Oppenheimer Asset Management Inc. Trims Holdings in Eastman Chemical (NYSE:EMN)

Oppenheimer Asset Management Inc. lowered its stake in shares of Eastman Chemical (NYSE:EMN) by 0.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,333 shares of the basic materials company’s stock after selling 120 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Eastman Chemical were worth $2,052,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Wolff Wiese Magana LLC increased its stake in 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 during the period. Cultivar Capital Inc. acquired a new position in shares of Eastman Chemical during the second quarter worth about $29,000. Northwest Investment Counselors LLC purchased a new position in Eastman Chemical during the third quarter worth about $38,000. EntryPoint Capital LLC acquired a new stake in Eastman Chemical in the first quarter valued at about $38,000. Finally, Rothschild Investment LLC purchased a new stake in Eastman Chemical in the 2nd quarter valued at approximately $38,000. 83.65% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Eastman Chemical

In other news, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction dated 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 in the company, valued at $1,298,430. This represents a 19.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.93% of the company’s stock.

Eastman Chemical Trading Up 0.9 %

Shares of EMN stock opened at $101.61 on Friday. The company has a market capitalization of $11.78 billion, a price-to-earnings ratio of 13.60, a PEG ratio of 0.77 and a beta of 1.44. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80. The firm has a 50-day moving average price of $106.07 and a 200 day moving average price of $101.38. Eastman Chemical has a twelve month low of $80.14 and a twelve month high of $114.50.

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

Analysts Set New Price Targets

Several analysts have recently commented on EMN shares. Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and raised their price target for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Wells Fargo & Company decreased their target price on shares of 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. Deutsche Bank Aktiengesellschaft cut their price target on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a report on Monday, November 4th. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Thursday. Finally, Royal Bank of Canada reduced 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. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Eastman Chemical currently has a consensus rating of “Hold” and a consensus price target of $111.50.

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.