Eastman Chemical (EMN) Stake Raised by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board lifted its position in Eastman Chemical (NYSE:EMN) by 146.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 564,850 shares of the basic materials company’s stock after buying an additional 335,897 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Eastman Chemical were worth $54,067,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. First Mercantile Trust Co. purchased a new stake in Eastman Chemical in the second quarter valued at approximately $113,000. Fort L.P. purchased a new stake in Eastman Chemical in the second quarter valued at approximately $116,000. Point72 Asset Management L.P. purchased a new stake in Eastman Chemical in the second quarter valued at approximately $120,000. Cornerstone Wealth Management LLC purchased a new stake in Eastman Chemical in the second quarter valued at approximately $177,000. Finally, Wetherby Asset Management Inc. purchased a new stake in Eastman Chemical in the third quarter valued at approximately $205,000. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE EMN opened at $77.64 on Friday. Eastman Chemical has a one year low of $73.95 and a one year high of $112.45. The company has a current ratio of 1.69, a quick ratio of 0.94 and a debt-to-equity ratio of 0.98. The company has a market cap of $10.87 billion, a price-to-earnings ratio of 9.23, a price-to-earnings-growth ratio of 1.06 and a beta of 1.26.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, October 25th. The basic materials company reported $2.34 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $0.05. Eastman Chemical had a net margin of 16.05% and a return on equity of 21.18%. The business had revenue of $2.55 billion for the quarter, compared to analysts’ expectations of $2.53 billion. As a group, sell-side analysts predict that Eastman Chemical will post 8.43 EPS for the current fiscal year.

A number of equities research analysts recently weighed in on the stock. ValuEngine downgraded shares of Eastman Chemical from a “sell” rating to a “strong sell” rating in a research note on Friday. SunTrust Banks raised their target price on shares of Eastman Chemical to $88.00 and gave the company a “hold” rating in a research note on Monday, November 19th. Citigroup lowered their target price on shares of Eastman Chemical from $94.00 to $86.00 and set a “neutral” rating on the stock in a research note on Monday, October 29th. Cowen lowered their target price on shares of Eastman Chemical from $115.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 31st. Finally, Zacks Investment Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, August 1st. One research 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 presently has a consensus 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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