents a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.28% of the stock is owned by insiders.

Eastman Chemical Trading Down 2.6 %

NYSE:EMN opened at $101.26 on Wednesday. The firm’s fifty day moving average is $106.25 and its 200-day moving average is $101.51. 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 has a 52 week low of $80.71 and a 52 week high of $114.50. The firm has a market cap of $11.74 billion, a P/E ratio of 13.56, a P/E/G ratio of 0.77 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $2.14 by $0.12. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The company had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same period in the prior year, the firm posted $1.47 EPS. The company’s quarterly revenue was up 8.7% on a year-over-year basis. Equities analysts expect that Eastman Chemical will post 7.63 earnings per share for the current year.

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.