State of New Jersey Common Pension Fund D Sells 1,999 Shares of Eastman Chemical (NYSE:EMN)

State of New Jersey Common Pension Fund D cut its holdings in Eastman Chemical (NYSE:EMN) by 5.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 36,617 shares of the basic materials company’s stock after selling 1,999 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Eastman Chemical were worth $4,099,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of EMN. Texas Permanent School Fund Corp raised its holdings in Eastman Chemical by 1.9% in the 1st quarter. Texas Permanent School Fund Corp now owns 24,242 shares of the basic materials company’s stock valued at $2,430,000 after buying an additional 463 shares during the last quarter. Empowered Funds LLC acquired a new stake in Eastman Chemical in the first quarter valued at $594,000. SG Americas Securities LLC raised its position in Eastman Chemical by 687.2% during the 1st quarter. SG Americas Securities LLC now owns 25,309 shares of the basic materials company’s stock worth $2,536,000 after purchasing an additional 22,094 shares during the last quarter. QRG Capital Management Inc. lifted its holdings in Eastman Chemical by 78.0% during the 1st quarter. QRG Capital Management Inc. now owns 29,105 shares of the basic materials company’s stock worth $2,917,000 after buying an additional 12,755 shares during the period. Finally, US Bancorp DE increased its stake in shares of Eastman Chemical by 4.0% in the first quarter. US Bancorp DE now owns 51,201 shares of the basic materials company’s stock valued at $5,131,000 after buying an additional 1,966 shares during the period. Institutional investors own 83.65% of the company’s stock.

Insider Buying and Selling at Eastman Chemical

In other news, 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 in the company, valued at $1,298,430. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.93% of the company’s stock.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $100.52 on Wednesday. Eastman Chemical has a one year low of $76.28 and a one year high of $114.50. The company has a market cap of $11.65 billion, a P/E ratio of 13.46, a P/E/G ratio of 0.77 and a beta of 1.44. The firm has a 50-day moving average of $105.89 and a 200-day moving average of $101.31. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.71.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.14 by $0.12. The firm had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The company’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 EPS. Equities research analysts forecast that Eastman Chemical will post 7.62 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently commented on EMN. Barclays upped their target price on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. StockNews.com cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Mizuho upped their price target on shares of Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Finally, Royal Bank of Canada lowered their target price on Eastman Chemical from $107.00 to $105.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Eastman Chemical currently has an average rating of “Hold” and a consensus target price of $111.50.

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.