Glenmede Trust Co. NA Raises Holdings in Eastman Chemical (NYSE:EMN)

Glenmede Trust Co. NA increased its position in Eastman Chemical (NYSE:EMN) by 5.2% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 21,193 shares of the basic materials company’s stock after purchasing an additional 1,042 shares during the period. Glenmede Trust Co. NA’s holdings in Eastman Chemical were worth $2,373,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Wolff Wiese Magana LLC lifted its stake in Eastman Chemical by 238.1% in the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after buying an additional 200 shares during the last quarter. Cultivar Capital Inc. purchased a new stake in Eastman Chemical in the 2nd quarter valued at $29,000. Northwest Investment Counselors LLC acquired a new stake in Eastman Chemical during the 3rd quarter worth $38,000. Rothschild Investment LLC purchased a new position in Eastman Chemical during the 2nd quarter worth $38,000. Finally, Friedenthal Financial purchased a new stake in shares of Eastman Chemical in the second quarter valued at about $49,000. 83.65% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total transaction of $321,405.00. Following the completion of the sale, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at $1,298,430. The trade was a 19.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total value of $1,102,920.00. Following the completion of the transaction, the executive vice president now directly owns 47,287 shares in the company, valued at $4,965,135. This trade represents a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,021 shares of company stock valued at $1,895,948. Insiders own 1.93% of the company’s stock.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $104.72 on Friday. The firm’s 50-day moving average is $106.26 and its two-hundred day moving average is $101.71. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. The stock has a market capitalization of $12.14 billion, a P/E ratio of 14.02, a P/E/G ratio of 0.83 and a beta of 1.44. Eastman Chemical has a 12-month low of $80.71 and a 12-month high of $114.50.

Eastman Chemical (NYSE:EMN) last issued 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 company had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the previous year, the firm posted $1.47 EPS. Eastman Chemical’s revenue was up 8.7% on a year-over-year basis. Equities analysts predict that Eastman Chemical will post 7.63 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on EMN shares. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $110.00 to $125.00 in a research report on Tuesday, November 26th. Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their target price for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft decreased their price target on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a report on Monday, November 4th. StockNews.com cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday, November 25th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $105.00 target price on shares of Eastman Chemical in a research note on Friday, November 22nd. Eight research 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.com, Eastman Chemical currently has a consensus rating of “Hold” and an average target price of $112.86.

About Eastman Chemical

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.