Swiss National Bank Sells 17,100 Shares of Eastman Chemical (EMN)

Swiss National Bank trimmed its holdings in Eastman Chemical (NYSE:EMN) by 3.6% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 455,738 shares of the basic materials company’s stock after selling 17,100 shares during the quarter. Swiss National Bank’s holdings in Eastman Chemical were worth $43,623,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. First Mercantile Trust Co. bought a new stake in shares of Eastman Chemical in the 2nd quarter worth approximately $113,000. Fort L.P. bought a new stake in shares of Eastman Chemical in the 2nd quarter worth approximately $116,000. Point72 Asset Management L.P. bought a new stake in shares of Eastman Chemical in the 2nd quarter worth approximately $120,000. Wetherby Asset Management Inc. bought a new stake in shares of Eastman Chemical in the 3rd quarter worth approximately $205,000. Finally, Acadian Asset Management LLC bought a new stake in shares of Eastman Chemical in the 2nd quarter worth approximately $218,000. Hedge funds and other institutional investors own 82.48% of the company’s stock.

NYSE:EMN opened at $80.28 on Friday. Eastman Chemical has a 52 week low of $73.95 and a 52 week high of $112.45. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.69 and a quick ratio of 0.94. The firm has a market cap of $11.24 billion, a P/E ratio of 10.55, a PEG ratio of 1.09 and a beta of 1.26.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, October 25th. The basic materials company reported $2.34 EPS for the quarter, beating the Zacks’ consensus estimate of $2.29 by $0.05. Eastman Chemical had a net margin of 16.05% and a return on equity of 21.18%. The company had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.53 billion. Equities research analysts expect that Eastman Chemical will post 8.43 EPS for the current fiscal year.

A number of equities research analysts have recently weighed in on EMN shares. KeyCorp lowered their price objective on shares of Eastman Chemical from $122.00 to $110.00 and set an “overweight” rating for the company in a report on Monday, October 29th. Zacks Investment Research upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $109.00 price objective for the company in a report on Wednesday, October 3rd. JPMorgan Chase & Co. upgraded shares of Eastman Chemical from a “neutral” rating to an “overweight” rating in a report on Friday, October 12th. SunTrust Banks upped their price target on shares of Eastman Chemical to $88.00 and gave the company a “hold” rating in a report on Monday. Finally, Citigroup lowered their price target on shares of Eastman Chemical from $108.00 to $94.00 and set a “neutral” rating for the company in a report on Thursday, October 11th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $99.50.

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About Eastman Chemical

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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