Tokio Marine Asset Management Co. Ltd. Has $362,000 Stake in Eastman Chemical (NYSE:EMN)

Tokio Marine Asset Management Co. Ltd. reduced its position in shares of Eastman Chemical (NYSE:EMN) by 8.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,238 shares of the basic materials company’s stock after selling 305 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Eastman Chemical were worth $362,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. KBC Group NV lifted its holdings in shares of Eastman Chemical by 21.8% during the third quarter. KBC Group NV now owns 110,610 shares of the basic materials company’s stock worth $12,383,000 after buying an additional 19,809 shares in the last quarter. Huntington National Bank raised its stake in Eastman Chemical by 1.4% in the 3rd quarter. Huntington National Bank now owns 79,082 shares of the basic materials company’s stock worth $8,853,000 after purchasing an additional 1,112 shares in the last quarter. Haverford Trust Co bought a new stake in Eastman Chemical in the 3rd quarter valued at about $221,000. Empower Advisory Group LLC boosted its stake in shares of Eastman Chemical by 2.5% in the third quarter. Empower Advisory Group LLC now owns 851,931 shares of the basic materials company’s stock valued at $95,374,000 after buying an additional 20,552 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in Eastman Chemical by 443.1% in the 3rd quarter. Victory Capital Management Inc. now owns 158,253 shares of the basic materials company’s stock valued at $17,716,000 after buying an additional 129,112 shares during the period. 83.65% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Mizuho raised their price target on shares of Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Piper Sandler reissued a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Wells Fargo & Company cut their target price on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a report on Monday, November 4th. Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and increased their price target for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. Finally, 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. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Eastman Chemical has an average rating of “Hold” and an average price target of $111.50.

Eastman Chemical Trading Up 0.9 %

EMN opened at $101.61 on Friday. The company has a market cap of $11.78 billion, a P/E ratio of 13.60, a price-to-earnings-growth ratio of 0.77 and a beta of 1.44. The company has a fifty day moving average price of $106.07 and a two-hundred day moving average price of $101.38. 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 $80.14 and a 1-year high of $114.50.

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

Insider Buying and Selling

In related news, SVP Christopher Moore Killian sold 3,061 shares of the company’s 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 sale, the senior vice president now owns 12,366 shares in the company, valued at $1,298,430. This represents a 19.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.93% of the stock is owned by company insiders.

Eastman Chemical Company 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.