Bank of Montreal Can Sells 6,962 Shares of Eastman Chemical (NYSE:EMN)

Bank of Montreal Can lowered its position in Eastman Chemical (NYSE:EMN) by 1.9% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 363,366 shares of the basic materials company’s stock after selling 6,962 shares during the period. Bank of Montreal Can’s holdings in Eastman Chemical were worth $40,835,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wolff Wiese Magana LLC boosted its stake in Eastman Chemical by 238.1% in 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 in the last quarter. Cultivar Capital Inc. purchased a new stake in Eastman Chemical in the second quarter worth approximately $29,000. Northwest Investment Counselors LLC purchased a new stake in Eastman Chemical in the third quarter worth approximately $38,000. Rothschild Investment LLC purchased a new stake in Eastman Chemical in the second quarter worth approximately $38,000. Finally, Friedenthal Financial purchased a new stake in Eastman Chemical in the second quarter worth approximately $49,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Insiders Place Their Bets

In other Eastman Chemical news, SVP Julie A. Mcalindon sold 4,456 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total value of $471,623.04. Following the completion of the transaction, the senior vice president now owns 4,403 shares in the company, valued at approximately $466,013.52. This represents a 50.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total value of $1,102,920.00. Following the completion of the transaction, the executive vice president now owns 47,287 shares of the company’s stock, valued at approximately $4,965,135. This trade represents a 18.18 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,021 shares of company stock worth $1,895,948. 2.28% of the stock is owned by corporate insiders.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $104.23 on Friday. The stock has a fifty day moving average of $106.37 and a 200 day moving average of $101.67. Eastman Chemical has a 52 week low of $80.71 and a 52 week high of $114.50. The firm has a market capitalization of $12.08 billion, a price-to-earnings ratio of 13.95, a PEG ratio of 0.81 and a beta of 1.44. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80.

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

Wall Street Analyst Weigh In

EMN has been the subject of several research reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $105.00 target price on shares of Eastman Chemical in a research note on Friday, November 22nd. Mizuho increased their price objective on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research note on Tuesday. Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and increased their price objective for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft dropped their price objective on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research note on Monday, November 4th. Finally, StockNews.com lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $112.86.

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.