MetLife Investment Management LLC Sells 969 Shares of Eastman Chemical (NYSE:EMN)

MetLife Investment Management LLC cut its stake in shares of Eastman Chemical (NYSE:EMN) by 3.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,393 shares of the basic materials company’s stock after selling 969 shares during the period. MetLife Investment Management LLC’s holdings in Eastman Chemical were worth $3,402,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in EMN. Massachusetts Financial Services Co. MA boosted its holdings in Eastman Chemical by 3.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock worth $306,093,000 after buying an additional 83,504 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Eastman Chemical by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock worth $223,435,000 after acquiring an additional 198,645 shares during the last quarter. Earnest Partners LLC grew its holdings in Eastman Chemical by 1.8% during the second quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company’s stock valued at $219,454,000 after purchasing an additional 40,070 shares during the period. Bank of New York Mellon Corp increased its stake in Eastman Chemical by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 1,220,463 shares of the basic materials company’s stock valued at $119,569,000 after purchasing an additional 7,847 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its holdings in Eastman Chemical by 15.4% in the third quarter. Thrivent Financial for Lutherans now owns 947,473 shares of the basic materials company’s stock worth $106,070,000 after purchasing an additional 126,301 shares during the period. Institutional investors own 83.65% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the transaction, the senior vice president now owns 12,366 shares of the company’s stock, valued at $1,298,430. This trade 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. Also, SVP Julie A. Mcalindon sold 4,456 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction of $471,623.04. Following the transaction, the senior vice president now owns 4,403 shares in the company, valued at $466,013.52. This represents a 50.30 % 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 valued at $1,895,948 in the last 90 days. 2.28% of the stock is currently owned by insiders.

Eastman Chemical Stock Down 1.3 %

Eastman Chemical stock opened at $102.90 on Wednesday. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80. Eastman Chemical has a 1-year low of $80.71 and a 1-year high of $114.50. The company has a fifty day simple moving average of $106.03 and a 200 day simple moving average of $101.77. The company has a market cap of $11.93 billion, a P/E ratio of 13.78, a price-to-earnings-growth ratio of 0.83 and a beta of 1.42.

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on EMN shares. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft decreased their target price 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. Mizuho raised their price target on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research report on Friday, November 22nd. Finally, Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $110.00 to $125.00 in a report on Tuesday, November 26th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price 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.