Citigroup Inc. Lowers Stock Position in Eastman Chemical (NYSE:EMN)

Citigroup Inc. reduced its position in Eastman Chemical (NYSE:EMN) by 20.9% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 117,864 shares of the basic materials company’s stock after selling 31,221 shares during the period. Citigroup Inc. owned 0.10% of Eastman Chemical worth $13,195,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of EMN. Cultivar Capital Inc. acquired a new stake in shares of Eastman Chemical during the 2nd quarter valued at about $29,000. Wolff Wiese Magana LLC boosted its stake in Eastman Chemical by 238.1% during the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after buying an additional 200 shares during the last quarter. Rothschild Investment LLC purchased a new stake in Eastman Chemical in the 2nd quarter valued at $38,000. Northwest Investment Counselors LLC acquired a new stake in shares of Eastman Chemical in the 3rd quarter worth $38,000. Finally, Friedenthal Financial purchased a new position in shares of Eastman Chemical during the 2nd quarter worth $49,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on EMN shares. Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $110.00 to $125.00 in a research report on Tuesday. 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. Deutsche Bank Aktiengesellschaft decreased their price objective on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Mizuho raised their target price on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, StockNews.com lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $112.86.

Eastman Chemical Stock Down 0.7 %

Shares of NYSE:EMN opened at $104.23 on Friday. The firm has a market capitalization of $12.08 billion, a PE ratio of 13.95, a price-to-earnings-growth ratio of 0.81 and a beta of 1.44. Eastman Chemical has a 1 year low of $80.71 and a 1 year high of $114.50. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. The firm’s 50-day moving average is $106.37 and its two-hundred day moving average is $101.67.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.12. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. 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 earned $1.47 EPS. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. Analysts predict that Eastman Chemical will post 7.63 EPS for the current year.

Insider Activity

In other Eastman Chemical news, SVP Julie A. Mcalindon sold 4,456 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total value of $471,623.04. Following the sale, the senior vice president now directly owns 4,403 shares of the company’s stock, valued at approximately $466,013.52. This represents a 50.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical 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 sale, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This trade represents a 19.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,021 shares of company stock worth $1,895,948. Corporate 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.