Allianz Asset Management GmbH Purchases 64,652 Shares of Eastman Chemical Company (EMN)
Allianz Asset Management GmbH increased its position in Eastman Chemical Company (NYSE:EMN) by 4.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,422,975 shares of the basic materials company’s stock after buying an additional 64,652 shares during the quarter. Allianz Asset Management GmbH owned 0.99% of Eastman Chemical worth $128,766,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently added to or reduced their stakes in the company. Strs Ohio boosted its holdings in Eastman Chemical by 12.5% in the second quarter. Strs Ohio now owns 13,417 shares of the basic materials company’s stock valued at $1,126,000 after acquiring an additional 1,490 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its holdings in shares of Eastman Chemical by 8.9% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 13,130 shares of the basic materials company’s stock worth $1,103,000 after buying an additional 1,070 shares in the last quarter. Harbour Capital Advisors LLC boosted its holdings in shares of Eastman Chemical by 2,173.3% during the 2nd quarter. Harbour Capital Advisors LLC now owns 28,053 shares of the basic materials company’s stock worth $334,000 after buying an additional 26,819 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Eastman Chemical by 1.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 4,150 shares of the basic materials company’s stock worth $349,000 after buying an additional 50 shares in the last quarter. Finally, Sei Investments Co. boosted its holdings in shares of Eastman Chemical by 43.6% during the 2nd quarter. Sei Investments Co. now owns 40,739 shares of the basic materials company’s stock worth $3,422,000 after buying an additional 12,363 shares in the last quarter. 82.66% of the stock is owned by institutional investors.
Shares of Eastman Chemical Company (NYSE:EMN) traded down $1.27 during trading on Tuesday, hitting $90.13. The stock had a trading volume of 212,168 shares, compared to its average volume of 1,149,916. Eastman Chemical Company has a 1 year low of $74.31 and a 1 year high of $94.96. The stock has a market cap of $13,220.69, a price-to-earnings ratio of 12.25, a PEG ratio of 1.57 and a beta of 1.31. The company has a current ratio of 1.83, a quick ratio of 0.94 and a debt-to-equity ratio of 1.24.
Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, October 26th. The basic materials company reported $2.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.16. Eastman Chemical had a return on equity of 22.77% and a net margin of 10.89%. The firm had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the firm posted $1.86 EPS. The business’s revenue was up 7.8% compared to the same quarter last year. equities analysts forecast that Eastman Chemical Company will post 7.13 EPS for the current fiscal year.
EMN has been the topic of a number of research analyst reports. UBS increased their price target on Eastman Chemical from $97.00 to $103.00 and gave the stock a “buy” rating in a report on Friday, October 27th. Royal Bank Of Canada restated a “sector perform” rating and set a $93.00 price target (up from $91.00) on shares of Eastman Chemical in a report on Monday, October 30th. Tudor Pickering began coverage on Eastman Chemical in a report on Tuesday, November 14th. They issued a “hold” rating on the stock. Zacks Investment Research cut Eastman Chemical from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Finally, J P Morgan Chase & Co increased their target price on Eastman Chemical from $95.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday, October 30th. Ten investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Eastman Chemical has a consensus rating of “Hold” and an average price target of $96.00.
In other news, SVP Perry Stuckey sold 5,200 shares of the firm’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $92.12, for a total transaction of $479,024.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.14% of the company’s stock.
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About Eastman Chemical
Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.
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