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

Bank of Montreal Can lessened its holdings in shares of Eastman Chemical (NYSE:EMN) by 1.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 363,366 shares of the basic materials company’s stock after selling 6,962 shares during the quarter. Bank of Montreal Can owned 0.31% of Eastman Chemical worth $40,835,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Dakota Wealth Management increased its stake in Eastman Chemical by 13.5% during the 2nd quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock valued at $2,183,000 after purchasing an additional 2,655 shares in the last quarter. KBC Group NV boosted its holdings in Eastman Chemical by 21.8% during the 3rd quarter. KBC Group NV now owns 110,610 shares of the basic materials company’s stock worth $12,383,000 after acquiring an additional 19,809 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in Eastman Chemical by 6.8% during the 3rd quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company’s stock worth $16,588,000 after acquiring an additional 9,447 shares during the last quarter. Cetera Advisors LLC boosted its holdings in Eastman Chemical by 119.7% during the 1st quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company’s stock worth $1,011,000 after acquiring an additional 5,496 shares during the last quarter. Finally, Comerica Bank boosted its holdings in Eastman Chemical by 18.5% during the 1st quarter. Comerica Bank now owns 39,306 shares of the basic materials company’s stock worth $3,939,000 after acquiring an additional 6,126 shares during the last quarter. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Trading Down 0.7 %

Shares of Eastman Chemical stock opened at $104.23 on Friday. Eastman Chemical has a 52-week low of $80.71 and a 52-week high of $114.50. The stock’s 50-day simple moving average is $106.37 and its 200 day simple moving average is $101.67. The stock has a market capitalization of $12.08 billion, a P/E ratio of 13.95, a P/E/G ratio of 0.81 and a beta of 1.44. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results 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 firm had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the prior year, the business posted $1.47 earnings per share. The company’s revenue was up 8.7% on a year-over-year basis. As a group, research analysts anticipate that Eastman Chemical will post 7.63 EPS for the current year.

Analyst Upgrades and Downgrades

EMN has been the topic of a number of analyst reports. Bank of America downgraded shares of 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 report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. StockNews.com downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Monday. Royal Bank of Canada reissued a “sector perform” rating and issued a $105.00 price target on shares of Eastman Chemical in a report on Friday, November 22nd. Finally, Wells Fargo & Company raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $110.00 to $125.00 in a report on Tuesday. Eight equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Eastman Chemical presently has a consensus rating of “Hold” and a consensus price target of $112.86.

Insider Activity

In other news, SVP Christopher Moore Killian sold 3,061 shares of the company’s stock in a transaction dated 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. This represents a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Julie A. Mcalindon sold 4,456 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction 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 trade represents a 50.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,021 shares of company stock worth $1,895,948 over the last ninety days. Company insiders own 2.28% of the company’s stock.

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.