BNP Paribas Financial Markets Purchases 83,474 Shares of Eastman Chemical (NYSE:EMN)

BNP Paribas Financial Markets grew its position in Eastman Chemical (NYSE:EMN) by 107.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 161,467 shares of the basic materials company’s stock after purchasing an additional 83,474 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.14% of Eastman Chemical worth $18,076,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Assenagon Asset Management S.A. raised its holdings in Eastman Chemical by 1,104.3% during the third quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock valued at $104,560,000 after acquiring an additional 856,432 shares during the period. Truist Financial Corp lifted its holdings in Eastman Chemical by 201.5% in the 2nd quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock worth $90,572,000 after purchasing an additional 617,889 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Eastman Chemical by 57.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock worth $104,755,000 after purchasing an additional 340,562 shares during the period. Envestnet Asset Management Inc. grew its holdings in Eastman Chemical by 34.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock valued at $83,524,000 after buying an additional 218,531 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Eastman Chemical by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock valued at $223,435,000 after buying an additional 198,645 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

EMN has been the subject of several research analyst reports. Bank of America cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and raised their target price for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. StockNews.com downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Monday, November 25th. Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $110.00 to $125.00 in a report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft dropped their price target 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, Mizuho lifted their price objective on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $112.86.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $104.72 on Friday. Eastman Chemical has a 12-month low of $80.71 and a 12-month high of $114.50. 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 $106.26 and a 200-day moving average price of $101.71. The firm has a market capitalization of $12.14 billion, a PE ratio of 14.02, a price-to-earnings-growth ratio of 0.83 and a beta of 1.44.

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

Insiders Place Their Bets

In other news, SVP Julie A. Mcalindon sold 4,456 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total value of $471,623.04. Following the completion of the sale, the senior vice president now owns 4,403 shares in the company, valued at approximately $466,013.52. The trade was a 50.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the transaction, the executive vice president now owns 47,287 shares in the company, valued at approximately $4,965,135. This represents a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,021 shares of company stock worth $1,895,948 in the last ninety days. 1.93% of the stock is owned by company insiders.

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.